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Russia will continue cooperation with OPEC, says Putin

The president stressed that Moscow is monitoring the situation in Libya and other African countries and "takes it into account"

ST. PETERSBURG, April 9. /TASS/. Russia will continue its cooperation with OPEC, President Vladimir Putin said speaking at the International Arctic Forum on Tuesday.

When asked whether the crises in Venezuela, Iran, Libya may lead to the situation when there will be no need to restrain oil prices, the head of the Russian state recalled that "there is no crisis in Iran, but there are sanctions that limit the country’s markets."

Putin stressed that Moscow is monitoring the situation in Libya and other African countries and "takes it into account."

"This is what I meant saying that we would closely monitor the situation on the market. We also mean that the consumption of hydrocarbons, including oil, is increasing in the world in the summer time," Putin stated.

He added that according to his assessment, the global reserves do not require special intervention."

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We will closely monitor the market, but we will continue cooperation with OPEC, "the Russian president promised.

When asked if Russia may agree with the extension of oil production cuts under the OPEC+ agreement at the end of September, Putin said that Moscow would decide on a possible extension, depending on the market situation.

"If the market situation develops in such a way that reserves increase dramatically, or the US seizes Venezuelan oil and quickly increases its accessibility on the world markets, or something positive happens in Libya in terms of the political situation, and Libya enters the global market, or someone thinks that it is necessary to stop putting pressure on Iran and Iran enters the market with additional volumes, then we will have to take all this into account and make the appropriate decision, "he said.

Putin noted that the moderator is trying to "drag out" a more specific answer from him.

"You will not get it," he said, stressing once again that Russia will cooperate with OPEC "and make decisions depending on the market situation.".

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Vladimir Putin Oil & Gas Venezuela Oil price OPEC Political crisis in Venezuela

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