No new talks with Russia on production deal, Saudi Arabia says

We are just days away from the expiration of the current OPEC+ deal

OPEC, OPEC+

Saudi Arabia is not speaking with Russia about a new oil production deals, the country said on Friday, as the market weathers increasing turbulence.

Reuters reported that no talks have been held since the early March OPEC+ (the Organisation of Petroleum Exporting Countries and its allies) meeting failed to reach an agreement, and Saudi Arabia launched an oil price war.

“There have been no contacts between Saudi Arabia and Russia energy ministers over any increase in the number of OPEC+ countries, nor any discussion of a joint agreement to balance oil markets,” an official from Saudi Arabia’s energy ministry said, as quoted by Reuters.

This follows a suggestion by a Russian official that more countries should cooperate with OPEC and its allies. This is likely in reference to the US, which does not cut production in conjunction with OPEC. 

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