The deal between Russia and OPEC are under threat

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Photo: Leonhard Foeger / Reuters

The deal between OPEC and Russia was in jeopardy. After four hours of intense negotiations, the representatives of delegations on condition of anonymity, admitted that on Thursday, December 6, the parties can not agree. About it reports Bloomberg.

The Agency also quoted Minister of oil of Saudi Arabia, which assured that if one of the cartel members will not agree to the new deal, it will not take. “If someone does not support the proposed options on equal principles, we wait until they agree,” said he.

However, as noted by Bloomberg, already sounds fundamentally new quota for the reduction of 900 thousand barrels per day instead of the previously announced one million and 1.3 million barrels per day. The reason for reducing the share of production can be Russia, which initially did not want to go to a significant reduction in production and was ready to cut production at 140-150 thousand barrels per day.

OPEC was expecting Russia to join the cartel on an equal footing and reduce the production of 300-350 thousand barrels a day. The dispute between reductions even forced the Minister of energy of Russia Alexander Novak to fly to Saint Petersburg for talks with Russian President Vladimir Putin, according to the Agency. Another source at the Agency said that OPEC is discussing new options to show and to coordinate them with Russia — a key partner outside of OPEC.

Earlier on 6 December, Reuters claimed that the parties came to an agreement, although no parameters of the deal, Agency sources not cited. In addition to Russia, participate in the negotiations 10 countries that are not members of OPEC.

Video, photo All from Russia.

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