Russia says there is no oil price war with Saudi Arabia

No talks have been planned with Saudi Arabia and other oil producing countries in the region regarding falling crude prices, according to the Kremlin. However, negotiations will be held immediately if necessary, it added.

Talking to reporters on Thursday, Russian Presidential Press Secretary Dmitry Peskov said: “So far no contacts have been planned. At the same time, if necessary, they will be implemented immediately. Moreover, we have very close and constructive relations with these countries.”

Last week, the OPEC+ nations failed to agree on production cuts. Following the disagreement, Saudi Arabia threatened to flood the market with oil. The announcement has caused the worst crude price decline in almost 30 years.

When asked about the reported oil price war, Peskov told reporters: “I want to remind you that Riyadh has denied reports of any kind of a price war, especially against Russia. We are dealing with a number of factors that led to a significant reduction in the price for oil and energy products.

“We are all in the same boat together in this situation,” the spokesman for the Russian president added.

Russian Energy Minister Alexander Novak said this week it will take the oil market several months to recover from the current turbulence. He added that plummeting oil prices were not a surprise for Russia, and that Moscow isn’t ruling out further cooperation with OPEC and allied oil producers.