Oil demand has declined in the wake of the spread of the corona virus worldwide.
US President Donald Trump yesterday tweeted a wish that Saudi Arabia and Russia reduce oil production by 15 million barrels. Russia said at a meeting with the Opec countries a month ago no to reduce oil production. That message has been seen as an attempt to damage American oil production.
Now Russian President Vladimir Putin says in a statement on Friday that Russia is "ready to agree with the Opec countries - and ready to cooperate with the United States".
“According to preliminary estimates, this is a reduction of about 10 million barrels per day, maybe a little less, maybe a little more.