Bloomberg: The dispute between Saudi Arabia and Russia over the baseline for oil production cuts continues

Bloomberg News Agency on Thursday quoted unnamed sources as saying that there is still disagreement between Saudi Arabia and Russia over the baseline for oil production cuts.

The sources pointed out that Saudi Arabia insists that the April production level is the baseline for measuring production cuts.

The agency quoted one of the sources as saying that negotiations are currently taking place around reducing production by 15-17%.

In April, Saudi Arabia raised its production level to 12 million barrels per day, on average; its production in the first quarter was 9.9 million barrels per day.