Russia expects consistent OPEC+ compliance

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Russia expects members of a global pact of OPEC and non-OPEC oil exporters to be consistent in fulfilling their agreements to help stabilize oil prices, President Vladimir Putin told OPEC Secretary General Mohammed Barkindo on Wednesday, according to a Reuters report.

Putin said that oil prices have returned to current levels following the attacks on Saudi Arabia because there were no fundamental grounds for sharp volatility on the market - thanks in part to the joint efforts of Russia and OPEC.

Energy leaders from across the world have convened at Moscow for a week to discuss matters ranging from the global energy outlook to challenges in the development of renewable energy.

Earlier in the event, Russian energy minister Alexander Novak said that Russia was committed to fully complying with the global oil output deal between OPEC and its allies in October, according to Reuters.

Novak also said that market predictability at the moment was very difficult to grasp and that coordinated efforts would be required to deal with the situation in the energy market.

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