MOSCOW (Pakistan Point News / Sputnik - 05th April, 2020) The US and Canada may potentially impose tariffs on oil imports from Russia and Saudi Arabia until the ongoing price dispute between Riyadh and Moscow is resolved, the Financial Times newspaper reported on Saturday, citing Jason Kenney, the premier of the oil-producing Canadian province of Alberta.
"Prospective import tariffs on oil coming into North America" were currently being discussed, Kenney said, as quoted by the newspaper.
OPEC+ countries are set to meet in the coming week to discuss the potential of reviving an oil output cut deal that expired on March 31. Kenney suggested that the organization had to find a solution to the ongoing issue.
"Opec+ started this fire and they have to put it out. We're not going to surrender our industry and we're prepared to go the distance here," the Alberta premier stated, as quoted by the newspaper.
On March 6, OPEC+ countries were unable to agree on an extension of a deal to limit oil production. Restrictions were lifted as the deal expired at the end of March, leading to a collapse in the market, in conjunction with a global drop in demand due to the ongoing COVID-19 pandemic.
Russian President Vladimir Putin on Friday stated that oil production could be reduced by approximately 10 million barrels per day, should OPEC+ nations coordinate jointly to each reduce output. Moscow is seeking long-term stability in the oil market and will maintain close contact with its partners in Saudi Arabia, the president stated.
In light of the potential for a new OPEC+ deal to be reached, Brent crude oil futures rose 37 percent during the week to $34.11 a barrel.
