Russian President Vladimir Putin held a meeting on the situation in global energy markets, press service of the Presidential Executive Office reported on April 3.
Putin said that the Russian government is ready to cooperate with OPEC and the US on the issue of stabilizing the oil market and proposing to reduce oil production. “According to preliminary estimates, I think that we can talk about a reduction in the volume of about 10 million barrels per day,” suggested he.
Oil demand can drop by 15–20 million barrels per day in the coming weeks, said Russian Energy Minister Alexander Novak. He stressed the importance of joint efforts to reduce oil production among such countries as Russia, Saudi Arabia, the US and “other OPEC member and non-member countries.”
Novak highlighted the leading role of the US in the new agreement: “Large oil producers such as the US should become a key partner in order to balance the market”.
On April 3, it was reported earlier that Saudi Arabia called for an urgent OPEC-plus member countries meeting. The purpose of the meeting is to come to an agreement between OPEC-plus countries that would restore the “desired balance” in the oil market.
Prior to that, on April 2, the US President announced that a deal to reduce oil production between the US, Saudi Arabia and the Russian Federation would soon be made. The reduction in oil production should be at least 10 million barrels per day. The price of oil rose by 46% after this announcement.
Source: Rossa Primavera News Agency