Russia is ready to cooperate with the United States and Saudi Arabia on the decline in oil production, said on Friday Russian president Vladimir Putin, who is considering a reduction of 10 million barrels per day.
“We are ready to an agreement with our partners in the framework of the mechanism “OPEC+”, and are ready to cooperate with the United States in this matter, ” he said, during a meeting in videoconference with the minister of Energy (transcribed on the website of the Kremlin.
“According to preliminary estimates, I think it is possible that this is a drop (of oil production) around 10 million barrels per day. Maybe a little less, maybe a little more, ” he said.
“I think that it is necessary to unite the efforts to balance the market and reduce the production of oil, said Vladimir Putin, saying that Russia was in close contact with its partners in saudi arabia.
OPEC on Friday confirmed the holding of a special meeting of its members and allies Monday, the day following the tweets of u.s. president Donald Trump referring to possible cuts of the production of saudi arabia and Russian, of the order of ten million barrels per day. These tweets have boosted the price of crude oil.
The market of black gold always experiences the pressure of weak demand because of the restrictions imposed on the transportation of people and goods around the world to combat the spread of the pandemic Covid-19.
At the same time, the supply is superabundant on a background of a price war between Riyadh and Moscow.