China News Agency, Moscow, April 1 (Reporter Wang Xiujun) Russian Energy Minister Novak and U.S. Secretary of Energy Bruyette talked on the phone on the international crude oil market situation on the 1st. Both sides stressed the need to constructively address existing challenges.
According to the Russian Ministry of Energy website, the two sides discussed the international oil market situation and the prospect of cooperation on energy issues within the framework of the G20 and the World Bank. The two sides emphasized that the current decline in demand and the oversupply of the oil market are not conducive to the orderly development of the world energy market, and that after the world economy begins to recover, it will pose risks to the stable supply of the market. There is a need to constructively address existing challenges and continue the energy dialogue.
According to the Interfax news agency, citing the US Department of Energy news, the conversation between Bruyette and Novak on the same day was fruitful and was the implementation of the results of the talks between the presidents of the US and Russia on March 30.
According to Russian Presidential Press Secretary Peskov, Russia has not yet held a dialogue with Saudi Arabia in response to the situation in the world oil market. He emphasized that Russia's relations with Saudi Arabia are at a high level and dialogue can be held when necessary.
On March 6, OPEC met with non-OPEC oil-producing countries headed by Russia to discuss crude oil production policies after the end of March this year. According to the new production reduction plan, Russia needs to cut output by 1.5 million barrels per day until the end of 2020. The parties ultimately failed to reach agreement. After the meeting, Saudi Arabia announced a substantial reduction in crude oil prices and increased daily output. Affected by this, international crude oil prices have fallen sharply in the past month.
According to the Tass news agency, citing sources in the trade industry on the 1st, Saudi Arabia has increased output to 12 million barrels since April 1. Earlier, Novak had said that Russia may resume reduced oil production in April. (Finish)