President of the Russian Federation Vladimir Putin and his U.S. counterpart Donald Trump discussed the OPEC+ deal during a phone conversation, Bloomberg reports.
“It has been stated that the multilateral agreement reached with the active support of U.S. and Russian presidents has been leading to a gradual recovery of oil demand and price stabilization,” the Kremlin said in its statement.
The next meeting of OPEC is scheduled to take place on June 9. It will be held via videoconference.
It is worth noting that the U.S. did not formally join the deal, but Trump helped to broker it. As a result, the country’s production has dropped significantly.
As we reported earlier, on April 15, OPEC member countries finally agreed on the final version of the deal to reduce oil production to stabilize world prices.
In general, the price war between Saudi Arabia and Russia has officially ended, OPEC + is still afloat, and oil prices will stabilize before the end of the year according to forecasts by OPEC analysts.