Moscow announced that President Vladimir Putin does not intend to speak to the Americans or the Saudis, but rather wants a collective move to stabilize oil prices, while US deputies warned Saudi Arabia against failing to resolve the crisis during a meeting of the "OPEC Plus" group today.
The Reuters news agency quoted a Kremlin spokesman as saying that Putin does not intend to speak today with his American counterpart Donald Trump nor with Saudi leaders on oil, adding that Russia wants coordinated joint action to achieve stability in global oil markets.
The Russian Energy Ministry said that the meeting of "OPEC Plus" scheduled to be held today via video technology will discuss a draft agreement on oil production reduction quotas, stressing that there are differences on the size of the reduction and at any level.
The ministry stated that Moscow is ready to reduce production by one million six hundred thousand barrels per day, or about 14% of daily oil production, provided that Washington and other producing countries such as Norway and Canada join the agreement.
Warning to Saudi Arabia
On the other hand, Reuters quoted a source it described as familiar with Saudi politics that Riyadh was ready to cut production by up to four million barrels per day, but only from its record production levels that reached in April 12.3 million barrels.
And 48 Republicans in the US House of Representatives warned Saudi Crown Prince Mohammed bin Salman that economic and military cooperation between the two countries is at risk, if Saudi Arabia fails to tackle the current oil crisis, by cutting production and rebalancing energy markets.
The letter they sent to the crown prince stated that they would support any measures that Washington deems appropriate if Saudi Arabia fails to act with integrity to end the oil crisis, and they expressed concern that an "artificial increase" in Saudi oil production was undermining markets during the Corona pandemic crisis.
Experts and observers are counting on the expected meeting today to avoid price collapse and stopping production in some locations, and there seems to be agreement to cut at least ten million barrels of joint daily production, which will represent 10% of global production, a figure that Trump put in a tweet a week ago, is Ratios of sharing this reduction between countries will be a thorny issue.