DUBAI — Saudi Arabia supports cooperation between oil producers to stabilize the oil market but Russia's opposition to a proposal last month to deepen oil supply cuts has caused market turmoil, a senior Gulf source familiar with Saudi thinking told Reuters. International crude prices have fallen over 50 percent to under $26 a barrel since March 6, when Saudi Arabia, de facto leader of the Organisation of Petroleum Exporting Countries, and non-OPEC producers led by Russia failed to agree on a joint supply policy in response to the precipitous fall in fuel demand caused by coronavirus pandemic. U.S. President Donald Trump said on Wednesday he had talked recently with both Saudi and Russian leaders and believed the two countries would make a deal to end their price war within a few days - lowering production and bringing prices back up. "Saudi Arabia has always welcomed and supported cooperation among oil producers in their efforts to stabilize the oil market during the current crisis based on the principles of fairness and equity," the Gulf source said on Thursday.

Source: International New York Times April 02, 2020 04:30 UTC