Putin said it is necessary to reduce oil production to 10 million barrels

President Vladimir Putin Friday, April 3, during a meeting on the situation on world energy markets, noted that it is necessary to reduce oil production to 10 million barrels per day. The transcript of the meeting is available on the Kremlin’s website.

The President believes that it is now important to combine efforts to balance the market and reduce production as a result of coordinated actions.

“According to preliminary estimates, I think we may be talking about cutting about 10 million barrels a day, a little less, maybe a little more,” Putin said.

He stressed that everything should happen on a partnership basis.

“Our partners understand that we can talk about a reduction from the level of production that was formed before the crisis, that is, we are talking about the level of production in the first quarter of this year,” – added the Russian leader.

In addition, during this meeting Putin acknowledged that the situation on global energy markets is complex and the coronavirus has become one of the factors that has affected the decline in demand for resources.

In his turn, Energy Minister Alexander Novak warned about the possibility of further reduction of oil prices.

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