Saudi Arabia is having a hard time convincing Russia to stay much longer in an O...
DUBAI/LONDON/MOSCOW - Saudi Arabia is having a hard time convincing Russia to stay much longer in an OPEC-led pact cutting oil supply, and Moscow may agree only to a three-month extension, three sources familiar with the matter said.
“Novak told Falih that he will extend in June but can only do it until the end of September as he is under too much pressure internally to end the cuts,” a source familiar with Russian oil policy said. “We really don’t know now, and we may not know until the last minute before we meet in June, whether the Russians will stay.”
Igor Sechin, head of Russian oil giant Rosneft and an ally of Vladimir Putin, told the Russian president that the deal with OPEC is a strategic threat and plays into the hands of the United States, Reuters reported in February.There is no guarantee Putin will back Sechin’s view. The president sees the pact with OPEC as part of a bigger puzzle involving dialogue with OPEC’s de facto leader, Saudi Arabia, over Syria and other geopolitical issues.
“Russia and Saudi Arabia are both bluffing now and are trying to play the same card that we saw in December,” a Russian industry source said.
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