Putin And Trump Discussed The Situation On The Oil Market Over The Phone
Vladimir Putin and Donald Trump discussed the situation in the global oil market during today's telephone conversation, Kremlin's press service reported on April 10.
"An exchange of views was held on the situation in the global oil market, including the agreement being worked out within the framework of OPEC+ on reducing production volumes to stabilize world oil prices. Trump informed about his contacts with the leaders of several oil-producing countries."
The presidents agreed to continue consultations on this topic, and also touched upon topical aspects of bilateral relations, including cooperation in space.
Both sides also discussed the coronavirus pandemic and assessed the measures taken by both countries to combat the spread of infection.
On the eve of the meeting, the presidents called to discuss agreements on oil against the background of negotiations between the participants of the OPEC+ deal. King Salman bin Abdulaziz al Saud of Saudi Arabia also took part in the telephone conversation.
The American leader called the conversation "good", saying that the topic of the hour-long conversation was ways to normalize the working conditions of the energy sectors of the three countries.
The Kremlin added that the parties confirmed their intention to coordinate actions to stabilize the situation in the global oil trade and minimize the negative impact of the drop in oil prices on the world economy.
On the eve of the talks, OPEC+ countries confirmed their intention to reduce oil production in May-June by 10 million barrels per day, but only if Mexico participated, which left the meeting. Later, Mexican President Andres Manuel Lopez Obrador said that the country will reduce oil production by 100 thousand b / s.
By the end of the year, the reduction in oil production of OPEC+ countries will be 8 million barrels per day and further until April 30, 2022-6 million barrels per day.
On March 6, the OPEC+ member countries did not agree on reducing oil production. As a result, the deal fell apart. Later, the media reported that Saudi Arabia plans to increase production to 10-12 million barrels per day and reduce the price of its oil.
A few days later, the oil markets collapsed by 30%, the ruble exchange rate visibly declined against the bi-currency basket, and shares of Russian companies began to lose ground.