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6/27, 8:08 PM (Source: TeleTrader)
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Putin: OPEC+ output cuts strengthen market stability

Russia's President Vladimir Putin said in an interview with the Financial Times released on Thursday that the oil output cuts implemented by OPEC and other major producers including Russia, have had a positive effect on the global oil market.

"Our production stabilization agreements with Saudi Arabia and OPEC in general have had a positive effect on market stabilization and forecasting," Putin stated. "Both energy producers, in this case, oil producing countries, and consumers are interested in this, because stability is definitely in short supply at present. Our agreements with Saudi Arabia and other OPEC members undoubtedly strengthen stability," he added. Still, Putin refused to say whether Moscow will agree to extend the production cuts until the end of the year and pointed out the final decision will be revealed after the OPEC+ meeting next week.

The current deal on output cuts of up to 1.2 million barrels will expire at the end of June. Saudi and Iraqi energy ministers have spoken in favor of extending the cuts by another six months.

Breaking the News / NP