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The conflict over oil prices between Saudi Arabia and Russia is still headline news

Russia tells Trump to stay out of oil dispute with Saudi

Russia and Saudi Arabia have good relations when it comes to oil markets and Moscow does not need anyone else to intervene, the Kremlin said on Friday, when asked to comment on a statement by U.S. President Donald Trump saying he planned to get involved.

Trump said on Thursday he would get involved in the oil price war between Saudi Arabia and Russia at the appropriate time, saying low gasoline prices were good for U.S. consumers even as they were hurting the industry.

Kremlin spokesman Dmitry Peskov said however that there was no need for anyone to intervene.

Peskov also said that low oil prices were unpleasant, but that Russia did not believe the current situation was a catastrophe. Moscow had sufficient state reserves to withstand the economic impact from weak commodity prices, he said.

Source: Reuters

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