64541
Putin Strongly Backs Long Extension of Crude Cuts
Putin Strongly Backs Long Extension of Crude Cuts

Putin Strongly Backs Long Extension of Crude Cuts

Putin Strongly Backs Long Extension of Crude Cuts

Russian President Vladimir Putin said on Monday that extending oil output cuts for a further nine months was the right thing to do to ensure stable oil prices.

Saudi Arabia and Russia, the world's two top oil producers, agreed on Monday on the need to extend the cuts for a further nine months until March 2018 to rein in a global crude glut, Reuters reported. At a news briefing in Beijing, where he is attending an international conference, Putin was asked how confident he was that the agreement between Russia and Saudi Arabia would bring stability to world oil prices.

"I think the prospects are good. I feel optimistic because our main partner in this process, and our main partner without doubt is Saudi Arabia, has fully implemented all the agreements that took place up to now, and secondly, Saudi Arabia wants to maintain stable and fair prices for oil.

"Thirdly, I think it is right that the decision was taken not for two or three or four months but for nine months, to the next year. That is the main condition for stability," Putin said.

"I very recently, there's no secret in this, met behind closed doors with all the leaders of our biggest oil and gas companies, along with the energy minister (Alexander Novak). We discussed this theme, and we supported such a proposal."

Short URL : https://goo.gl/UTSTJb
  1. https://goo.gl/XUPcuz
  • https://goo.gl/zMqNsW
  • https://goo.gl/OV99HX
  • https://goo.gl/XXcAzt
  • https://goo.gl/G9CdeG

You can also read ...

India Co. Says ‘Important’ to  Buy Some Iranian Oil
Mangalore Refinery and Petrochemicals, a subsidiary of India’s...
NIOC Chief: US Talk to Zero Iran Oil Export Is Hot Air
Rhetoric from the United States that it wants to reduce Iran’s...
Crude Prices Rise
Oil prices rose for a fourth day on Wednesday after industry...
NOPEC Threat Prompts Change at OPEC
OPEC has urged its members not to mention oil prices when...
Iran's Marjan Petrochem Company Exports 1st Methanol Cargo
The first 20,000 ton methanol consignment produced by Marjan...
Russian Expert: Collaboration With Oil Majors Could  Help Iran Enhance Energy Output
Iran has proved that it has great potential for investment...
Foreign Firms to Invest in Mazandaran DGs Power Projects
Foreign companies have signed contracts to invest in small...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus