08:25 GMT +317 July 2019
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    Khaled al Otaiby, an official of the Saudi oil company Aramco watches progress at a rig at the al-Howta oil field.

    Saudi Arabia Sliding Toward Agreement on Oil Freeze - Russian Envoy

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    Oil producing countries have a chance to reach an agreement on freezing oil extraction since Saudi Arabia is sliding toward the idea, Russia’s envoy to international organizations said Wednesday.

    MOSCOW (Sputnik) – Earlier this month, OPEC and major non-OPEC oil producers failed to agree on freezing oil output at January levels to shore up prices after Riyadh unexpectedly backed out of an all-but-certain agreement.

    “Saudi Arabia’s position is evolving, starting with not having any type of limitations, but now the situation has changed. Their position is evolving toward common understanding. I think that [an agreement] is possible,” Vladimir Voronkov said.

    During the Doha summit, Saudi Arabia continued to insist that Iran, should be part of any production cuts despite Tehran forewarning that it only recently reappeared in the energy market after years of international sanctions and is not ready to join the oil output freezing deal.

    Oil prices have hovered at slightly above $40 a barrel in recent weeks. Brent crude has for the first time since December exceeded the $45 mark late on Wednesday, while WTI reached $43.66 per barrel.

     

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    output freeze, oil output, Vladimir Voronkov, Saudi Arabia, Russia
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