WASHINGTON (Pakistan Point News / Sputnik - 03rd April, 2020) Texas Railroad Commissioner Ryan Sitton said in a statement on Thursday that he had a great conversation with Russian Energy Minister Alexander Novak and that both sides agreed on engaging in an unprecedented level of cooperation due to the economic impact of the coronavirus (COVID-19) pandemic.
"Just had a great conversation with Russia's [Novak]," Sitton said via Twitter. "While we normally compete, we agreed that COVID-19 requires unprecedented level of [international] cooperation. Discussed 10mbpd [million barrels per day] out of global supply."
Sitton said he will soon speak with Saudi Energy Minister Prince Abdulaziz bin Salman.
The Railroad Commission of Texas is an agency that regulates the oil and gas industry in the state of Texas.
Earlier on Thursday, US President Donald Trump said Saudi Arabia and Russia may cut oil output by 10 million barrels per day in order to stabilize oil prices in the global market.
Oil prices first plummeted in early March after OPEC+ exporters failed to agree on additional cuts or extend the deal limiting their production, dealing a blow to the market weakened by a fall in demand during the pandemic.
Moreover, Saudi Arabia and Russia failed to reach a deal on oil production cuts at the March meeting, triggering an oil price war, with Riyadh vowing to flood the market with oil and reportedly starting offering barrels to European customers at huge discounts.