ArmInfo.On March 10, Armenian Prime Minister Nikol Pashinyan held a telephone conversation with Russian Prime Minister Mikhail Mishustin. The head of the Armenian cabinet announced this during an election campaign in favor of a referendum on constitutional amendments to be held in the Republic of Armenia on April 5.
According to the Armenian Prime Minister, the situation in the world market was discussed during a telephone conversation. Nikol Pashinyan noted that in the near future there will be official information about the details of the conversation.
To note, as a result of the disruption of the OPEC + agreement, the cost of Brent oil futures immediately after the opening of trading on March 9 fell by 30% - from $ 45 to $ 31.02 per barrel. This is the biggest drop in Brent prices in a day since the Gulf War in 1991. The price of WTI oil after opening fell by 27% to $ 30. Due to a sharp drop, trading on the exchange was suspended for several minutes. Saudi Arabia has notified some market participants of its intention to significantly increase oil production up to 12 million barrels per day. In April, Saudi Arabia intends to increase oil production from the current 9.7 million b /d to more than 10 million b / d, which in the realities of the oil market is "equivalent to declaring war", and if necessary, above a record 12 million b / d. In addition, Riyadh on Saturday offered some of its crude oil at a much lower price - lower by $ 6- $ 8 per barrel - to customers in all regions.
Officially, discounts are planned to be announced today. Saudi oil company Saudi Aramco offered Arab Light crude oil to refineries in northwestern Europe at a discount of eight dollars per barrel.
Traders believe that the goal of this step is to prevent Russian companies from selling their oil in Europe and returning them to the negotiation table for the OPEC + deal. As a result, panic sales of risky assets were observed on world markets: stocks, assets of developing countries, debt obligations with low ratings. As a result, stock markets closed trading sessions with record over many years declines: for example, the US S&P 500 index fell by 7.6%, the German DAX index by 7.9%, and the Italian FTSE MIB index by 11.2% . Yields on US Treasury bonds updated historic lows: yields on 10-year bonds reached levels of 0.32%.