Russia never sought a sharp oil price fall or an end to cooperation with Organiz...
FILE PHOTO: Kremlin aide Andrei Belousov attends a session of the St. Petersburg International Economic Forum , Russia June 7, 2019. REUTERS/Maxim Shemetov
In early March, Russia and OPEC failed to agree how their deal to cut oil production should work: OPEC wanted to deepen the cuts while Moscow proposed extending existing curbs. The disagreement came at a time when global demand was slumping because of the impact of the coronavirus pandemic. “Russian position was never about triggering an oil prices fall. This is purely our Arab partners initiative,” Andrei Belousov, Russian first deputy prime minister, was quoted as saying by TASS late on Saturday.
Belousov reiterated that Russia was proposing to extend the existing curbs by at least one more quarter and potentially until the end of 2020. “But Arab partners took a different stance,” TASS quoted him as saying.
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