Russia to join OPEC+ conference call planned for April 6: Novak

Moscow — Russia is planning to take part in a conference call with other OPEC+ ministers on Monday, the country's energy minister Alexander Novak said Friday during a meeting with President Vladimir Putin on global energy markets.

"On April 6 a conference call for ministers of the OPEC+ countries is preliminarily planned. Within the framework of the Charter on Cooperation signed last year, we will continue to work with our partners in order to reach an agreement to stabilize the global energy market," Novak said, according to a transcript of the meeting posted on the Kremlin website.

Both Novak and Putin said that production needs to be cut by around 10 million b/d.

"Production needs to be cut for the next few months, with a subsequent increase in production as the global economy recovers, as demand recovers," Novak said.

Novak added that all major producers should take part in a cut.

"It's important that all major producers take part in our joint efforts, including Russia, Saudi Arabia, the USA and other countries both in and out of OPEC," Novak said.

During the meeting Putin said that Russia is comfortable with oil prices at $42/b.

"Our budget is based on $42/b, and we are very comfortable with this figure," Putin said.

Putin added that Riyadh had recently flooded the market as part of an attempt to remove shale oil producing competitors from the market, but that Russia did not have this as its goal.

"This is apparently connected with the attempts of our partners from Saudi Arabia to get rid of shale oil competitors. In order to do this, the price should be below $40/b, and in this sense, they achieve their aim to a certain extent, "Putin said.

"We never set such a goal," he added.