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Monday, April 16, 2018

Saudi Arabia defeated Novak dreams about the increase in oil prices

Saudi Arabia refused to cut production quotas of oil, thereby destroying Russia’s expectations, the message of the Reuters.

photo: morguefile.com

It quoted Saudi oil Minister Ali al-Nuaimi, who advised “to forget about this topic”, answering the question on possible production cuts by exporting countries without Iran’s participation.

Recall that the expectations from such freezing oil prices in recent days were growing up, following them and increasing the rate of the ruble against the dollar.

Wrong, so was the message of “Interfax” that the parties (Russia and the Saudis) have reached an agreement to freeze production of speech sources at negotiations in the end is not confirmed, or Saudi Arabia changed its position.

Recall that the key issue is the participation in the agreement of Iran, which after cancelling of sanctions intends to regain the world market share of oil exporters. Similarly, the Islamic Republic said that at least until the end of the year will continue to increase production, making the country the competitors are also not ready to limit their own, so as not to lose markets.

Previously have been other negotiations of Russia with Saudi Arabia, Venezuela and Qatar — about the freezing of quotas. on 11 January 2016. However, the agreement will enter into force only provided that it will be joined by other exporting countries. This can happen in Doha on 17 April, while Iran has refused in advance from such measures. However, even in case of successful signing, the situation would remain difficult, as in January Russia did not work out record levels of oil production.

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