Reports that Saudi Arabia and Russia have been negotiating cutting oil production in exchange for the Kremlin changing its stance on Syria are untrue.


The chairman of�the Russian State Duma�s International Committee Alexei Pushkov said no negotiations took place with�Saudi Arabia to�decrease oil production in�exchange for�Moscow�s refusal to�support Bashar al-Assad.
Earlier, the New York Times said that Saudi Arabia may cut its oil production, which would lead to�a growth in�global oil prices, if Russia will refuse to�further support the Syrian government led by�Bashar al-Assad. Higher oil prices, in�turn, would help Russia to�tackle its economic problems, the New York Times reported.
�There were no negotiations with�the Saudis to�decrease oil production in�exchange for�Moscow�s refusal to�support Assad. Hoax.� � Pushkov wrote on�his Twitter account.

The Saudi monarchy is at�odds with�al-Assad and is believed to�be backing anti-government rebel groups in�Syria.
Previously, Syrian President Bashar al-Assad said in�an interview with�Foreign Affairs magazine that Russia and Iran will continue to�support Damascus, despite�economic difficulties caused by�the plunge in�oil prices.
Global oil prices started to�plunge last summer due to�oversupply. Prices dropped further after�the Organization of�the Petroleum Exporting Countries (OPEC), whose 12 member states account for�some 40 percent of�world�s oil output, decided not to�cut production in�late November. The decision was allegedly a bid to�squeeze cheap-oil producers out�of the market. The Saudis, however, argued that the slump in�oil prices reflected global supply and demand, stating that they would never use trade to�influence geopolitics.

The Russian economy, like�the economy of�many oil producing nations, is highly dependent on�oil revenues and has slowed down�in the past�months following�the low oil prices.

By Sputnik News

 
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