Russian President Vladimir Putin held telephone talks with his American counterpart Donald trump and king Salman bin Abdulaziz al Saud of Saudi Arabia. The topic of discussion was the situation on the oil markets, taking into account the OPEC+ conference, the Kremlin press service reported.
The heads of state also discussed the upcoming videoconference of G20 energy Ministers and agreed to coordinate actions to stabilize the situation in the global oil trade and reduce the negative impact of the drop in oil prices on the world economy.
Trump said during a white house briefing that he had a “good conversation” with Putin and king Salman. He said that his interlocutors were “close to a deal” and urged to wait for a statement on the results of the OPEC + talks.
According to the American leader, the sides discussed ways to normalize the working conditions of the energy sectors of the three countries, and the conversation lasted more than an hour.
Virtual OPEC + talks began on the evening of April 9 and lasted 10 hours. Russia and Saudi Arabia managed to agree that both countries will reduce production by 23% to the same level of 8.5 million barrels per day. Due to the position of Mexico, which refused to reduce production to the level of 2018 and left the negotiations, the dialogue was not completed. The remaining participants confirmed their intention to reduce oil production in may-June by 10 million barrels per day, then by the end of the year, the reduction in oil production of OPEC+ countries will be 8 million barrels per day, and then until April 30, 2022, 6 million b/d, subject to the consent of the Mexican side.
At the same time, a source in one of the delegations claims that Saudi Arabia has made it clear that there will be no new agreement on reducing oil production if Mexico does not join it.
The talks are scheduled to continue at 15: 00 Moscow time on April 10.
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.