21:45 GMT 04/20/2020(Updated at 22:46 GMT 04/20/2020) Short url
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MOSCOW (Sputnik) – Russia is proposing to sell oil on the basis of ‘take-or-pay’ agreements and is ready to discuss it with its partners, said Russian Security Council Vice President Dmitri Medvédev.
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“Given our experience in the gas sector, we propose to sell oil on the basis of ‘take-or-pay’ contracts. We are ready to discuss this option with our partners,” Medvédev wrote in his Faceboook account in the context of the situation about United States oil futures contracts.
On Monday, the price of US crude WTI with May delivery on the New York Mercantile Exchange (Nymex) entered negative territory for the first time in all of history, according to stock data.
“What we see with respect to oil futures contracts is very reminiscent of a cartel conspiracy,” Medvedev said.
WTI futures contracts for May delivery at Nymex plunged 300% to -37.63 dollars a barrel on Monday, while June futures prices fell 18.3% to 20, 03 dollars per barrel.
At the same time, the price of May futures on the Intercontinental Exchange (ICE) fell 365.2% to -6.89 per barrel.
Meanwhile, WTI futures contracts for June delivery fell 18.5% to $ 21.12 a barrel.
Brent crude oil futures with June delivery on Nymex experienced a 9.2% drop and fell to $ 25.51 per barrel, while on the ICE exchange they reached $ 25.83 per barrel, falling by 8.7% .
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