Oil prices continue to go up on Thursday amid news of a rapprochement between oil-producing countries and their willingness to reduce raw material production together, demand for which fell by around 30% in the context of the coronavirus pandemic. It is reported by Interfax.
Russia is ready to participate in a deal to reduce oil production as part of its share in the total production of the countries participating in the agreement, an official representative of the Ministry of Energy of the Russian Federation told Interfax without specifying the possible reduction. The newspaper RBC estimates that Russia can reduce production by about 14% from the level of the first quarter.
By 7:15 Moscow time, Brent futures grew by 1% of the closing level and are trading at $33.13 per barrel at the London-based ICE Futures exchange.
Futures on WTI rose by 2.8% by this time in New York – up to $25.79 per barrel.
Today, April 9, a teleconference will be held at which OPEC countries and other producers of raw materials will discuss steps to stabilize the oil market.
It was previously reported that the world's largest oil and gas companies cut spending by 22% after oil prices fell.
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