Putin warns of the global impact of the coronavirus in a meeting with oil companies



Russian President Vladimir Putin today warned of the impact of the coronavirus on the world economy and, in particular, on the oil market in an extraordinary meeting with the country’s leading oil companies.

“The negative consequences have already been announced, they affect the entire system of global economic relations, practically all States, given the enormous interdependence and interrelation between the economies that exist today,” Putin said, according to local agencies .

Putin met today, in addition to the ministers of Finance and Energy, and the head of the Central Bank, the presidents of the main Russian oil companies: Rosneft, Lukoil and Gazprom Neft.

“I decided to meet with the heads of the largest hydrocarbon companies and think about how we will react to what is happening now in the world economy. Regarding the impact of the coronavirus foci on the economy, we must pay special attention, how to react to what is happening, “he said.

Putin said last week “it was the worst for world markets since the 2008 crisis” both in China, whose economy is especially suffering the impact of the epidemic that broke out in the city of Wuhan, as well as in the world stock exchanges.

In turn, Putin stressed that, “in broad strokes,” the situation in the fight against the coronavirus in Russia “is under control” and that current oil prices are “acceptable” to the Kremlin

However, he insisted on the need to take action, which should include “joint” actions with other countries to minimize the aftermath of the epidemic.

In this regard, he recalled that OPEC + will meet next week in Vienna, which he considered an “effective instrument” to ensure stability in world energy markets.

Putin was also convinced that the accumulated reserves will allow Russia to face any negative trend in hydrocarbon prices.

While the World Health Organization (WHO) raised the level of risk of coronavirus expansion, which already affects half a hundred countries, to “very high”, the prices of a barrel of Brent oil, crude oil from the North Sea and Texas intermediate oil, which closed Friday with its worst results since 2008.

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