Kremlin says situation with oil prices not easy, but too early to make assessments / News / News agency Inforos
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Kremlin says situation with oil prices not easy, but too early to make assessments

Kremlin says situation with oil prices not easy, but too early to make assessments

The situation with world oil prices is not easy now, but one should not make assessments after one day or one week, Kremlin spokesperson Dmitry Peskov said on Wednesday.

When asked if Russia would take any measures following the recent bottoming-out of oil prices, Peskov noted that first it will be necessary to analyze the situation after the new OPEC+ deal goes into effect.

"We need to wait. The dynamics of global oil prices is really negative, the current situation is not easy, but one should assess it as a whole not by one day and not even by one week, but in a longer perspective. Therefore, now we just have to wait," he said.

The recent days saw a sharp decline in oil prices amid the news on the ongoing increase if number of people infected with the new coronavirus, TASS reports.

On April 21, the cost of a futures contract for Brent crude oil fell to $15.98 per barrel in the course of trading on the ICE Exchange in London. The last time Brent crude price was below $16 per barrel in June 1999. The new OPEC+ agreement will enter into force on May 1. It implies that 23 countries of the alliance, led by Russia and Saudi Arabia, will cut oil production by 9.7 mln barrels per day in May and June. 

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