The
authorities of Saudi Arabia do not plan to hold talks with Russia
regarding oil production cut, Saudi daily Al-Iktisadiya reported on
Friday.
"The announcement made yesterday [on Thursday] by the Energy Minister of
the Russian Federation Alexander Novak about Saudi proposal to reduce
production is incorrect," a source in the oil sector told the newspaper.
According to the source, other member-states of the Organization of the
Petroleum Exporting Countries (OPEC) Algeria and Venezuela started
making such proposals around a year ago.
On Wednesday Transneft President Nikolai Tokarev said that Saudi Arabia
had come forward with the initiative to discuss a possible reduction of
oil production in the framework of the OPEC in the near future. On
Thursday Russia’s Energy Minister Alexander Novak confirmed the
information, saying that the issue is about global reduction of oil
output by 5%.
(http://tass.ru/en/economy/853004)