Chinanews.com, April 3rd. According to Reuters, on April 2nd local time, Russian Energy Minister Novak said that Russia may resume oil negotiations with Saudi Arabia.
Nowak said the main reason driving the decline in oil prices was the new crown pneumonia epidemic. He said falling oil demand will lead to the survival of the most competitive producers. Rosneft is very competitive.
Nowak said that he and the US Secretary of Energy have spoken. They have similar views on the oil market. The two sides agreed to work to stabilize the oil market. One option is to resume negotiations with Saudi Arabia.
According to reports, in an interview with Moscow Echo Radio, he also said that Russia will continue discussions with the United States on the oil market.
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.