Skip to comments.Putin says Russia ready to cooperate on cutting oil production
Posted on 04/04/2020 4:05:42 AM PDT by Oldeconomybuyer
Moscow (AFP) - Russia is ready to cooperate with Saudi Arabia and the United States to cut oil production, President Vladimir Putin said Friday.
Putin said Russia was willing to make agreements within the framework of the OPEC+ group and that "we are ready for cooperation with the United States of America on this issue," according to a statement published by the Kremlin.
"I believe that it is necessary to combine efforts in order to balance the market and reduce production."
Oil prices have tumbled in recent weeks in the face of a drop in demand and global economic uncertainty over the new coronavirus pandemic.
Last month, OPEC and its allies failed to reach a deal on oil production cuts after OPEC+ leader Moscow refused to tighten supply to counter the effects of the coronavirus outbreak.
Speaking with Energy Minister Alexander Novak via conference call, Putin said Russia was prepared to discuss "a reduction in the volume of about 10 million barrels a day, a little less, maybe a little more."
(Excerpt) Read more at france24.com ...
Bull. The problem is the US competition filling the void caused the the cuts. Also unlike in Saudia Arabia oil in Russia is extracted by numerous private companies. There is no mechanism to force them to cut supply unless export tariff and if they’d go for it won’t be in force until the next fiscal year.
As Trump predicted yesterday.
You sure of that?
Yes, government has influence on several companies it owns stock in but that is all. The rest don’t care about OPEC. That was a cause of disagreement to with Saudis for a long time. Also if cost more money to put a well online in Russia given they are mostly in unhospital geography. If these are online the owners are running them to the highest possible capacity. Nobody would lose investments and hard work put into it only because the government wants it.
I suspect the same is partially true for the US industry although frackers are more flexible.
This is Russia you are talking about. Putin can pretty much do whatever he wants.
Are you going to stop him?
Okay, if you think so:)
Post 1: Would you buy a used car from this man?
No, there was something involved in that meeting yesterday and it was more than oil
I’m not there yet, but IF Trump’s admin has confirmed the China Virus was deliberate, then it would have to retaliate. IF we are retaliating, what would it look like? Again, don’t buy this yet, but dominoes are lining up:
1) Recall all Americans abroad.
2) Surge military forces into strategic positions.
DONE (Venezuela last week)
3) Neutralize Pootie-poot and keep Russia out of a retaliation against China.
4) Get Americans in their homes, not only sheltered, but stocked up.
5) Place hospital ships and massive medical supplies in population centers.
6) Bitchslap ANY military personnel who are getting sloppy or violating the chain of command.
DONE (Captain of the Roosevelt sacked)
7) Stock up on oil
DONE (Trump filled the strategic reserve)
The next steps would be
8) Begin to seize Chinese assets here or otherwise declare them as forfeit for the Virus.
9) Last and most difficult step: Muzzle the Hoax News Media.
We can thank President Trump for reviving OPEC; but he can still salvage this if he comes out swinging hard for removal of barriers to fracking.
The main barriers to fracking are now state and local, imposed by Democrats to advance their climate agenda or to fight nonsense fears about earthquakes or groundwater pollution.
At this point I believe oil price is the main problem.
They will once an example or two become radioactive.
At this point DEMAND is the main problem.
Demand has been artificially pushed so low that producers are hosed no matter what they do. Trump might (might) be able to save US producers by artificially limiting imports.
Two factors actually. A pandemic driving the demand down and the Saudi shenanigans on top of that.
Putin was rather sloppy doing and saying some stupid stuff over last couple months alienating a great number of people.
I believe his pals are somehow guilty over the fact that the Saudis overreacted to the disagreement on the OPEC deal.
I think to alienate oil producers is the last thing he wants on top of this.
They are serious guys too and might get access to radioactive stuff too if desperate.
Russia bans wheat and grain exports
Are we going to have serious world wide food shortages?
Vietnam stopped rice exports.
France, & Australia calling for unemployed to help farmers...
Right, but what I’m saying is that even if Saudi and Russia become best buds overnight, demand is still so low that we will have to move to protect our producers, and if that works, SA and Russia have nowhere to go.
Yeah, there are two “if’s” in there, but only the 2nd one is relevant.
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