Russia and other oil-producing countries will conclude the crude oil production cut. It happens only if the United States and other several countries are ready to cut the production. It will help in raising crude oil prices.
However, the Department of Energy of the United States mentioned that the United States has already cut crude production. There is no government intervention in it.
In the last few months, Crude Oil demand has dropped around 30 percent, which is near to 30 million barrels in a day. Due to widespread of coronavirus, the market for Aviation Turbine Fuel, Diesel, and Gasoline demands crashed.
OPEC+ (Organization of Petroleum Exporting Countries) is the group of OPEC countries and other ten non-OPEC countries, including Russia. OPEC+ countries have expressed interest in the crude oil production cut. All states to discuss production cuts are willing to bargain on conditions, and the meeting is scheduled on Thursday. Nevertheless, no agreement has been prepared regarding terms and conditions.
Iran Oil minister tweeted on Tuesday, “The United States and Canada should also be involved. Before coming to the negotiation table, both OPEC and Non- OPEC countries should discuss regarding crude oil production cut figures for each country. He further tweeted, he called President of OPEC, Minister of Oil of Algeria, Kuwait, and Russia to get back stability of the crude oil market.