Putin Says No Need To Change OPEC+ Deal On Oil Cuts

Putin Says No Need to Change OPEC+ Deal on Oil Cuts

Russian President Vladimir Putin said on Thursday that there was no urgency to change the OPEC+ deal on oil cuts as the market was currently on the rise

MOSCOW (UrduPoint News / Sputnik - 22nd October, 2020) Russian President Vladimir Putin said on Thursday that there was no urgency to change the OPEC+ deal on oil cuts as the market was currently on the rise.

"With regard to the demand for oil and work in the framework of OPEC+, we are in contact with all our partners, both the Americans and the Saudis. We regularly do this at the ministerial level, just a few days ago I once again spoke with the Crown Prince of Saudi Arabia, we are consulting each other. We believe that so far nothing needs to be changed in our agreements," Putin said at the plenary session of the Valdai Discussion Club.

"We will be closely monitoring the market recovery," he added.

The president also did not rule out the possibility that Russia could keep the restrictions on oil production in force for a longer period than it was previously planned within the framework of OPEC+.

"We believe that now we do not need to change anything, but we may either maintain the current restrictions on production, or not remove them as quickly as we envisaged earlier, or if necessary, we can take other decisions on further reductions," Putin said.