Russia’s Putin says global crude oil reserves need to be cut to ‘sensible level’

Russian President Vladimir Putin said global crude oil reserves need to be cut to some “sensible level.” (File photo: AFP)

Russian President Vladimir Putin said global crude oil reserves need to be cut to some “sensible level” so that prices are not affected.

“Technically, we need to cut global reserves to some sensible level, so that these reserves do not affect prices,” Putin told Al Arabiya in an interview.

Putin’s comments come against the backdrop of falling oil prices. Rising crude inventories and expectations of lower demand have dragged down prices by about 25 percent, from last year.

Last week, OPEC forecast a slight fall in 2019 world oil demand and said “rising US tariffs on EU imports and ongoing US-China trade issues” were dampening growth momentum.

Putin also said the recent attacks on tankers and Saudi Arabia’s oil facilities will forge “ever closer ties” between Russia, Saudi Arabia and the UAE as their main goal is to stabilize global energy markets.

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Last Update: Wednesday, 20 May 2020 KSA 09:54 - GMT 06:54
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