Russian President Vladimir Putin stressed his country's readiness to cooperate with the United States in order to stabilize the energy market.
"We are ready to conclude agreements with partners and cooperate with the United States in stabilizing the oil market," Putin said during his presidency today, meeting with some members of the government and heads of major Russian companies to discuss the conditions of the global energy market.
Putin stressed the need to unite efforts to balance the market and reduce production, pointing to the need to take into account the interests of all partners in the oil market to reach fair agreements on the market budget.
Putin called for reducing oil production to 10 million barrels per day, stressing that "the situation in the global energy markets remains difficult due to the global economy being affected by the Corona virus and its consequences, which leads to a sharp decline and a decline in demand by the main consumers of energy resources."
In turn, Russian Energy Minister Alexander Novak stressed during the meeting with President Putin that all major oil producers must participate in order to establish stability in the market, considering that in order to restore stability to the oil sector in the current conditions there is a need to take concerted decisions and efforts in terms of reducing extraction volumes.
The Russian Energy Minister pointed to the need to reduce oil production for the next several months while increasing it at a later time.