Trump Is Ready to Join Russian Federation and Saudi Arabia Negotiations on Oil

The “price war” between Russia and Saudi Arabia, which began after the OPEC + negotiations failure to reduce oil production, destabilizes the global energy market. US President Donald Trump is ready if necessary to join the negotiations between Russia and Saudi Arabia on the sharp drop in oil prices after the "oil war" outbreak between Moscow and Riyadh. Reuters news agency reported on Wednesday, April 1. "The two countries are negotiating, and I am ready to join them at the right time if necessary," Trump said at a press conference in the White House. At the same time, the politician added that earlier he had “excellent” individual negotiations with the Russian President Vladimir Putin and the Crown Prince of Saudi Arabia Mohammed bin Salman Al Saud. The day before, on March 30, the White House press service reported that during a telephone conversation that day between Trump and Putin, the heads of state agreed to hold US-Russian consultations between energy ministers of the two countries on the global drop in oil prices. The purpose of these consultations is to achieve stability in global energy markets, the report said. The OPEC + transaction collapse On April 1, finished the OPEC + deal to reduce oil production. Since it became known it is not to be extended, oil prices on the world market have more than doubled. On March 30, the price of Russian Urals oil dropped to $ 16.2 per barrel, which has become the lowest level since 1999. OPEC, Russia and several other oil-producing states concluded a deal to reduce oil production in 2016. Thanks to this agreement, until recently, oil prices did not fall below $ 50 per barrel. At the OPEC + meeting on March 6 in Vienna, the negotiators failed to agree on transaction extending. Given the drop in oil demand caused by the coronavirus pandemic, Saudi Arabia insisted on further production reducing. However, Russia stated it wanted to keep oil production at the same level. After the OPEC + negotiations deal failure, Saudi Arabia, one of the largest OPEC members, announced plans to increase by 25 percent oil supplies to the market by April 1, 2020 and its intention to provide customers with discounts.