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Russia complies with obligations to reduce oil output under OPEC+ deal — Putin

"These are difficult decisions for our economy, for our companies," the Russian leader noted

MOSCOW, October 13. /TASS/. Russia is complying with its obligations to cut oil production as part of the OPEC+ agreements, President Vladimir Putin said at the plenary session of the Russian Energy Week.

"Both our partners in the OPEC+ and we are doing our best to stabilize the oil market. We fully comply with our obligations related to production cuts. These are difficult decisions for our economy, for our companies. Unlike other basins, our production is taking place in difficult climatic conditions. In order to reduce production, we have to take additional actions, which imply additional costs. But we agreed to this, the market has stabilized," Putin said.

According to him, the leadership of Saudi Arabia and former US President Donald Trump have played a large role in stabilizing oil prices.

"The Crown Prince of Saudi Arabia, the King of Saudi Arabia and former US President Donald Trump played a big role in this. I was involved in those trilateral negotiations. There is nothing political there, trust me. He defended the interests of his companies," the President stressed.

Putin noted that both Russian companies and the global oil market benefited from the reduction in oil production.

"Of course, we take into account both the interests of the budget and the interests of our largest companies. We do this in agreement with them. The fact that we cut production ultimately worked in favor of both to the world market - it stabilized and prices rose to acceptable levels, and of our companies as they increased their revenues due to the increase in oil prices, and the budget benefited from this as well. We are not trying to contain production in such a way that prices go through the roof, which is the case in the gas market. We are for this movement to be smooth and balanced," Putin said.