Putin credits Saudi Crown Prince for OPEC’s pledge on oil output

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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.

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