Saudi Arabia sharply rebukes Russia over oil price collapse

Saudi Arabia sharply criticized Russia on Saturday over what it described as Moscow blaming kingdom for collapse in global energy prices, showing tensions ahe of an emergency meeting of OPEC and or oil producers.

Oil prices sharply fell after so-called OPEC+ group of countries including Russia failed to agree to production cuts in early March. A price war began soon after, with Saudi Arabia threatening to pump at a record-breaking pace to seize back market share even as coronavirus pandemic saw demand sharply drop as airlines worldwide halted flights.

International benchmark Brent crude fell to around $24 a barrel, compared to prices of over $70 a year ago. Prices slightly have rebounded with President Donald Trump tweeting and talking about need for a production cut, but rancor between Saudi Arabia and Russia could imperil a deal emerging from a planned teleconference Monday.

That anger could be seen early Saturday in two critical statements released by kingdom's state-run Saudi Press ncy. first came from Saudi Foreign Minister Prince Faisal bin Farhan under heline: “ Statements Attributed to One of Russian President’s Media Are Completely Devoid of Truth.”

“Russia was one that refused agreement, while kingdom and 22 or countries were trying to persue Russia to make furr cuts and extend agreement,” prince said.

He also said an alleged Russian contention that “ kingdom was planning to get rid of shale oil producers” was false as well. U.S. shale producers have me America one of world's top producers, but y've been hurt bly by price collapse. Trump has met with concerned producers about that.

Prince Faisal did t identify story, r outlet he was critiquing.

A second statement came from Saudi Energy Minister Prince Abdulaziz bin Salman, one of King Salman's sons. prince criticized Russian Energy Minister Alexander vak by name for suggesting Saudi Arabia wanted to cut out shale producers.

prince “expressed his surprise at attempts to bring Saudi Arabia into hostilities against shale oil industry, which is completely false as our Russian friends recognize well,” statement said.

Saudi Arabia's statements likely seek to defuse any possible confrontation between kingdom and Trump, who tweeted Thursday that Moscow and Riyh “will be cutting back approximately 10 Million Barrels” without elaborating. Trump's tweets and public comments have affected oil prices in past.