The spokesman for the Russian presidency, Dmitry Peskov, said on Monday that President Vladimir Putin was closely communicating with the Saudi leadership, noting that the two parties were ready to discuss measures aimed at stabilizing the oil market if necessary.
Russian Sputnik agency reported that Peskov, in response to whether Putin intends to discuss the oil situation with Saudi Arabia, said: “You know that the President is in very close contact with the leadership of the Kingdom of Saudi Arabia, and if necessary, such communication will take place and we will inform you of that.”
Bloomberg news agency had quoted sources close to the matter as saying that China’s demand for crude oil fell by about three million barrels per day, or 20 percent of the total demand, in light of the repercussions of the outbreak of the new Coronavirus on the Chinese economy.
An oil expert emphasized the importance of communication between major oil-exporting countries to work on attempts to stabilize the oil market globally.
He noted that continued high-level contact between major powers, such as Saudi Arabia and Russia, was very important.
The oil expert, however, did not rule out the effects of the Coronavirus on the world oil markets.
“We hope that the Saudi-Russian communication will contribute to the stability of the oil market, especially at this critical stage, in light of the repercussions of the spread of the Coronavirus in China and after the decline in Chinese demand for petroleum derivatives,” Kuwaiti Oil Expert Jaber al-Harmi told Asharq Al-Awsat.
The Kremlin said in a statement on Monday that Putin and King Salman bin Abdulaziz confirmed their readiness to continue cooperating in the OPEC+ format to ensure stability on the global oil market.
The two leaders discussed over the phone the situation on the global hydrocarbons market, Reuters reported.
