Saudi Arabia denies any Talks with Russia

OPEC oil production rises for the first time in 2019

Saudi Arabia said on Friday it was not in talks with Russia to balance oil markets. Despite an attempt by Moscow to increase the members of the so-called OPEC+.

There were no contacts between Saudi Arabia and Russia energy ministers over any increase in the number of OPEC+ countries. There weren’t any discussion of a joint agreement to balance oil markets.

The comment came after a senior Russian official said on Friday that a larger number of oil producers could cooperate with OPEC and Russia.

“Joint actions by countries are necessary to restore the (global) economy … They are also possible in the OPEC+ deal’s framework,” said Kirill Dmitriev, the head of Russia’s sovereign wealth fund.

A three-year deal between OPEC and Russia broke down earlier this month. After Moscow declined to support bigger output curbs, arguing that it was too early to estimate the coronavirus pandemic’s impact.

Based on contacts “we see that if the number of OPEC+ members will increase and other countries will join there is a possibility of a joint agreement to balance oil markets,” said Dmitriev.