US urges not to further destabilize energy markets

US, WASHINGTON (ORDO NEWS) — United States authorities urge not to further destabilize global energy markets. This was reported on Thursday by Reuters, citing a statement by a representative of the American administration of high rank.

“The US continues to urge all energy producers to avoid actions that could increase market instability or otherwise threaten to exacerbate the current difficult situation,” the agency quoted the administration as saying.

At the same time, according to Reuters, the official noted that the US authorities are in close contact with Saudi Arabia, which, in their opinion, is interested in market stability.

Earlier, Bloomberg , citing sources, reported that the US administration insisted that Saudi Arabia abandon plans to increase oil production due to falling oil prices to a minimum level over the past twenty years. Washington believes that an excess of oil in the market exacerbates the already difficult economic prospects. US authorities want all countries to work together to overcome the current crisis, the agency said.

Oil prices plummeted after Russia and Saudi Arabia failed to agree on a reduction in production after March, when current arrangements expire. Moreover, the former allies intend to actively increase production in April.

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