(Bloomberg) -- Russia “sincerely hopes” that a consensus on oil-output cuts will be formalized among the world's biggest producers as talks to rescue global energy markets continue after Mexico balked at proposed measures, Interfax reports, citing Kremlin spokesman Dmitry Peskov.
The OPEC+ coalition, including Russia, were closing in on an unprecedented agreement to lower global crude production by about 10% after prices collapsed as the spread of the coronavirus undercut demand. A compromise backed by U.S. President Donald Trump will be discussed between Mexico and Saudi Arabia on Saturday as talks enter their third day. Saudi Arabia has insisted Mexico should cut its production as much as everyone else in the group.
Russian President Vladimir Putin and Trump have shown that they are able to work together constructively, Peskov was quoted as saying. They “completely understand each other” as shown in their two most recent telephone conversations, he said. The leaders discussed the oil markets and the impact of the coronavirus. Still there's no sign of warming ties between the countries, he said, accusing the U.S. of “Russophobia.”
Russia sees the pandemic, which has Moscow's hospitals working at their limits, causing long-lasting damage to the world economy, Peskov said. The government is working out further support measures, he said.
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