Saudi Arabia has refused to participate in negotiations with Russia on the restrictions of oil production by countries outside OPEC scheduled for November 28, Facenews information publication reports.
Instead, the representatives of the Arab countries are planning to hold an internal meeting of OPEC. At that meeting, Iran is to deliver its strategy to increase oil production to pre-sanction level, and Iraq has already announced its exclusive position requirements in matters of oil production due to the military operations carrying out against ISIS on its territory.
As soon as the information about the failure of the announced meeting with Russia had come to light, the price of Brent crude on world markets fell by 3%. The situation is such that price of Russian oil will fall as long as the agreement with Saudi Arabia is achieved. In turn, the Saudis do not see the need to agree on anything with the Russians.
Notably, in February 2016, the Russian Ministry of Finance stated that the Russian oil and gas revenues decreased by 30% due to "decline in global oil prices."