There is no consensus between Russia and Saudi Arabia now - RIA

Dhwani Mehta FXStreet

The Russian state news agency, RIA Novosti (RIA), is out with the latest report, citing that there is reportedly no consensus between Russia and Saudi Arabia just yet on the likely output cuts.

All is to be decided on the April 9 meeting day, the agency added.

This scenario is evident from the earlier Reuters headlines, citing that OPEC+ cuts on Thursday would depend on US, Canada, Brazil and others’ proposal.

Oil price reaction

Russia’s willingness to participate in the OPEC+ meeting is seen as a positive sign by the oil traders but the same is not being reflected in the oil-price action at the moment.

WTI hovers around 27.00, up 3.53% so far, awaiting fresh cues from the American Petroleum Institute’s (API) Crude Stocks data.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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