Russia blames Saudi Arabia for disrupting agreement on freezing oil production


The failure of the agreement to freeze oil production is on Saudi Arabia and the Gulf countries.

This was stated by Russian Energy Minister Alexander Novak in an interview with NTV channel, reports RIA Novosti.

Responding to the question “who has confused all the cards”, Novak said:

“Now it is probably not a secret: it is Saudi Arabia and the Gulf countries”.

The Minister also added that not having this agreement might have a negative impact on oil prices, and the oil market itself.

“Nevertheless, we believe that this does not rule out market mechanisms of price formation”, – he said.

In the evening of April 17 it became known that the oil producing countries did not agree on freezing of production. The meeting in Qatar, which was attended by the OPEC countries (except Iran), as well as Russia, Kazakhstan, Azerbaijan, Oman and Bahrain, did not give any results.



Image: Clinton Steeds (under CC BY 2.0)