Russia's Pres. Putin: Saudi Arabia taking tough stance on OPEC deal

While speaking before media at Brazil, Russia, India, China and South Africa (BRICS) Summit in Brazil late-Thursday, Russian President Vladimir Putin said that Russia should continue to work with OPEC, adding that cooperation should not only be on oil production cuts, per Reuters.

Additional Comments:

“We have really constructive dialogue with OPEC.”

“We understand that the tough stance, including from our friends from Saudi Arabia, is linked to the Saudi Aramco IPO. Everybody understands this. It’s an open secret.”

Meanwhile, both crude benchmarks trade modestly flat, with WTI flirting with the 57 handle. Brent trades below 62.50 levels.

• WTI testing offers near $ 57 amid trade optimism, ahead of US data