Kremlin: Russia is ready to cooperate in stabilizing global energy market

Russia is in favor of joint coordinated actions to stabilize the global energy market. Such a position of the Russian Federation will be presented during today's video conference of OPEC member states, TASS reports, citing Putin's press secretary Dmitry Peskov.

"All other details will be discussed during the working process at the teleconference, let's wait for it," the Kremlin spokesman added.

Today’ OPEC talks is the second attempt to reach consensus after a failed meeting in Vienna in early March.

Earlier, OPEC has postponed a meeting convened to address the issue of falling world oil prices, as Saudi Arabia and Russia said that they want other oil countries to join in discussing the restrictions on oil production, which makes it difficult to hold such a meeting.

The decision to postpone the meeting came after Saudi Arabia harshly criticized Russian President Vladimir Putin. In a statement Saturday, April 4, Saudi Foreign Minister Prince Faisal bin Farhan said that Putin's comments, which blame Riyadh for the end of the OPEC pact between the two countries in March, were "completely devoid of truth."

Earlier, Donald Trump said that he helped Russia and Saudi Arabia to reach an agreement on reducing oil production, which should stop the collapse of oil prices amid the coronavirus pandemic. Although the exact amount of cuts to oil production has not yet been named.

The continuing fall of oil prices has led to an increase in its global reserves and a shortage of storage facilities. Even the opening of strategic storage facilities for private producers by the U.S. government did not change the market situation at first. Only after the agreement between the United States, Russia and Saudi Arabia prices began to rise.

  Kremlin, Putin, Peskov, Russia, OPEC