Putin Says Russia To Continue Cooperation Within OPEC-Non-OPEC Format

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Putin Says Russia to Continue Cooperation Within OPEC-Non-OPEC Format

Russia will continue to work within the OPEC (Organization of the Petroleum Exporting Countries)-non-OPEC format, which has proven to be very successful, Russian President Vladimir Putin said Thursday.

SINGAPORE (UrduPoint News / Sputnik - 15th November, 2018) Russia will continue to work within the OPEC (Organization of the Petroleum Exporting Countries)-non-OPEC format, which has proven to be very successful, Russian President Vladimir Putin said Thursday.

"I will not say anything yet about whether it is necessary to limit [oil production] or not. You need to be very careful, as every word matters and is expressed in the Federal budget revenues. But it is obvious that it is necessary to cooperate, and we will cooperate. The OPEC-non-OPEC format has proven itself to be positive, and we see this in the situation in the market," Putin told a press conference in Singapore.

OPEC and several non-OPEC oil producers, including Russia, reached a deal in Vienna in 2016 to cut oil output by a total of 1.8 million barrels per day in an effort to stabilize global oil prices. Non-OPEC states pledged to jointly reduce oil output by 558,000 barrels per day. The agreement, which came into effect in 2017, has been extended twice since then and is set to remain in force until the end of 2018.