Kremlin hopes for consensus between Opec, allies on oil cuts

Bloomberg

Russia “sincerely hopes” that a consensus on oil-output cuts will be formalised among the world’s biggest producers as talks to rescue global energy markets continue after Mexico balked at proposed measures, Interfax reports, citing Kremlin spokesman Dmitry Peskov.
The Opec+ coalition, including Russia, were closing in on an unprecedented agreement to lower global crude production by about 10% after prices collapsed as the spread of the coronavirus undercut demand. A compromise backed by US President Donald Trump will be discussed between Mexico and Saudi Arabia as talks enter their third day. Saudi Arabia has insisted Mexico should cut its production as much as everyone else in the group.
Russian President Vladimir Putin and Trump have shown that they are able to work together constructively, Peskov was quoted as saying. They “completely understand each other” as shown in their two most recent telephone conversations, he said. The leaders discussed the oil markets and the impact of the coronavirus.
Still there’s no sign of warming ties between the countries, he said, accusing the US of “Russophobia.”
Russia sees the pandemic, which has Moscow’s hospitals working at their limits, causing long-lasting damage to the world economy, Peskov said. The government is working out further support measures, he said.
Aramco delays oil pricing statement
Saudi Arabia is pushing back a key decision on pricing for its crude exports as the kingdom seeks to commit global producers to a massive coordinated supply cut.
State producer Saudi Aramco is set to decide on and announce pricing for May crude exports on Sunday, according to people with knowledge of the situation. The official selling prices, or OSPs, were meant to be released April 5 before twice being delayed to allow producers time to discuss output cuts amid demand destruction due to the coronavirus.
Aramco didn’t immediately comment on the delay.
Talks among global producers aimed at securing curbs of 10 million barrels a day are entering their third day on Saturday. Saudi Arabia convened Opec+ members on April 9, hosted a conference call of G-20 energy ministers on April 10. The meetings that stretched overnight failed to overcome Mexican resistance to the
proposed reductions.