• Headlines
  • World News
  • Commercial Law
  • Famous Cases
  • Interviews
  • Photo News
  • Property Law
  • Lifestyle
Wednesday, January 27, 2021
  • Login
Gavel International
No Result
View All Result
No Result
View All Result
The Gavel
No Result
View All Result
Home World News

Coronavirus: Saudi Arabia criticizes Russia over collapse of oil prices

by
April 4, 2020
Reading Time: 2 min
0
Coronavirus: Saudi Arabia criticizes Russia over collapse of oil prices
Share on FacebookShare on Twitter
ADVERTISEMENT


Saudi Arabia sharply criticized Russia on Saturday over what it described as Moscow blaming the kingdom for the collapse in global energy prices, showing the tensions ahead of an emergency meeting of OPEC and other oil producers.

RelatedPosts

Spain to legalize euthanasia and aided suicide

Facebook faces antitrust lawsuits for Privacy invasion of Instagram users and Illegal Monopolization from the FTC

#ENDSARS: President Buhari officially addresses protesting youths, assures extensive Police Reforms

Oil prices sharply fell after the so-called OPEC+ group of countries including Russia failed to agree to production cuts in early March. A price war began soon after, with Saudi Arabia threatening to pump at a record-breaking pace to seize back market share even as the coronavirus pandemic saw demand sharply drop as airlines worldwide halted flights.

International benchmark Brent crude fell to around $24 a barrel, compared to prices of over $70 a year ago. Prices slightly have rebounded with President Donald Trump tweeting and talking about the need for a production cut, but rancor between Saudi Arabia and Russia could imperil a deal emerging from a planned teleconference Monday.

That anger could be seen early Saturday in two critical statements released by the kingdom’s state-run Saudi Press Agency. The first came from Saudi Foreign Minister Prince Faisal bin Farhan under the headline: “ Statements Attributed to One of Russian President’s Media Are Completely Devoid of Truth.”

“Russia was the one that refused the agreement, while the kingdom and 22 other countries were trying to persuade Russia to make further cuts and extend the agreement,” the prince said.

You should also READ  101-year-old Italian man recovers from coronavirus, gets released from hospital

[ Sign up for our Health IQ newsletter for the latest coronavirus updates ]

He also said an alleged Russian contention that “the kingdom was planning to get rid of shale oil producers” was false as well. U.S. shale producers have made America one of the world’s top producers, but they’ve been hurt badly by the price collapse. Trump has met with concerned producers about that.

READ MORE: Canada ‘very concerned’ with OPEC’s decisions amid coronavirus outbreak, Trudeau says

Prince Faisal did not identify the story, nor the outlet he was critiquing.

A second statement came from Saudi Energy Minister Prince Abdulaziz bin Salman, one of King Salman’s sons. The prince criticized Russian Energy Minister Alexander Novak by name for suggesting Saudi Arabia wanted to cut out shale producers.

The prince “expressed his surprise at the attempts to bring Saudi Arabia into hostilities against the shale oil industry, which is completely false as our Russian friends recognize well,” the statement said.

Saudi Arabia’s statements likely seek to defuse any possible confrontation between the kingdom and Trump, who tweeted Thursday that Moscow and Riyadh “will be cutting back approximately 10 Million Barrels” without elaborating. Trump’s tweets and public comments have affected oil prices in the past.


Source link

Like this:

Like Loading...
Tags: CanadaCanada CoronavirusCoronavirusCoronavirus CasesCoronavirus In Canadacoronavirus newscoronavirus updateCOVID-19covid-19 canadacovid-19 newsOil PricesOPECRussiaSaudi ArabiaSaudi Arabia oilWorld

Next Post
Hundreds of inmates escape 4 Brazilian prisons amid coronavirus pandemic

2 killed in knife attack in France: officials

Discussion about this post

Trending News

  • Funeral rites for late Justice Watila begins Jan 27 January 27, 2021
  • Reprieve as court dismisses charges against Senator Adeleke’s Co-accused January 27, 2021
  • Nigeria’s new military chiefs: Implications and Expectations January 26, 2021
  • Buhari appoints new Military Service Chiefs January 26, 2021
  • The return of Akeredolu January 26, 2021
The Gavel

© 2020 Gavel International - Powered by Realdata.

Navigate Site

  • Headlines
  • World News
  • Commercial Law
  • Famous Cases
  • Interviews
  • Photo News
  • Property Law
  • Lifestyle

Follow Us

No Result
View All Result
  • Newsletter
  • Welcome to The Gavel

© 2020 Gavel International - Powered by Realdata.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add The Gavel to your Homescreen!

Add
%d bloggers like this: