13:57 GMT26 November 2020
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    The Organisation of the Petroleum Exporting Countries (OPEC) and non-cartel producers are expected to discuss the deal's future on Thursday, 9 April.

    Kremlin spokesman Dmitry Peskov has stated that preparations for an OPEC+ teleconference are ongoing.

    "It was rescheduled for Thursday for technical reasons", Peskov told reporters.

    He recalled that Russian President Vladimir Putin "said that Moscow is ready to cooperate and is interested in cooperating with other countries for the sake of energy carrier market stabilisation".

    The OPEC+ countries are set to meet this week to discuss the potential of reviving an oil output cut deal that expired on 31 March.

    Non-OPEC+ Countries Should Now Also Help Stabilise Oil Market

    Peskov further elaborated that the countries not part of the OPEC+ deal on oil output cuts should now contribute to the stabilisation of the oil market as well as parties to the deal.

    The Kremlin spokesman added he could not say which countries it would be.

    "I think everyone should just wait for the teleconference [of OPEC+] that will take place this week", Peskov said.

    Earlier in the day, Kirill Dmitriev, the head of Russia's sovereign wealth fund, said that the members of OPEC+ were "very close" to reaching a deal.

    The failure of OPEC+ to reach a deal on output cuts last month and the subsequent lift of all limitations since 1 April risks overwhelming a market already hit hard by the COVID-19 pandemic. The past several weeks has seen supplies surge and prices fall to multi-year lows, with the cost of Brent crude slightly over $33 as of 6 April.

    On 3 April, Russian President Vladimir Putin stated that oil production could be reduced by approximately 10 million barrels per day should OPEC+ nations coordinate jointly to each reduce output. Moscow seeks long-term stability in the oil market and will continue to work with its Saudi Arabian partners, according to the president.

    Tags:
    Kremlin, preparations, conference, OPEC
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