Russian President Vladimir Putin confirmed on Wednesday that Russia and OPEC have pledged to 100% production commitments, adding that this decision is due to the Saudi Crown Prince Mohammed Bin Salman.
Speaking at a financial forum in Moscow, Putin pointed out that Russia is satisfied with the oil price of $60 per barrel.
He said: “We are in contact with OPEC, and will continue to cooperate with them if necessary.”
Putin added that the minimum level of profitability for oil is between $35 and $45 per barrel.
Earlier on Wednesday, the Kremlin said a meeting with Saudi Crown Prince Mohammed bin Salman is scheduled in Russian President Vladimir Putin’s agenda at the G20 summit in Argentina.
Also Read
-
Perry encourages Saudi, OPEC, Russia to work against oil price spike
Saudi Arabia, other members of OPEC and Russia are to be admired for trying to prevent a spike in oil prices, US Energy Secretary Rick Perry told ... Energy -
Saudi pledges ‘measurable’ oil supply boost as OPEC, Russia agree deal
OPEC agreed with Russia and other oil-producing allies on Saturday to raise output from July, with Saudi Arabia pledging a “measurable” ... Energy -
Russia, Saudis signal oil production boost
Russia and Saudi Arabia said on Friday they believe a deal is possible to gradually boost oil output from as soon as July as world oil prices have ... Energy -
OPEC and non-OPEC pact exit strategies: Saudi, Russia alliance is ‘thicker than oil’
The recent announcement by Saudi Crown Prince Mohammed bin Salman during his recent US visit that the Kingdom is looking at a long term relationship ... Middle East
