out spectacularly this year, but also the United
States. The U.S. is the world’s top producer now
and the slide in crude prices is causing huge
financial damage to companies in the oil patch.
Expectations are high.
President Donald Trump has said that output
could be cut by as much as 15 million barrels a
day, or about 15% of global production, though
experts say that is unlikely. Last week, President
Vladimir Putin said he supported an overall cut
of about 10 million barrels a day.
“We are ready for agreements with partners and
within the framework of this mechanism - OPEC-
plus — and we are ready for cooperation with the
United States of America on this issue,” Putin said.
“According to preliminary estimates, I think that
we can talk about a reduction in the volume
of about 10 million barrels per day, a little less,
maybe a little more,” he added.