No Talks Between Riyadh, Moscow on Rebalancing Global Oil Market - Saudi Energy Ministry

DOHA (Sputnik) - Saudi Arabia's Energy Minister Prince Abdulaziz Bin Salman is not discussing with his Russian counterpart Alexander Novak the increase of the number of the participants in the OPEC+ oil cut deal and is not negotiating any rebalancing of the global oil market, an official from the Saudi Energy Ministry said Friday.

“There are no contacts between the Minister of Energy, Prince Abdulaziz Bin Salman, and the Minister of Energy of the Russian Federation regarding the increase of the number of members of the OPEC+ deal,” the official said as quoted by the SPA news agency.

"No negotiations are underway to reach an agreement on rebalancing the oil market," he added.

Earlier in the day, Russian Deputy Energy Minister Pavel Sorokin stated that coronavirus has effectively cut $25 off the price of a barrel of oil, and if the OPEC+ deal was extended, the price would only be $5-$7 higher than now.

Oil prices have halved since early March due to the expected demand slump related to the breakup of the OPEC+ oil output cut deal and amid the coronavirus outbreak. On Thursday, Norwegian research company Rystad Energy predicted daily global oil demand to fall by 4.9 percent this year to 95 million barrels.