19:43 GMT +317 October 2019
Listen Live
    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

    © AP Photo / JOHN MOORE
    Get short URL
    0 43

    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.



    Minister: US Behind Failed Oil Output Freeze Deal, Trying to Drown Caracas
    Lack of Deal on Oil Output Freeze May Trigger Price Drop to $25 - Minister
    Iran's Position Key Obstacle on Way to Oil Production Freeze Deal
    Oil Output Freeze Unlikely Amid OPEC Race for Market Share
    Doha Oil Output Freeze Talks a 'Good Start' Despite Initial Failure
    Russia to Defend Oil Output Freeze, Hopes OPEC Countries to Reach Consensus
    Rosneft Had 'No Illusions' Over Deal on Oil Production Freezes
    Gazprom: Failure to Reach Oil Output Freeze Deal Sign of 'Selfishness'
    Oil Prices Fall Amid Producers' Failure to Reach Deal to Freeze Output
    output freeze, oil output, Vladimir Voronkov, Saudi Arabia, Russia
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik