The Russian media group RBK indicates in the digital edition, citing a source close to the Russian Ministry of Energy, that Russia will negotiate a reduction in oil production in proportion to its share in the total production of countries that accept to stabilize prices.
According to this media, Russia expects countries that together produce 70 million barrels a day to participate in the new agreement to reduce oil production, which would involve, in addition to the Organization of Petroleum Exporting Countries (OPEC) and the Russia, the United States, Brazil, Norway, Canada, Mexico and others.
Russia's willingness to reduce its oil production by 14 percent compared to the 11.3 million barrels a day produced during the first quarter was confirmed by the Russian official agency TASS.
"Yes, we are ready to reduce it by 1.6 million barrels per day. I confirm," a representative from the Ministry of Energy told TASS.
Kremlin spokesman Dmitri Peskov also said this Thursday: "All strategic assessments now, before the conference call, are inadequate, so we will wait for the results".
This week, two sources told TASS that ministers will negotiate a cut that will run from May to the end of July.
Markets are anticipating a cut in production between 10 and 15 million barrels per day, that is, between 10 and 15 percent of last year's average world production.
For the "urgent" meeting, held by videoconference, OPEC and Russian-led allies invited 10 other states, which include, in addition to the United States, Canada, the United Kingdom, Norway, Brazil, Argentina, Colombia , Egypt, Indonesia, as well as Trinidad and Tobago.
In addition to Saudi Arabia, the main producer of the cartel, OPEC includes Venezuela, Equatorial Guinea, Iran, Iraq, Algeria, Angola, Congo, Gabon, Kuwait, Libya, United Arab Emirates and Nigeria, countries very dependent on the revenues generated by sales of the 'black gold'.
The usual OPEC allies, which with the cartel form OPEC +, led by Russia, the world's second largest producer, include Azerbaijan, Mexico, Bahrain, Brunei, Kazakhstan, Malaysia, Oman, Sudan and South Sudan.
