Putin Called a Condition for Reducing Oil Production
OREANDA-NEWS. Russian President Vladimir Putin said at a meeting on the situation in global energy markets that Moscow allows a reduction in world oil production by 10 million barrels per day. At the same time, he emphasized that this should happen “in a partnership.”
“I believe that when I talk about partnerships, everyone, including our partners, understands that we can talk about a reduction from the level of production that prevailed before the crisis, so we are talking about the level of production in the first quarter of this year.”
According to Putin, the decline in oil prices caused by the spread of coronavirus and, as a result, reduced production and lower demand, as well as Saudi Arabia’s withdrawal from the OPEC+ deal, its production increase and the announcement of its readiness to provide discounts on oil.