Russia has agreed to reduce oil production

Russia has agreed to cut oil production under the OPEC+ deal by 14 percent from the first quarter of 2020. Free News concerning a representative of the Ministry of energy.

It is noted that Russia can take such a step if other countries proportionally reduce their share in total production. “Yes, we are ready to reduce by 1.6 million barrels per day, I confirm,” the source said.
US President Donald Trump, in turn, refused to agree to reduce oil production with other countries.

Earlier, it became known about the threat of disruption of the OPEC-Russia oil deal from a letter from Iranian Oil Minister Bijan Namdar Zanganeh to the Chairman of the OPEC conference, Mohammad Arkabu.

On April 7, a Russian source said that there was no compromise between Russia and Saudi Arabia on the volume of cuts, although the parties agree that in total, about 10 million barrels should be removed from the market. Also, both the main participants in the price war require the inclusion of American manufacturers in the deal.

The OPEC+ meeting will be held on April 9. In addition to Russia, seven major oil exporters that are not members of the Association received an invitation to the meeting. The US and Canada, whose participation in the agreement on production cuts may be key, were not invited. Argentina, Brazil, Norway, Colombia, Egypt, Indonesia, and Trinidad and Tobago can also participate in the negotiations via videoconference.

On April 10, a meeting at the level of energy ministers of the G20 countries is to be held. Saudi Arabia is going to announce it. The negotiators do not rule out that after a preliminary agreement by OPEC+, they will be able to convince the US to join the production cut.

Author: Flyn Braun
Graduated from Cambridge University. Previously, he worked in various diferent news media. Currently, it is a columnist of the us news section in the Free News editors.
Function: Editor