Saudi Arabia is trying to persuade Russia to join the ranks of output cuts

                                                                                    INQUIRY

      Alexander Novak, Russia's energy minister, will meet later today with Saudi Minister of Energy, Industry and Mineral Resources Falkh, who is the leading country of OPEC.
OPEC holds policy meetings in Vienna on Thursday and oil producers including Russia on Friday.
Saudi Arabia has said it hopes OPEC and its allies will cut production by at least 1.3 million barrels a day, equivalent to 1.3% of global output.
According to sources from OPEC and non-OPEC oil-producing countries, Saudi Arabia hopes that Russia will reduce production by at least 250,000-300,000 barrels per day, but Russia insists that the scale of reduction should be only half what Saudi Arabia wants.
Asked about Russia's position, Suhail bin Mohammed al-Mazroui, the energy minister of the United Arab Emirates, told reporters: "It's not easy, but we will work together."
A source close to the Russian Ministry of Energy said: "No one will be eager to cut production unless there is an emergency. The United States is the place where oil production has increased dramatically. OPEC and Russia will be cautious about voluntary production cuts.
In recent years, Russia, Saudi Arabia and the United States have been competing for the status of the largest crude oil producer. Because of its strict anti-monopoly legislation and fragmented oil industry, the United States has not participated in any production restriction plan.
Crude oil prices have fallen since October, driven by global economic weakness and concerns about oversupply caused mainly by rising U.S. production.


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