OPEC and Russia postponed their meeting scheduled for Monday for later next week, according to sources from the cartel. The postponement happens amid a deepening dispute between Moscow and Saudi Arabia over who is to blame for the collapse in oil prices.

The meeting is postponed despite pressure from US President Donald Trump on the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+ alliance, to stabilize the global oil markets as a matter of urgency.

OPEC+ is working on an unprecedented contraction in oil production, equivalent to about 10% of world supplies or 10 million barrels per day. Member states expect this to be a global effort, including the United States.

Oil prices hit an 18-year low on March 30 due to declining demand caused by the blockade in many countries to control the pandemic from the coronavirus, and the failure of OPEC and other producing countries, headed by Russia, to extend a previous leak agreement that expired on March 31st.

However, Washington has not yet committed to a joint effort, and yesterday, Russian President Vladimir Putin blamed Saudi Arabia on the price collapse, prompting a firm response from Riyadh today.

Vladimir Putin, speaking at a video conference with government officials and heads of major Russian oil producers on Friday, said the first reason for the price drop was the impact of the coronavirus on demand.

“The second reason for the price collapse is the withdrawal of our Saudi Arabian partners from the OPEC+ deal, their increase in yields and information released at the same time about our partners’ willingness to even provide a discount for oil”, said Vladimir Putin.

Three OPEC sources, who wished to remain anonymous, said the extraordinary virtual meeting scheduled for Monday is likely to be postponed to April 8 or 9 to allow more time for negotiations.

Later, sources downplayed the dispute between Saudi Arabia and Russia, saying the atmosphere was still positive, although there was no project deal or agreement on details as a reference level from which to cut yields.

“The first problem is that we need to lower our current level of production now, and not go back to it before the crisis. The second problem is Americans, they have to play separately”, said one of OPEC sources.