Politics
Vladimir Putin: Russia ready to cooperate with OPEC +
Bisnis.com, JAKARTA – President Vladimir Putin said Russia is ready to work with partners in the group OPEC + to support the world oil market despite being comfortable with oil prices gross at the moment.
"The OPEC + mechanism has established itself as an effective means of ensuring the long-term stability of the world energy market," said Mr Poutine during a statement. ; a meeting with ministers in Moscow on Sunday (1/3/2020).
"The fact that Russia has large financial reserves to reduce the impact of the turbulence on the market does not eliminate the need for action, including in cooperation with our foreign partners", added Mr. Poutine. Bloomberg.
Putin's comments were made before the coalition meeting OPEC+ (Organization of the Petroleum Exporting Countries and Non-OPEC Members) on March 5 and 6, 2020 in Vienna.
OPEC's main producer, Saudi Arabia, lobbied to accelerate the reduction in oil production to offset the drop in demand for oil due to epidemics of corona virus (Covid-19) .
Russia, the coalition's main non-OPEC partner, has so far resisted the push, highlighting the dominant role that Putin has played since forming an alliance with the Saudis three years ago .
"The current price of oil is acceptable to the Russian budget and economy, although it is difficult to predict the duration of the trend," said Putin.
World benchmark Brent crude oil price moved in the range of US $ 50 per barrel in early trade in Asia today, Monday (2/3/2020) 13.6% last week.
"Last week was the worst for the oil market since the 2008 financial crisis and we have to prepare for different scenarios," he added.
Several members of the oil cartel, including Iran, are known to be one of the countries most affected by the virus so far.
The spread of the corona virus and the efforts of world governments to stem the corona virus have raised the question of whether the OPEC meeting will be held in its normal format in Vienna, especially after the cancellation of the CERAWeek annual energy conference.
Sunday (1/3/2020), the delegations OPEC insisted that their meeting go as planned, but some said in private that there was a discussion going on about how it would go.
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