The United States is optimistic that Russia and Saudi Arabia will reach a successful agreement to stabilize global oil prices, US Energy Secretary Dan Brouilette said in an interview on Thursday
WASHINGTON (Pakistan Point News / Sputnik - 09th April, 2020) The United States is optimistic that Russia and Saudi Arabia will reach a successful agreement to stabilize global oil prices, US Energy Secretary Dan Brouilette said in an interview on Thursday.
Later in the day, OPEC countries and non-OPEC oil producers are set to discuss the situation of the markets.
"We are optimistic that they will reach an agreement between the Saudis and Russians in an effort to stabilize the markets," Brouillette told CNBC.
The US Energy Secretary expressed confidence that countries can agree to reduce output by 10 million barrels per day, particularly if other oil-producing nations like Canada and Brazil join the effort.
Oil prices fell sharply on the global markets in early March after parties to the OPEC+ deal on output cuts failed to agree on the extension of the agreement past April 1. In addition, the uncertainty over the coronavirus pandemic and virus-linked restrictions, including widespread air travel suspensions, have wreaked havoc on the market.
