- Home
- Business
- News
- Putin Sees Riyadh's Withdrawal From OPEC+ Deal as One of Reasons Behind Oil Prices Drop
Putin Sees Riyadh's Withdrawal From OPEC+ Deal As One Of Reasons Behind Oil Prices Drop
Faizan Hashmi Published April 03, 2020 | 11:20 PM
Russian President Vladimir Putin said on Friday that the oil prices drop could be explained not only by the coronavirus pandemic, but by Saudi Arabia's withdrawal from the OPEC+ deal, its subsequent production increase and the declaration of readiness to offer discounts
MOSCOW (UrduPoint News / Sputnik - 03rd April, 2020) Russian President Vladimir Putin said on Friday that the oil prices drop could be explained not only by the coronavirus pandemic, but by Saudi Arabia's withdrawal from the OPEC+ deal, its subsequent production increase and the declaration of readiness to offer discounts.
Putin expressed the belief, at a meeting on global energy markets, that the oil prices drop was chiefly triggered by the coronavirus pandemic and the subsequent demand decrease.
He added that the significant decrease in the oil prices could also be explained by Saudi Arabia's exit from the OPEC+ deal, "production increase and the simultaneous announcement, by our Saudi partners, to even offer oil discounts.
"
"This is understandable, as this may be related to our Saudi partners' attempts to get rid of competitors producing the so-called shale oil. To do this, the price should be below $40 per barrel. In this sense, they are certainly fulfilling their goal," Putin said, adding that Russia does not need this.
"We have never had such a goal because, as I have already said, we elaborate our budget keeping $40 per barrel in mind," the president explained.
Related Topics
Recent Stories
PTI to stage nationwide protests against alleged electoral frauds
Senate continues discussion on Presidential address to Joint Sitting of Parliame ..
Masood Khan calls for Pak-US cooperation for regional peace
Interior Minister starts Margalla Trail Patrol for security
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
Today Gold Rate in Pakistan 26 April 2024
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
More Stories From Business
-
Shipping Activity at Port Qasim
44 minutes ago -
Machinery equipment assembling grew by 70.98% in 08 months
2 hours ago -
Gold rates up by Rs.2,500 per tola to Rs245,000
2 hours ago -
Miner Anglo American rejects BHP's $38.8 billion takeover bid
3 hours ago -
Exchange rates for currency notes
5 hours ago -
Foreign exchange rates
5 hours ago
-
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
6 hours ago -
Today Gold Rate in Pakistan 26 April 2024
6 hours ago -
Chinese minister felicitates Ahsan Iqbal on reappointment as Planning minister
15 hours ago -
Pak-US officials engage to enhance trade, investment ties
16 hours ago -
Stocks fall as tech shares sink, US economy slows
16 hours ago -
Higher taxes, awareness help decrease cigarettes sale in Pakistan
18 hours ago