Key oil producers and consumers should work out solutions to ease the situation on the market, Russian President Vladimir Putin said on Wednesday.

“This [the current market situation] is a common concern. It should concern the consumers also, because if the sector is highly underfinanced and the work in this sphere is halted for greenfields, then a spike, a very strong price spike on the market is inevitable, and nobody needs this as well,” the head of state said.

“Therefore, we are to work out such solutions that will soften the situation on the market at large together with major producers and consumers,” Putin noted.

The oil price drop and the coronavirus pandemic impact became “a double blow” for the national economy, the President said. “We have a double blow. These are consequences of the coronavirus infection for the economy, the decline in business activity,” Putin noted. “These are serious tests for the labor market. We understand all that, we see that. And, certainly, the price drop for our major export commodity, the very significant, profound and deep drop,” he noted.

Current developments have their specific features, compared to the 2008 year crisis but the country has the experience of overcoming such problems,” Putin added.

Russia Daily News

Leave a Reply

Your email address will not be published. Required fields are marked *