- Web Desk
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Russia’s Putin says OPEC+ coordination to continue
- Web Desk
- Oct 11, 2023
MOSCOW (Reuters): Russian President Vladimir Putin said on Wednesday that coordination by the OPEC+ group of leading oil producers would continue to ensure predictability on the oil markets.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, began their latest cycle of limiting supplies in late-2022 to bolster the market.
“For the stability of the oil market, the interaction of the main suppliers is necessary, and on open, transparent terms. And it is with this logic that Russia works with partners within the framework of OPEC+,” Putin told a major energy conference in Moscow.
“I am sure that the coordination of the OPEC+ partners’ actions will continue. This is important for the predictability of the oil market, and ultimately for the well-being of all mankind.”
Putin, who leads the world’s second largest oil exporter, said that OPEC+ members would “fulfill their commitments in full and successfully cope with all challenges.”