According to Tass – Russian news agency, quoting sources in the delegations, Russian Energy Minister Alexander Novak and his Saudi Arabian counterpart Khalid Al-Falih will hold bilateral talks just a few hours before the OPEC/non-OPEC Joint Ministerial Monitoring Committee’s meeting on Wednesday.
The two key oil-producing countries have different stances and are expected to negotiate on the volume to be curtailed. Saudi Arabia supports the oil output cut by at least 1 million barrels per day, while Russia is only ready for a symbolic cut.
On the sidelines of the meeting, participants said that the OPEC+ is unlikely to reach a consensus until Russia supports the deal on curtailing oil output.
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