To stabilize the oil market, those countries that did not previously participate in this process are also needed, Russian presidential Press Secretary Dmitry Peskov told the reporters.
“The point was that in order to stabilize the market, it will also require the participation of those countries that did not previously participate in coordination, indeed, those who are now in working contact, are talking about this”, – Peskov said.
He added that he could not yet say what countries they would be.
“I think everyone just needs to wait for this teleconference (OPEC +) to be held this week”, – Peskov said.
The OPEC + countries were unable to agree either to change the parameters of the transaction to reduce oil production, or to extend it on March 6. As a result, from April 1, restrictions on oil production in the member countries of the former alliance were lifted. This caused a collapse in the oil market, which overlapped with a sharp global drop in demand due to the coronavirus pandemic.
Russian President Vladimir Putin on Friday called the reasons for the decline in oil prices both the situation with coronavirus and Saudi Arabia’s withdrawal from the OPEC + deal, its increase in production, the announcement of its readiness to provide discounts on oil. At the same time, Putin and Russian Energy Minister Alexander Novak said that the oil market requires joint action, which Russian oil companies are ready to go, but together with OPEC + and such major oil producers as the United States. Together, countries could reduce oil production by 10 million barrels per day from the pre-crisis level of the first quarter, the Head of state said.