Moscow (AFP) - Russia said Tuesday it was open to renewing cooperation with the OPEC oil cartel even as kingpin Saudi Arabia escalated a price war with Moscow by announcing it would flood markets with new supplies.

The oil price conflict broke out after OPEC and a group of non-member countries dominated by Russia -- the world's second largest oil producer -- on Friday failed to agree on production cuts.

Saudi Arabia, the world's biggest crude exporter, responded by announcing unilateral price cuts. This prompted the oil price to plummet and fuelled huge drops on stock markets Monday.

On Tuesday, Saudi oil giant Aramco announced a plan to massively increase oil output despite falling demand during the novel coronavirus outbreak.

Russian Energy Minster Alexander Novak said Tuesday that Moscow remains open to cooperation with OPEC to stabilise the oil market.

"I want to say the doors aren't closed," Novak told the state-run Rossiya 24 television channel, hinting at the possibility of further talks.

Russia's failure to reach agreement with the cartel "does not mean that in the future we can't cooperate with OPEC and non-OPEC countries," Novak insisted.



https://news.yahoo.com/russia-reaches-opec-riyadh-opens-oil-taps-151642607.html

Quote from: Solar on March 10, 2020, 10:07:18 AM
Moscow (AFP) - Russia said Tuesday it was open to renewing cooperation with the OPEC oil cartel even as kingpin Saudi Arabia escalated a price war with Moscow by announcing it would flood markets with new supplies.

The oil price conflict broke out after OPEC and a group of non-member countries dominated by Russia -- the world's second largest oil producer -- on Friday failed to agree on production cuts.

Saudi Arabia, the world's biggest crude exporter, responded by announcing unilateral price cuts. This prompted the oil price to plummet and fuelled huge drops on stock markets Monday.

On Tuesday, Saudi oil giant Aramco announced a plan to massively increase oil output despite falling demand during the novel coronavirus outbreak.

Russian Energy Minster Alexander Novak said Tuesday that Moscow remains open to cooperation with OPEC to stabilise the oil market.

"I want to say the doors aren't closed," Novak told the state-run Rossiya 24 television channel, hinting at the possibility of further talks.

Russia's failure to reach agreement with the cartel "does not mean that in the future we can't cooperate with OPEC and non-OPEC countries," Novak insisted.



https://news.yahoo.com/russia-reaches-opec-riyadh-opens-oil-taps-151642607.html

Got to give Putin credit. He is a quick learner.

Quote from: supsalemgr on March 10, 2020, 12:17:08 PM
Got to give Putin credit. He is a quick learner.

Or is he?
He tried to bluff, but the fact is, there are several countries that can easily beat his price, leaving him but one choice, to sell at a loss..

Quote from: Solar on March 10, 2020, 12:26:34 PM
Or is he?
He tried to bluff, but the fact is, there are several countries that can easily beat his price, leaving him but one choice, to sell at a loss..

Is this the same putin that uses Trump as a puppet?