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Bloomberg: Moscow will not give up in the oil war with the Saudis

President Vladimir Putin will not ask Riyadh “for a truce” in the oil war, writes Bloomberg.

According to the agency, the Russian authorities were ready for the fall in oil prices after the break of the deal with Saudi Arabia. Moscow considers Riyadh's position to be blackmail and notes that they can survive the current crisis better than the Saudis, the publication emphasizes.

“Putin is not the kind of person to put pressure on,” said Bloomberg's interlocutor.

According to agency sources, the Kremlin is still open for cooperation within OPEC +, but only on its own terms.

Disruption of the OPEC transaction +

In early March, the OPEC + countries were unable to agree either to change the parameters of the agreement to reduce oil production or to extend it. Saudi Arabia insisted on an additional reduction in production, but this did not suit Russia, which proposed to maintain the existing conditions.

As a result, from April 1, participants in the OPEC + transaction will no longer have any obligations. After that, Saudi Arabia announced its intention to increase production, lower prices and offer large volumes of discounts to European customers. This collapsed oil quotes in world markets. Since the beginning of the year, prices have more than doubled down.

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