Saudi energy minister rebuffs suggestions of Opec meeting with Russian firms. FMTNews OilPrice Opec RussianFirms
DUBAI: Saudi Arabia said on Tuesday it would boost its oil supplies to a record high in April, raising the stakes in a standoff with Russia and effectively rebuffing Moscow’s suggestion for new talks.
Moscow said Russian oil companies might boost output by up to 300,000 bpd and could increase it by as much as 500,000 bpd, sending the Russian rouble and stocks plunging.Brent oil prices jumped 8% on Tuesday to above US$37 per barrel after Russian Energy Minister Alexander Novak said Moscow was ready to discuss new measures with Opec.
Saudi Arabia needs an oil price of around US$80 to balance its budget, but has cash reserves and the ability to borrow to deal with a price plunge for now.Iraq and some other Opec nations, with more meagre financial resources to cope with a dramatic drop in oil revenues, called for action to shore up prices.
Aramco shares, which slid at the start of the week, were up 9.9% at 31.15 riyals at 1353 GMT on Tuesday but were still below their December listing price of 32 riyals.Occidental Petroleum said it would cut dividend and spending, while Chevron said it might cut spending and production.
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