The OPEC+ format is important for providing stability on global energy markets, Putin's press secretary Dmitry Peskov told reporters.
The Kremlin official was responding to a question on this topic within the context of the OPEC+ meeting in Vienna. "Certainly, this format retains its importance and its significance for ensuring stability in international energy markets," Peskov said.
The Kremlin spokesman noted that Russia, as a member of OPEC+, continues its work within this format.
On Sunday, the OPEC+ countries extended their decision to voluntarily cut oil production until the end of 2024. They agreed that the production level for next year will be 40.46 million barrels per day (bpd).
Russian Deputy Prime Minister Alexander Novak said that the total reduction in oil production by OPEC+ countries by the end of 2024 is estimated at 3.66 million barrels from the October 2022 level. He also specified that Russia "will adjust its oil production level to 9.828 million bpd (according to independent sources) and additionally extend its voluntary cut by 500 thousand bpd until the end of December 2024 as a precautionary measure in coordination with the OPEC+ countries".
GSV "Russia - Islamic World"
Photo: official website of the President of the Russian Federation
Based on materials from TASS