MOSCOW, April 21. /TASS/. Deputy Chairman of the Russian Security Council Dmitry Medvedev suspects a cartel agreement behind Monday’s plunge in global oil prices and suggests switching to the take or pay basis in the global oil trade.

"What we see with regard to oil futures contracts is very reminiscent of a cartel agreement," he wrote on his Facebook page.

"This situation should become a subject of a most careful analysis, because it undermines the recovery of the global economy. Possibly, principles of oil trade might be changed. For example, with regard to the experience of signing long-term energy contracts, using the take or pay principle," he said.

Medvedev’s secretariat explained to TASS that "due to telecommunications problems, only a part of the comment was originally posted." Besides, "the text was edited when the final version was published."

Earlier on Monday, WTI oil futures with deliveries for May 2020 plunged by almost 100% on London’s

ICE stock exchange on Monday, reaching $0,01 per barrel as of 20:56 Moscow time. For the first time in history, WTI oil reached the zero mark. The expiration date for May futures is April 21.

WTI oil is extracted in Texas and is used mainly for producing gasoline. It usually trades lower than the Brent crude, which serves as a benchmark for the entire oil market, including Russia’s Urals. This is related to the fact that, unlike Brent, WTI futures are directly linked with physical deliveries.