Russia complies with its obligations to reduce oil production within the framework of OPEC+ agreements, Russian president Vladimir Putin said speaking at the plenary session of the Russian Energy Week.
"Both our OPEC+ partners and we are doing our best to stabilize the oil market. We are in full compliance with our obligations to reduce production. These are tough decisions for our economy, for our companies. Unlike other basins, we have production in difficult climatic conditions. In order to reduce production, we have to take additional actions, which involve additional costs. But we went for it; the market has stabilized," Putin said.
According to him, the leadership of Saudi Arabia and former US president Donald Trump played a big role in stabilizing oil prices. "The crown prince of Saudi Arabia, the king of Saudi Arabia and former US president Donald Trump played a big role in this. I was involved in these triple negotiation. There was, believe me, nothing political. He was defending the interests of his companies," the president stressed.
He noted that the reduction in oil production had benefited both Russian companies and the global oil market.
"We, of course, take into account both the interests of the budget and the interests of our major companies. We do this in agreement with them. The fact that we reduced production ultimately benefited both the global market: it stabilized and prices rose to acceptable levels, our companies also benefited from the increase in their income due to higher oil prices. We're not looking to curb production in a way that makes prices skyrocket, as is happening in the gas market. We are for this movement to be smooth and balanced.
The president also said that oil production must be increased in accordance with the growing needs of the market.
GSV "Russia - Islamic World"
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Based on materials from TASS