U.S. And Russia Discuss Oil Market Collaboration In Rare Talk:
Senior energy ministry officials from Russia and the United States discussed oil markets on the sidelines of COP26.
Face-to-face meetings between Russian and U.S. government officials are a rarity.
The meeting between Sorokin and Turk suggests that the Biden administration is actively looking for ways to boost oil supply.
Russia produces over 10.8 million bpd of crude oil as of October. This makes it the second-largest producer after the United States, which, according to the latest EIA weekly petroleum status report, pumped 11.5 million bpd in the first week of November.
Russia is also a major exporter to the United States: in August, it became the second-largest oil exporter to the country, after Canada. According to a Bloomberg report at the time, the increase came on the back of stronger fuel demand, which prompted refiners to look for gasoline-rich feedstocks, of which Russia produces ample quantities.
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