As recently as two weeks ago, Putin was resisting any concessions in the stand-off with Saudi Arabia since Moscow pulled out of a supply-limit agreement with OPEC over demands for deeper cuts in output. That prompted Saudi Arabia to flood the market with oil, driving prices to an almost two-decade low amid a glut in supply because of a sharp fall-off in consumption.
The sudden collapse in demand sparked by the coronavirus pandemic now threatens a worldwide recession this year.
Read the whole article on Bloomberg here: htps://www.bloomberg.com/news/articles/2020-04-03/russian-producers-ready-for-oil-cuts-in-bid-to-stop-price-rout
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