Bloomberg declared Russia’s readiness to cut oil production

US, WASHINGTON (ORDO NEWS) — Russia is ready to reduce oil production by one million barrels per day if the United States joins the agreement, Bloomberg reports citing sources.

The agency clarifies that a reduction in oil production by Russia by one million barrels per day will be about 10% of the average daily production in the country. In March, it reached 11.294 million barrels.

A broader coalition of oil producers may require a larger reduction in production, Bloomberg notes. The agency reports that Russia is ready to consider the option of reducing 1.5 million barrels of oil per day. However, the Kremlin may not like such a scenario, another Bloomberg source said.

The OPEC + March 6 countries were unable to agree either to change the parameters of the transaction to reduce oil production, or to extend it. Starting April 1, restrictions on oil production in the member countries of the former alliance were lifted.

Russian President Vladimir Putin said the reasons for the decline in oil prices were: the situation with coronavirus, Saudi Arabia ’s withdrawal from the OPEC + deal, its increase in production and the announcement of its readiness to provide discounts on oil.

Vladimir Putin and Energy Minister Alexander Novak said the oil market requires joint action, which Russian oil companies are ready to go along with OPEC + and major oil producers like the United States. All countries could reduce oil production by ten million barrels per day, the president said.

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