US President Donald Trump told President Vladimir Putin in a phone call on Monday (1 June) about his idea of holding an expanded Group of Seven summit later this year with a possible invitation for Russia, the Kremlin and the White House said.
OPEC and allies led by Russia agreed on Sunday (12 April) to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%.
US shale producers are seeking sharp service costs cuts to deal with plummeting prices and shrinking demand, according to executives and a letter sent to top providers, driving home the oil industry’s desperate efforts to cope with a market dive.
This week’s oil price rout had become inevitable and cutting output has ceased to make sense because it is unclear how deep the impact of the coronavirus on demand will be, Russia’s deputy energy minister said in an interview with Reuters on Wednesday (11 March).
Russia’s Energy Ministry will meet with the country’s oil companies on Wednesday (11 March) to discuss future cooperation with the Organization of the Petroleum Exporting Countries, among other issues, two sources familiar with the plan told Reuters.
Russian Energy Minister Alexander Novak said that an arrangement under which Moscow cooperates with the OPEC oil group could become indefinite once a current deal to curb oil production expires in the end of the year.
OPEC’s Secretary General Mohammed Barkindo today (10 October) called on US shale oil producers to help curtail global oil supply, warning extraordinary measures might be needed next year to sustain the rebalanced market in the medium to long term.
Saudi Arabia and Russia, the world's two top oil producers, agreed today (15 May) to extend oil output cuts for a further nine months until March 2018 to rein in a global crude glut, pushing up prices.
European negotiators were frustrated by the slow progress made at the climate negotiations in Bonn. The UN insists that establishing a climate of confidence is vital for the success of the COP 21. EURACTIV France reports.