The prospect of a deal under OPEC +, which could put an end to the oil war, was overshadowed by the ultimatum of Saudi Arabia to Russia.
This was reported by Bloomberg, citing its own sources.
According to media reports, the Saudis intend to demand that Russia reduce oil production by one and a half million barrels per day – more than other parties to the transaction. It is noteworthy that it was this demand that led to the collapse of the negotiations in March and the beginning of the oil war.
At the same time, the parties understand the need to reduce raw material production. To stabilize the situation, it is necessary to reduce production by 10 million barrels per day. However, the subject of controversy remains the distribution of volume among participants in the transaction.
Riyadh insists on calculating based on the current situation when OPEC countries have increased production of raw materials. The formula leads to the fact that Saudi Arabia, which has increased production by 2.5 million barrels, will reduce it by only 500 thousand barrels. Russia did not increase production and demands that quotas be calculated on the basis of the average quarterly volume. So far, the parties have not been able to resolve this dispute.