Russia and Saudi Arabia finally ready to discuss oil production again

After oil prices collapses, Saudi Arabia convened an emergency OPEC+ meeting to agree on a new "fair" oil production cut with Russia and other large oil-producing countries, US President Donald Trump said. It appears that the parties are now ready to sit down at the negotiating table again. It took them a little less than a month to do so. During the OPEC + meeting, which took place on March 6 in Vienna, Russia proposed to keep the current production level, while Saudi Arabia insisted on an additional reduction due to the spread of the coronavirus infection. As a result, the deal ceased to exist on April 1, the Saudis announced a sharp increase in oil supplies and launched a price war, which caused oil prices to fall to $25 per barrel or even lower. On April 2, Saudi Arabia called for an urgent meeting of the countries participating in the OPEC+ deal to reach a fair agreement on balancing the market, SPA, the state-run publication of the Kingdom reported. Markets rise in expectations US President Donald Trump wrote on his Twitter page that he had talked to "his friend" Mohammed bin Salman, the Crown Prince of Saudi Arabia, who, in turn, had had a conversation with Russian President Vladimir Putin. Trump set out a hope that the parties would again agree to cut production by ten million barrels or even more, which would entail highly positive consequences for the industry.