Leading world crude exporter Saudi Arabia on Thursday made a surprise call for a meeting of the OPEC+ oil producers to “stabilise the oil market” amid a price war, news agency AFP reported.
According to AFP, a statement carried by the Saudi Press Agency read: “The kingdom calls for an urgent meeting of OPEC+ and a group of other countries with the aim to try and reach a fair deal to restore balance to the oil market.”
Saudi and OPEC+, which consists of the the OPEC countries alongwith Russia and other oil producers have engaged in a price war over the last month or so, since a deal on supply curbs collapsed and Riyadh began pumping extra crude into an oversupplied market.
Saudi’s announcement drove oil prices as much as 25 per cent higher on Thursday, adding to growing signs that Riyadh and Moscow may be ready to end their battle for market share and cooperate again, news agency Reuters reported.
Earlier on Thursday, Russian Energy Minister Alexander Novak told Reuters it had no plans to crank up its crude output.
A senior Gulf source familiar with Saudi thinking had also earlier told Reuters that Saudi Arabia supported cooperation between oil producers to stabilise the market.