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Russia confirms participation in OPEC+ meeting on April 9

Russia’s Energy Ministry has received an invitation from OPEC to participate in the OPEC+ ministerial meeting, which will be held on April 9 as a videoconference, a representative of the ministry told TASS, adding that Russia confirms its participation.

"Yes, we have received an invitation. We confirm (participation)," he said asked whether Russia would take part in the meeting on April 9 planned to focus on a discussion of measures to stabilize the oil market by oil-producing nations.

The OPEC+ agreement on crude production cuts expired on March 31, 2020. Russia and Saudi Arabia failed to come to an agreement on the terms of its extension after March, which triggered an increase in production in OPEC states. Concurrently, the demand posted an unprecedented plunge due to the coronavirus pandemic. Those factors combined pushed the oil price down to $22 per barrel for the first time in two decades. By the end of March, the partners had decided to resume consultations and involve other producers from G20 counties in joint efforts.

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