Originally posted by the Voice of America.
Voice of America content is produced by the Voice of America,
a United States federal government-sponsored entity, and is in
the public domain.


Putin Urges Action on 'Challenging' Energy Market

Reuters

   WASHINGTON / MOSCOW - Russian President Vladimir Putin called on
   Wednesday for global oil producers and consumers to address
   "challenging" oil markets, while U.S. President Donald Trump complained
   that oil cheaper "than water" was hurting the industry.

   Oil prices fell nearly 70% from January highs as coronavirus lockdowns
   hammered demand and as Saudi Arabia and Russia have flooded the market
   in a race for market share after a deal they engineered on supply curbs
   broke down.

   Oil and natural gas sales are a key revenue source for Russian coffers,
   while low prices are also hurting shale oil producers in the United
   States.

   Speaking at a government meeting, set up via a video link as a
   precaution against the coronavirus, Putin said that both oil producers
   and consumers should find a solution that would improve the
   "challenging" situation of global oil markets.

   He also said if investments into the oil sector fell, oil prices would
   be sure to spike, something he said "no one needs."

   "That's why we, together with the main producers and consumers, should
   work out such decisions, which would mitigate the situation on the
   market on the whole," Putin said, according to the readout of the
   meeting.

.