Putin explains one of the reasons for collapse in oil prices

US, WASHINGTON (ORDO NEWS) — Russian President Vladimir Putin said that the situation with coronavirus, Saudi Arabia ’s withdrawal from the OPEC + deal, its increase in production, and the announcement of readiness to provide oil discounts were the reasons for the decline in oil prices.

“Actually, on the surface is what you (Minister of Energy Alexander Novak ) have just said – firstly, the reasons for the decline in prices and production are, first of all, of course, related to coronavirus and to the reduction of production caused by the reduction of demand – transport, industry, etc. This is the first,” Putin said at a meeting on the situation on global energy markets, a transcript of which was posted on the Kremlin’s website.

The second reason for the collapse in oil prices, the Russian leader called the exit of Saudi Arabia from the OPEC + deal, “an increase in their production and simultaneous information, the announcement of the readiness of our Saudi partners to provide even discounts on oil.”

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