U.S. Energy Secretary Dan Brouillette spoke with his Russian counterpart Alexander Novak about the slump in global oil markets on Tuesday, and they agreed to hold future discussions involving other major world oil producers and consumers, the U.S. Energy Department said in a release.
The call occurred a day after President Donald Trump and Russian President Vladimir Putin agreed in a phone conversation to have their top energy officials discuss the drop in global oil markets.
Brouillette and Novak “had a productive discussion on the current volatility in global oil markets,” Energy Department spokeswoman Shaylyn Hynes said. The United States has grown in recent years into the world’s largest oil and gas producer, thanks to a technology-driven shale drilling boom. But the current price of oil is below the production cost of many American drillers. That has threatened the highly leveraged U.S. shale industry.
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