NEW YORK: Global benchmark oil prices are expected to open lower on Monday as a dispute between top crude exporters Russia and Saudi Arabia raises ...
NEW YORK: Global benchmark oil prices are expected to open lower on Monday as a dispute between top crude exporters Russia and Saudi Arabia raises concerns of another collapse in talks to curb production at a meeting this week.
Russian President Vladimir Putin put the blame for the crash in prices on Saudi Arabia on Friday - prompting a response from Riyadh the following day disputing Putin's assertions. OPEC and its allies are working on a global agreement for an unprecedented oil production cut equivalent to around 10 per cent of worldwide supply in what they expect to be a global effort including countries that do not exert state control over output, such as the United States.
"It is not strange for the market to hike prices by enthusiasm such as Friday's, but for the levels to stay stable for more than a day or two, it takes concrete developments and deals on the ground," he said.
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