Russian President Vladimir Putin said yesterday that oil production cuts were required to maintain a certain price level, contradicting assurances from other leaders of the Opec+ group of producers that it was not seeking to manage the market in that way.
Speaking at a televised government meeting, Putin said that the situation on the global oil market was, on the whole, “absolutely stable” as Russia maintains output cuts to support prices.
He also said that Russia had been cutting production, which was at the “required level”.
Putin added: “But all our actions, including those related to voluntary production cuts, are connected precisely with the need to maintain a certain price environment on world markets, in dialogue and contact with our partners in Opec+.”
Saudi Arabia and other Opec members have repeatedly said that they are not targeting a specific price for oil, which large fuel consumers such as the US have accused the group of unlawfully trying to do.