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Many analysts believe that an agreement to reduce production should involve the United States. According to his spokeswoman, Energy Minister Dan Brouillette will attend the G20 meeting “to discuss with his counterparts around the world the urgent need to bring calm to global energy markets.” Later, on 3 April, the Saudi foreign and energy ministers issued statements criticizing Putin and accusing Russia of not participating in the OPEC agreement. [38] In May and June, OPEC and its allies agreed on a video conference to reduce production by about 10 million barrels per day, delegates said, and asked not to be identified before an official statement. Saudi Arabia and Russia, the group`s largest producers, will reduce production to about 8.5 million a day, with all members agreeing to cut supply by 23%, one delegate said. According to the sources, there is still no agreement on whether an OPEC production meeting is to take place on Thursday, the main obstacle being relations with countries that have not achieved the deep supply cuts required under the existing pact. Oil prices remained low for the rest of March. On April 2, after strong internal pressure, U.S. President Donald Trump called the crown prince and de facto leader, Mohammed bin Salman, and threatened to withdraw U.S. military support if OPEC and its allies did not curb oil production.

[34] The next day, Russian President Vladimir Putin ordered Energy Minister Alexander Novak to prepare for an extraordinary OPEC meeting and said that world production could be reduced by 10 million barrels. In response to Putin`s statement, oil prices jumped. [35] Even with a reduction of 10 million bpd, the International Energy Agency has estimated that the world`s oil reserves will increase by another 15 million bpd. IEA Director Fatih Birol said 50 million jobs worldwide were threatened by oil refining and retail trade. [36] U.S. oil prices rose 25% on April 2, the largest one-day increase in history. Brent oil rose to 32 $US on April 3. [37] “Any agreement on the extension of the cuts is conditional on countries that have not fully complied with their cuts in May attached to their cuts in the coming months, to compensate for their overproduction,” the source said. “The other thing is how fast the demand for models is picking up. Stocks are always above average, and they need to be addressed. “We were able to overcome the differences.