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

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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.

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"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.