Saudi Arabia has not discussed joint agreement with Russia on oil supply: SPA

London — Saudi energy minister Prince Abdulaziz bin Salman and Russian counterpart Alexander Novak have not held any discussions about a joint agreement to balance oil markets, the official Saudi Press Agency reported Friday.

The ministers also have not discussed expanding the OPEC+ alliance, the report stated, citing an unnamed Saudi energy ministry official.

The report indicated no resolution to the Saudi-Russian oil price war, which broke out after Novak earlier this month declined to go along with an OPEC production cut proposal forged by Prince Abdulaziz to prop up the market in the face of the coronavirus pandemic.

Saudi Arabia, the de facto leader of OPEC, has since announced it planned to raise its production by about a third and supply a record 12.3 million b/d of crude to the market starting in April.

Novak has said Russia could raise its production by up to 300,000 b/d in the short term and 500,000 b/d in the long term, which would bring its crude output to almost 11 million b/d.

Saudi King Salman bin Abdulaziz chaired a video conference of G20 leaders Thursday. But a post-meeting statement issued by the organization did not mention oil nor energy, despite US pressure on Saudi Arabia this week to ease off the price war, which along with the market swoon from the coronavirus has caused many oil companies to slash budgets and warn of layoffs and bankruptcies.

Some US lawmakers from oil producing states have pressed the Trump administration to intervene in Saudi-Russia spat, including urging Saudi Arabia to quit OPEC and join an alliance with the US instead.