Putin says Russia is ready to cooperate in reducing oil production

Moscow (AFP) – Russia is ready to work with Saudi Arabia and the United States to cut oil production, President Vladimir Putin said on Friday.

Putin said Russia was ready to make arrangements within the OPEC + group and “we are ready to work with the United States on this issue,” a statement released by the Kremlin.

“I think it is necessary to pool efforts to balance the market and reduce production.”

Oil prices have fallen in recent weeks amid falling demand and global economic uncertainty about the new coronavirus pandemic.

Last month, OPEC and its allies failed to agree on cuts in oil production after OPEC + leader Moscow refused to tighten the offer to counter the effects of the coronavirus outbreak.

Putin spoke to Energy Minister Alexander Novak by conference call that Russia was ready to “discuss a volume reduction of about 10 million barrels a day, a little less, maybe a little more”.

He said Russia is in close contact with partners in Saudi Arabia and has recently spoken to US President Donald Trump.

The Kremlin denied on Thursday that Putin had spoken to Saudi Crown Prince Mohammed bin Salman after Trump posted the claim on Twitter and oil prices had skyrocketed.

Putin’s comments come when the Saudi Arabia-led OPEC group of oil producers plans to meet via video conference on Monday, a source close to the organization said.

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