Russia will participate in the OPEC teleconference on April 9, an official representative of the Russian energy Ministry told Interfax on Tuesday, April 7.
On the same day, the OPEC Secretariat sent out invitations to the ministries of energy of 36 countries for an online meeting on the situation in the oil market.
“This invitation comes as part of the Kingdom’s ongoing efforts to support the global economy in these exceptional circumstances and as a sign of respect for the request of the President of the United States of America, Donald trump, and the request of the friends of the United States,” the message reads.
Earlier, on April 5, presidential press Secretary Dmitry Peskov said that Russia is ready for constructive negotiations within OPEC+ to stabilize the world oil market. He recalled that Russia was not in favor of ending the deal.
On April 3, the media reported on the preparation of an unscheduled OPEC meeting on the initiative of Saudi Arabia. The meeting was scheduled to take place on April 6, but was postponed to April 9.
On the same day, Russian President Vladimir Putin announced the need to reduce oil production to 10 million barrels per day. Russian energy Minister Alexander Novak also warned of the possibility of a further collapse in oil prices.
The collapse in oil prices occurred on March 9, after it became known that the OPEC deal, which involves reducing oil production by participating countries in the agreement, was terminated.