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Russia and Saudi Arabia agreed to extend OPEC efforts to stabilize commodity markets, Russian President Vladimir Putin said this weekend. According to Putin, Russia has yet to decide the amount of its offer.
OPEC and its allies, like Russia, are scheduled to meet on Thursday and Friday in Vienna to decide whether a reduction in production is needed, after the decline of about a third of base since early October due to oversupply. "We have a pact to extend our agreement," Putin said Saturday after meeting with Saudi Crown Prince Mohammed Bin Salman at the G20 meeting in Argentina. "There is not yet a final decision on volumes," he told a press conference whose transition was published on the Kremlin's official website.
Councilors OPEC techniques have recommended a reduction of 1.3 million barrels per day of supply in the coming days, according to sources related to the issue.Russia, which is not part of the cartel but coordinates his production with him, wants smaller cuts, said sources
cautious "I am optimistic that we will come up with a good solution and a lot of adjustments to reduce production," he said, according to Bloomberg.
Saudi Oil Minister Khalid al-Falih praised the current program, calling it a success during a visit to Colombia on Sunday. OPEC cooperation agreement on the stability of the petrochemical markets oliers serve the interests of producers, consumers and investors, "he said on his Twitter account.
Source: Dow Jones Newswires
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