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[size=36]Putin: Saudi Arabia's exit from the "OPEC +" behind the decline in oil[/size]
Economy | 08:04 - 03/04/2020
Baghdad - Mawazine News
, Russian President, Vladimir Putin, confirmed that Saudi Arabia's withdrawal from the "OPEC +" agreement represents one of the reasons for the drop in oil prices, calling for reducing oil production to the level of 10 million barrels per day.
"The situation in the global energy markets is still difficult, and the impact of the Corona virus epidemic on almost the entire global economy, which leads to a sharp decline and a decline in demand by the main consumers of energy resources," Putin said during a meeting held Friday with some members of the government and heads of major companies. ".
Putin added, however: "The second reason for the price collapse is for our partners in Saudi Arabia to exit the OPEC + deal, and raise their level of production while declaring their readiness even to offer downloads of oil sales."
He pointed out that Russia is in close contact with Saudi Arabia on oil prices, while noting his recent contact with US President Donald Trump, adding: "We are all concerned about the current conditions, and we are all interested in joint and coordinated measures to ensure long-term stability in the markets."
In this context, he expressed his conviction of the necessity of uniting efforts to stabilize energy markets and reduce production as a result of these coordinated measures.
Putin stressed that it is necessary to reduce oil production under current conditions to the level of 10 million barrels per day, according to "preliminary estimates."
"We want long-term stability in energy markets ... We have never sought very high prices, and we wanted to avoid this situation. The reason is understandable, and it is that our budgets start from the price of oil, which is 42 US dollars per barrel, and we feel Comfortably when the price ranges around this number. "
Putin, however, warned that the current conditions in the energy markets may lead to "technological and even ecological risks", stressing that this matter should not be forgotten. End / 29Q
, Russian President, Vladimir Putin, confirmed that Saudi Arabia's withdrawal from the "OPEC +" agreement represents one of the reasons for the drop in oil prices, calling for reducing oil production to the level of 10 million barrels per day.
"The situation in the global energy markets is still difficult, and the impact of the Corona virus epidemic on almost the entire global economy, which leads to a sharp decline and a decline in demand by the main consumers of energy resources," Putin said during a meeting held Friday with some members of the government and heads of major companies. ".
Putin added, however: "The second reason for the price collapse is for our partners in Saudi Arabia to exit the OPEC + deal, and raise their level of production while declaring their readiness even to offer downloads of oil sales."
He pointed out that Russia is in close contact with Saudi Arabia on oil prices, while noting his recent contact with US President Donald Trump, adding: "We are all concerned about the current conditions, and we are all interested in joint and coordinated measures to ensure long-term stability in the markets."
In this context, he expressed his conviction of the necessity of uniting efforts to stabilize energy markets and reduce production as a result of these coordinated measures.
Putin stressed that it is necessary to reduce oil production under current conditions to the level of 10 million barrels per day, according to "preliminary estimates."
"We want long-term stability in energy markets ... We have never sought very high prices, and we wanted to avoid this situation. The reason is understandable, and it is that our budgets start from the price of oil, which is 42 US dollars per barrel, and we feel Comfortably when the price ranges around this number. "
Putin, however, warned that the current conditions in the energy markets may lead to "technological and even ecological risks", stressing that this matter should not be forgotten. End / 29Q
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