The meeting between the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+ to negotiate the future oil pact agreement has been postponed until Thursday “for technical reasons”, said Kremlin spokesman Dmitry Peskov on Monday.
Peskov told reporters that preparations for an OPEC+ teleconference were ongoing, according to Russia's Sputnik news agency.
Recalling Russian President Vladimir Putin’s remarks that “Moscow is ready to cooperate and is interested in cooperating with other countries for the sake of energy carrier market stabilization,” Peskov did not specify which countries would participate in the teleconference on Thursday.
Oil producing countries of OPEC and its allies, dubbed as OPEC+, had been scheduled on Monday to discuss via teleconference the current situation of the global oil market and low crude prices
U.S. President Donald Trump, having talked to the leaders of both countries on April 2, said he was expecting them to lower their total crude oil production by 10 to 15 million barrels per day -- a move that caused a 16% spike in prices.
The two oil producing giants failed on March 6 to agree on deeper and longer cuts in the total production level of OPEC+ against the coronavirus (Covid-19)-related low oil demand around the world.
Crude prices plummeted on March 30 to their lowest level since 2002 due to low oil consumption worldwide and with the rapid increase in the global oil supply glut.
By Sibel Morrow