Russia seeks to avoid OPEC oil production cuts sought by Saudi Arabia and other members of the oil cartel, Reuters reported Thursday. The Saudis are concerned about the fall in oil prices as a result of decreased demand and high supply. Russian President Vladimir Putin dodged questions on whether OPEC should limit supply, but said he had discussed the situation with US President Donald Trump. Trump wants OPEC to keep the oil flowing following the resumption of energy sanctions on Iran. Saudi Arabia increased its oil supply following the sanctions but does not wish to make the increase permanent. Read More
Russia balks at Saudi efforts to slash oil supply
Russia seeks to avoid OPEC oil production cuts sought by Saudi Arabia and other members of the oil cartel, Reuters reported Thursday. The Saudis are concerned about the fall in oil prices as a result of decreased demand and high supply. Russian President Vladimir Putin dodged questions on whether OPEC should limit supply, but said he had discussed the situation with US President Donald Trump. Trump wants OPEC to keep the oil flowing following the resumption of energy sanctions on Iran. Saudi Arabia increased its oil supply following the sanctions but does not wish to make the increase permanent. Read More
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