The Saudi energy minister on Saturday rejected Russia's remarks that the kingdom withdrew last month from a deal to cut output.
Prince Abdulaziz bin Salman was responding to comments made by his Russian counterpart on Friday, according to a statement carried by Saudi state news agency SPA.
"The Russian Minister of Energy was the first to declare to the media that all the participating countries are absolved of their commitments starting from the first of April, leading to the decision that the countries have taken to raise their production to offset the lower prices and compensate for their loss of returns," Prince Abdulaziz said in a statement.
The White House is not negotiating with Saudi Arabia or Russia over a deal to cut oil production, and wants the two parties to come to a deal among themselves, U.S. Energy Secretary Dan Brouillette told industry executives on Friday, according to a source who listened to the call.
U.S. President Donald Trump met with executives from major oil companies on Friday, and Brouillette spoke with the broader industry after that. He said the White House is encouraging Russia and Saudi Arabia to come to a deal, saying Trump was optimistic a deal could be reached in a few days.
Oil demand has slumped dramatically in recent weeks as the coronavirus pandemic has worsened. Oil prices have dropped sharply as the industry faces a 30% decline in global fuel demand.
