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US, Russian energy chiefs to discuss oil market volatility

March 31, 2020/ 08:16

Moscow. US Secretary of Energy Dan Brouillette will discuss ways of solving the problem of volatility on global oil markets with Russian Energy Minister Alexander Novak, Department of Energy Spokeswoman Shaylyn Hynes told TASS.

"Secretary Brouillette will discuss with his Russian counterpart, Minister Novak, ways the world’s largest producers can address volatility in the global oil markets during this unprecedented period of turmoil," she said, commenting on the results of the recent phone conversation between the presidents of Russia and the United States, Vladimir Putin and Donald Trump.

The Kremlin press service said earlier on Monday that Trump and Putin discussed the current situation at the global oil market. "An arrangement was made on Russian-US consultations in this regard through energy department heads," the Kremlin said.

Commenting on the results of the talks, the White House said the Russian and US leaders "agreed on the importance of stability in global energy markets."

The OPEC+ oil output reduction agreement, which expires at the end of March, has not been extended due to divergent positions of two biggest participants as Russia suggested that the deal be extended under the previous conditions and for the second quarter of 2020 only, whereas Saudi Arabia insisted on deepening cuts by another 1.5 mln barrels per day by the end of the year. The failure of the deal has triggered a sharp drop in oil prices coupled with a reduction in global demand due to the coronavirus pandemic.

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