His comments are the clearest signal yet from Russia, a global leader in oil production, that it is ready to continue with unprecedented output cuts in the face of a sluggish oil market beset by the coronavirus pandemic and overproduction.
Putin said on Thursday he has been in contact with “partners” from Saudi Arabia and the United States, which is not a party to the OPEC+ group of leading oil producers.
“We believe there is no need to change anything in our agreements, we will closely watch how the market is recovering. The consumption is on the rise.”
“However, we do not rule out that we can either keep existing restrictions on production, and not remove them as quickly as we had planned to do earlier,” Putin told a meeting of the Valdai Discussion Club.
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