Russia’s ex-President suspects cartel agreement behind oil plunge

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Dmitry Medvedev

Dmitry Medvedev, Russia’s former president and prime minister as well as current deputy chairman of the country’s security council, said Tuesday he suspected a supplier’s agreement was behind a plunge in oil prices.

US oil prices crashed to unprecedented lows on Monday as futures in New York ended in negative territory for the first time over government shutdowns to limit the coronavirus.



Medvedev said Russia was prepared to discuss with partners to begin trading on a take or pay basis amid the historic oversupply.

“What we see with regard to oil futures contracts is very reminiscent of a cartel agreement,” he wrote on his Facebook page.

“Considering our experience in the gas sphere, we suggest selling oil on the take or pay basis. We are ready to discuss this option with our partners,” Medvedev said.

[AFP]

Vanguard News Nigeria.

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