BISHKEK, KYRGYZSTAN – MARCH 28, 2019: Russia’s Presidential Spokesman Dmitry Peskov takes part in Kyrgyz-Russian talks at the Ala Archa state residence in Bishkek. Sergei Karpukhin/TASS Êèðãèçèÿ. Áèøêåê. Ïðåññ-ñåêðåòàðü ïðåçèäåíòà ÐÔ Äìèòðèé Ïåñêîâ âî âðåìÿ ðîññèéñêî-êèðãèçñêèõ ïåðåãîâîðîâ â ðåçèäåíöèè “Àëà-Àð÷à”. Ñåðãåé Êàðïóõèí/ÒÀÑÑ

MOSCOW, March 20. /TASS/. Russian presidential spokesman Dmitry Peskov said that Russia and Saudi Arabia are not waging any wars over oil prices. He is certain that other states should not interfere in the partnership between the two countries.

“There are no price wars between Russia and Saudi Arabia. There is a very unfavorable pricing environment for many countries,” he told reporters.

According to him, Russia and Saudi Arabia have “good relations, a partnership.” “We do not think that anyone should intervene in these relations,” Peskov added.

On Thursday, US President Donald Trump said that he was about to join in a discussion of the situation around the differences between Russia and Saudi Arabia over oil.

Peskov noted that the Kremlin paid attention to this statement. “We understand that indeed many companies are now suffering due to low oil prices, we know that the huge US oil sector is now in distress because of these prices,” he said, adding that he meant those who produce shale oil. “There is a serious crisis, we also understand this,” Peskov said.

The Brent oil price of $25 per barrel is adverse but it not catastrophic, according to Peskov.

“Certainly, this price situation is fairly unpleasant. It is possible to agree in this respect,” Peskov said.

However, Russia has a sufficient safety margin, the press secretary said. “When saying that this is a catastrophe for Russia, there is probably no way of agreeing with this in midterm, since as our president and our government reiterated that we have a solid safety margin for several years, which will support fulfilling all social commitments, development plans, and so on,” Peskov added.

“There were times when the price was even lower,” the press secretary said. Hardly anyone will venture to forecast international oil prices situation for a year ahead and more, Peskov said. “Even if somebody undertakes forecasting, such forecasts will hardly be accurate to any extent,” he noted.

OPEC+ agreement participants failed to decide on further oil production cuts in view of the falling demand due to the coronavirus spread during consultations on March 6. Oil prices have fallen since then. All the limitations of oil production will be lifted from April 1.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Valentino closes Milan Fashion Week with lush live show

MILAN — It’s been a season of disruption at Milan Fashion Week. The hybrid live-virtual formula meant anyone from their homes could watch delightful videos like Moschino’s marionette fashion show, created with the help of Jim Henson Studios, and featuring…

Why The Federal Reserve Accepted 2 Percent Inflation As The Norm

The unanimous decision of the Federal Open Market Committee (FOMC) to shift from inflation targeting to average inflation targeting is another step away from its mandate to achieve long‐​run price stability. Section 2A of the Federal Reserve Act does not say the Fed’s long‐​run…

Airbus first-half deliveries hit 16-year low despite June bounce

PARIS (Reuters) – Airbus (AIR.PA) deliveries plunged to 196 aircraft in the first half of the year from 389 in the same period a year earlier, the planemaker said on Wednesday. Deliveries have been crippled by the coronavirus crisis, which…

Airlines aim for takeoff as lockdowns ease and demand rises

The skies are clearing up a bit for airlines as states ease lockdown measures and travelers slowly return to airport check-in lines. After a pronounced slump in air travel in the spring, airlines are adding back flights as they hope…