Saudi Arabia Energy Ministry: No discussion of a joint agreement to balance oil markets

There haven't been any contacts between Saudi Arabia and Russia energy ministers over any increase in the number of OPEC+ countries, Reuters reported on Friday, citing an official for Saudi Arabia's Energy Ministry.

The official further noted that there hasn't been a discussion about a joint agreement to balance the oil market.

Market reaction

Crude oil prices came under renewed selling pressure following these comments. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $21.75, erasing 6% on a daily basis.