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.