Russian President Vladimir Putin said on Friday that oil production could be reduced by about than 10 million barrels per day, but this may be achieved through joint efforts only
MOSCOW (Pakistan Point News / Sputnik - 03rd April, 2020) Russian President Vladimir Putin said on Friday that oil production could be reduced by about than 10 million barrels per day, but this may be achieved through joint efforts only.
"According to the preliminary estimates, I think that we can talk about a reduction in the volume of about 10 million barrels per day, a little less, maybe a little more," Putin said during a video conference on the situation in global energy markets.
"I want to emphasize that Russia considers it necessary to join efforts. We were not, as I just said, the initiators of the OPEC+ deal collapse. We are ready for agreements with partners and OPEC+ as part of this mechanism and for cooperation with the United States on this issue. I believe that it is necessary to unite efforts to balance the market and reduce production as a result of these coordinated efforts," the president noted.
Putin went on to say that the coronavirus pandemic played a crucial role in the oil prices' drop.
"What factors are most affecting the market today? The first, and of course, the most important factor is the worldwide spread of the coronavirus pandemic and the governments' efforts to curb the spread of the virus. This has led to a sharp decline in the economic activity and citizens' limited mobility, a drop in demand for oil and oil products," Putin said.
