MOSCOW (Pakistan Point News / Sputnik - 01st April, 2020) Russia traditionally welcomes dialogue and cooperation aimed at stabilization of energy markets, Kremlin spokesman Dmitry Peskov said on Wednesday.
"You know that the Russian side traditionally welcomes the joint dialogue, discussion and cooperation to stabilize energy markets. [Russian] President [Vladimir] Putin has repeatedly said this," Peskov told reporters.
The oil market is currently experiencing high volatility after Russia and the Saudi Arabia-led OPEC failed to agree on deeper production cuts to mitigate demand lost to the coronavirus crisis. As a result, restrictions on oil production of the OPEC+ alliance are lifted starting from April 1.
Weak demand and expected increase in shipments has sent price of Russian crude blend Urals to $16.2 per barrel, lowest in more than two decades.
