Russia’s “Tass Agency” reported that Saudi Arabian Energy Minister Khalid Al-Falih said that Russia is currently the only oil exporter that has not decided whether to extend the production reduction agreement to the end of the year.
Khalid Al-Falih said that before the meeting of the Organization of Petroleum Exporting Countries (OPEC) and its allies in Vienna, the G20 summit in Japan this month (G20) may be his last chance to discuss the matter with Russian Energy Minister Alexander Novak. Saudi Arabia and Russia will cooperate to take action to stabilize the oil market, and OPEC+ (OPEC and allies) cooperation needs to continue. Need to pay attention to economic issues rather than political issues.
Alexander Novak also said that if the production reduction agreement is not extended, the oil price may have a chance to fall below $30 a barrel. In fact, Russian President Vladimir Putin has said that Russia and OPEC have differences on the issue of reasonable oil prices, but Russia will make joint decisions with OPEC members on production issues in the next few weeks of policy meetings.