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Putin and oil industry workers discussed OPEC, but decided nothing (Kremlin)

UNITED STATES (OBSERVATORY NEWS) — Russian President Vladimir Putin on Sunday discussed the OPEC + deal with representatives of oil companies, but no concrete decisions were made to reduce production under the agreement between the oil-producing countries, Putin’s spokesman told reporters on Monday.

The fate of the deal will be taken by Russian Energy Minister Alexander Novak, who will meet with colleagues in the OPEC cartel and non-member countries in the coming days in Vienna.

According to Peskov, the meeting between the oil workers and Putin did not set the goal to make any decisions.

Several OPEC member countries, including Saudi Arabia, are inclined toward the need to further reduce oil production by 1 million barrels per day amid a sharp drop in oil prices due to coronavirus, sources in the oil market reported earlier.

Moscow has not yet voiced its position on a possible decline in production.

Putin said on Sunday that it’s hard to predict how long-term the downward trend in oil prices will be, but Russia must be prepared for different scenarios.

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