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OPEC members disagree: price war on oil market continues

Oil cartel OPEC did not succeed on Tuesday in setting a date for emergency negotiations, which could put an end to the price war on the oil market.

Press agency Reuters reports based on insiders that Saudi Arabia, the United Arab Emirates, Kuwait, and Nigeria, among others, have said that they do not need additional consultations.

The idea to start talking to each other came from Algeria, among others. Due to disagreements between Russia and Saudi Arabia, oil prices have dropped sharply in recent weeks.

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The Saudi people want Russia, formerly an ally of OPEC, to agree to restrict oil production further. This should support oil prices now that demand has fallen as a result of the corona crisis.

Because Moscow refused, Riyadh decided to lower the asking price and increase production in order to put pressure on Russia with even lower oil prices.

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