This article is from the source 'rtcom' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.rt.com/business/484918-putin-oil-production-cut-market/
The article has changed 5 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Global crude production should be cut by 10 mln barrels per day, Russia ready to act with US on oil markets - Putin | |
| (about 5 hours later) | |
| Russian President Vladimir Putin has said his country is ready to work with the Trump administration to halt the freefall of oil prices and urged the global crude production to be cut by 10 million barrels daily. | |
| Oil prices went started dwindling after OPEC+ countries disagreed on production cuts, with Saudi Arabia refusing to lower the output. With an ongoing "price war" between Russia and Saudi Arabia driving prices even further down, US president Trump said on Thursday that “it would be great” if the two countries could make a deal to limit production. | |
| Putin had already spoken to Trump by phone earlier this week, and on Friday announced that the world needs to cut production by 10 million barrels per day (BPD). The US produces around 15 million BPD, followed by Saudi Arabia with 12 million and Russia with 10 million. Putin said that moving forward, Moscow would be comfortable with a price of $42 per barrel, roughly $10-15 higher than current levels. | |
| Oil prices jumped prior to his Friday announcement, after Trump spoke of a pending deal. | |
| No talks between Moscow and Riyadh have yet taken place, Kremlin spokesman Dmitry Peskov said on Friday. However, non-OPEC member Azerbaijan announced that the petroleum bloc and its allies will hold discussions on Monday aimed at restoring “balance to the oil market.” | No talks between Moscow and Riyadh have yet taken place, Kremlin spokesman Dmitry Peskov said on Friday. However, non-OPEC member Azerbaijan announced that the petroleum bloc and its allies will hold discussions on Monday aimed at restoring “balance to the oil market.” |
| Saudi Arabia, ramped up its production on Wednesday to a record high of more than 12 million barrels per day, after previous OPEC+ production cuts expired at the end of March. During a televised meeting with Energy Minister Alexander Novak Putin said the Saudi crown is flooding the market to force competing shale oil producers out of business, among them the US and Russia. | Saudi Arabia, ramped up its production on Wednesday to a record high of more than 12 million barrels per day, after previous OPEC+ production cuts expired at the end of March. During a televised meeting with Energy Minister Alexander Novak Putin said the Saudi crown is flooding the market to force competing shale oil producers out of business, among them the US and Russia. |
| Novak noted that he doesn’t know when the world’s plummeting demand for oil will finally bottom out. | Novak noted that he doesn’t know when the world’s plummeting demand for oil will finally bottom out. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |