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World oil prices

US, Russia, Saudi Arabia leaders confirm determination to coordinate actions on oil market

Russian President Vladimir Putin had a phone conversation with US President Donald Trump and Saudi Arabia King Salman bin Abdulaziz Al Saud on Thursday night

© Yegor Aleyev/TASS

MOSCOW, April 10. /TASS/. In the course of the conversation with US President Donald Trump and Saudi King Salman bin Abdulaziz Al Saud, Russian President Vladimir Putin confirmed the determination to coordinate actions for stabilizing the oil market, the Kremlin press service said on Friday.

"Today, Russian President Vladimir Putin had a phone conversation with US President Donald Trump and Saudi Arabia King Salman bin Abdulaziz Al Saud," the Kremlin press service said in a statement.

The sides confirmed "determination to coordinate actions to stabilize the situation in the global oil trade and minimize the negative impact of volatile oil price quotations to the global economy."

According to the statement, the sides discussed the situation on oil markets, including with regard to the emergency OPEC+ ministerial meeting and the upcoming video conference of G20 energy ministers.

The plan on oil production cuts within the OPEC+ framework envisages that Russia and Saudi Arabia will reduce their oil production by 2.5 million barrels per day, from the current 11 million barrels to 8.5 million barrels per day in May-June, according to a draft agreement obtained by TASS.

During a video conference that began on Thursday, OPEC+ nations have been discussing the situation on the oil market and proposed cuts. The previous OPEC+ agreement expired on March 31. After that Russia and Saudi Arabia failed to agree on the terms of its extension. The parties’ withdrawal from the agreement pushed OPEC+ to increase production, which coincided with a sharp decline in oil demand caused by the coronavirus pandemic. As a result the oil price plummeted to $22 per barrel which is the sharpest fall in 20 years. In late March the partners decided to resume consultations and to invite more oil producing countries to take part in the joint activities to balance the oil market.

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