Putin and Trump Agree to Pursue Russian-US Consultations on Oil Market - Kremlin

Earlier in the day, the Kremlin stated that Russia’s President Vladimir Putin regarded the new OPEC+ document on oil output cuts as a compromise which brought together the nations that had agreed on oil production cuts.

Russian President Vladimir Putin and his US counterpart, Donald Trump, discussed the global oil markets and the coronavirus pandemic on Friday, the Kremlin press service said.

"Opinions were exchanged on the situation on the global oil market, including the deal that is being agreed within OPEC+ on oil output reduction to stabilise global oil prices. Trump spoke about his contacts with leaders of some oil producing countries," the press service said.

Putin and Trump agreed to continue US-Russian consultations on this issue.

"The issues related to the coronavirus pandemic were also discussed. Vladimir Putin and Donald Trump assessed steps taken in Russia and the United States to fight the spread of the infection," the Kremlin press service said.

Earlier on Friday Kremlin Spokesman Dmitry Peskov said that Russia’s President Vladimir Putin sees the new OPEC+ document on oil output cuts as very positive, as it was a compromise which brought together 22 out of 23 countries.

​The OPEC+ nations have adopted a new declaration on cooperation to stabilise the oil market, but Mexico pulled out of the meeting. The new deal involves a three-stage reduction in oil production by the alliance from the level of October 2018: by 10 million barrels per day in May-June, by 8 million - in July-December and by 6 million - from January 2021 to the end of April 2022.