Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

In this list
Oil

Russia in favor of coordinated cuts to stabilize oil market: Kremlin

Commodities | Energy | Electric Power | Nuclear | LNG | Natural Gas | Natural Gas (European) | Oil | Crude Oil | Refined Products | Jet Fuel | Coronavirus

Market Movers Europe, Nov 23-27: Fuel demand sees hope in vaccine, as continent endures power surplus

Oil

Platts Market Data – Oil

Electric Power | Renewables | LNG | Infrastructure Utilities

Caribbean Energy Conference, 21st

Oil | Refined Products | Fuel Oil | Gasoline

India's gasoline output hits 7-month high as easing COVID restrictions boost driving activity

Natural Gas | Oil

Fuel for Thought: Argentina puts fresh focus on developing Vaca Muerta, but concerns abound

Russia in favor of coordinated cuts to stabilize oil market: Kremlin

New York — Russia's position at the forthcoming OPEC+ video conference will be for a joint action to stabilize the oil market, Kremlin spokesman Dmitry Peskov said Thursday.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

"Our position is clear. Russia stands for joint coordinated actions in the interest of stabilizing the global energy market," Peskov was quoted as telling reporters by the TASS news agency.

He declined to specify the volume of any reduction in oil production, but referred to President Vladimir Putin's speech on Friday. Putin said OPEC+ countries were aiming for a cut of around 10 million b/d.

"All other nuances will be discussed during the teleconference, let's wait for it," Peskov said.

Late Wednesday, an energy ministry spokesperson confirmed to TASS that Russia was ready to cut crude output by 1.6 million b/d if others followed suit and cut proportionally.

Russian production was 11.29 million b/d in March, mainly staying flat throughout Q1.

Based on Russia's estimates, global oil demand may fall by 15 million-20 million b/d, or about 20%, in the coming weeks because of the coronavirus pandemic.