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Natural reduction in US oil production cannot be counted as OPEC+ cut, says Kremlin

The presidential press secretary urged to wait for the OPEC+ teleconference scheduled for April 9

© AP Photo/Gary Kazanjian, File

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OPEC+ conference postponed to April 9 for technical reasons, says Kremlin

MOSCOW, April 8. /TASS/. Natural reduction in US oil output cannot be counted as cuts aimed at stabilizing the markets, Kremlin Spokesman Dmitry Peskov said on Wednesday.

"Those are various cuts. You compare the total demand contraction with cuts for stabilizing global markets, which means comparing apples and oranges," he said when asked whether Russia might be satisfied with natural reduction in US oil production, which is inevitable amid the falling demand and low price, or Moscow would continue insisting on the American side's participation in organized efforts to stabilize the market.

Overall, Peskov urged to wait for the OPEC+ teleconference scheduled for April 9. Meanwhile, he emphasized that "those are different notions that cannot be compared with each other," and this is why specialists will exchange views at the OPEC+ conference to avoid substitution of notions.

Two sources in OPEC told TASS earlier that OPEC+ nations are discussing the option to cut crude output within a new deal from May till the end of July 2020. The OPEC+ agreement on crude production cuts expired on March 31, 2020. Russia and Saudi Arabia failed to come an agreement on the terms of its extension after March, which triggered an increase in production in OPEC states. Concurrently, the demand posted an unprecedented plunge due to the coronavirus pandemic. Those factors combined pushed the oil price down to $22 per barrel for the first time in two decades. By the end of March, the partners had decided to resume consultations and involve other producers from G20 counties in joint efforts as well.

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