He said that Russia was not ruling out maintaining the current restrictions on global oil production instead of easing them as planned.
“We do not rule out retaining the current production restrictions, rather than lifting them at the speed that we had planned,” he added.
He continued, “If necessary, we may decide on new cuts. But we do not see the need for that at the present time.”
OPEC + oil ministers will hold a meeting via the Internet on December 1, where they will embark on new strategies for crude markets.
“Russia is unwilling to either a jump in (oil) prices, nor a decline in it. In this regard, our interests are compatible with those of the American partners,” Putin said.
OPEC +, the alliance of the world’s largest crude producers led by Saudi Arabia, cuts production by 7.7 million barrels per day to support the declining oil market.
OPEC + cuts are set to ease 2 million bpd in January.
Some OPEC watchers say the outlook for weak demand could push OPEC + to delay cutting cuts.
Last Tuesday, Russian Energy Minister Alexander Novak said that it is too early to discuss the future of the global agreement to cut oil production for the OPEC + group after December / December 2020.
In a press statement, Novak said, “We need to understand” how the situation will evolve over the next month before any decision is taken.
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