From Financial Times "Vladimir Putin said a cut to global oil production of about 10m barrels a day is possible, but only if all major crude producers including the US join in the reduction pact.The Russian president instructed his energy minister to co-ordinate with Opec and allied producer nations at an extraordinary, virtual meeting to be held on Monday focused on alleviating the supply glut and a response to the coronavirus outbreak. adding that Russia would be comfortable with oil at around $40 a barrel. "
“You know that we are in close contact with our partners in Saudi Arabia. I recently had a conversation with the president of the United States of America,” Mr Putin said. “We are all worried about the current situation, everyone is interested in joint and — I want to emphasise this — co-ordinated actions to ensure long-term market stability.”
I wonder how could US join in? Maybe not cut output, but add production to its strategic reserve?? Plenty of room for argument. The Saudis also want to start cuts from current (in their case higher) levels of output and the Russians from the old (lower) quotas. Brent jumped to near $US 35 per barrel.
