Russia Says Lower Oil Output possible Only after May 1

Russian presidential spokesman Dmitry Peskov was urged to wait until the OPEC+ deal enters into force before talking about the continued decline in oil production, he told reporters on Monday, according to TASS.

“At the moment, we have to wait until May 1 – the time when the [OPEC+] deal will enter into force, evaluate the first results of this deal,” Peskov said, answering a question about whether Russia and Saudi Arabia are discussing the continued decline in oil production.

Peskov said he hopes to also see reduction volumes from countries that are not involved in the deal, but in one way or another is going to reduce production. He recalled that at the time of completion of the OPEC+ agreements, it was indicated that a number of states, due to declining oil demand, would reduce volumes. Peskov noted that the United States also belongs to this list of countries.

Peskov did not answer the question of how much time should pass in order to evaluate the effectiveness of the agreements. “I will not answer this question, I don’t know,” he said.

The Kremlin spokesman pointed out that President Vladimir Putin has not yet planned international telephone conversations on this topic. “No, no plans,” he concluded.

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