Canada Concerned By Russia-Saudi Oil Price Dispute, Coordinates With US - Freeland

TORONTO (Pakistan Point News / Sputnik - 03rd April, 2020) Canada is concerned by the impact the Russia-Saudi Arabia oil dispute is having on the country's energy sector, Deputy Prime Minister Chrystia Freeland said during the cabinet ministers' daily briefing on the noel coronavirus (COVID-19) pandemic on Thursday.

"We have been concerned for some time about the ways in which the actions of Russia and Saudi Arabia have disrupted the world energy market that has had grave consequences for the Canadian energy sector and for the Canadian economy, more broadly," Freeland told reporters.

The Deputy Prime Minister said she and other Canadian officials are coordinating with US counterparts, including Secretary of State Mike Pompeo, on this issue.

Freeland added that she remains in close contact with Jason Kenney, premier of Canada's oil-rich province of Alberta, who has repeatedly bemoaned the effect the oil dispute is having on Alberta as it remains crippled by the COVID-19 pandemic and still struggling from the 2014 oil price crash.

Earlier on Thursday, US President Donald Trump said Saudi Arabia and Russia may cut oil output by 10 million barrels per day or more in order to stabilize oil prices in the global market.

Oil prices first plummeted in early March after OPEC+ exporters failed to agree on additional cuts or extend the deal limiting their production, dealing a blow to the market weakened by a fall in demand during the COVID-19 pandemic.

Moreover, Saudi Arabia and Russia failed to reach a deal on oil production cuts at the March meeting, triggering an oil price dispute, with Riyadh vowing to flood the market with oil and reportedly starting offering barrels to European customers at huge discounts.