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On November 20, Russian President Vladimir Putin said that Russia’s “common goal with OPEC is for the market to be balanced, acceptable for producers and consumers, and most importantly, predictable.” Meanwhile, Russian Energy Minister Alexander Novak declined to disclose Russia’s position for the upcoming OPEC+ meeting, but said that Russia will aim to stick to its commitments under the deal in November. However, sources told Reuters that Russia is unlikely to agree to deepen oil cuts during the meeting but could commit to extending existing curbs to support Saudi Arabia. OPEC will be meeting on December 5th in Vienna, followed by talks with a group of other affiliated exporters, including Russia, known as OPEC+.

Putin: Russia to Continue Cooperation with OPEC for a Balanced & Predictable Oil Market

On November 20, Russian President Vladimir Putin said that Russia’s “common goal with OPEC is for the market to be balanced, acceptable for producers and consumers, and most importantly, predictable.”

Meanwhile, Russian Energy Minister Alexander Novak declined to disclose Russia’s position for the upcoming OPEC+ meeting, but said that Russia will aim to stick to its commitments under the deal in November.

However, sources told Reuters that Russia is unlikely to agree to deepen oil cuts during the meeting but could commit to extending existing curbs to support Saudi Arabia. OPEC will be meeting on December 5th in Vienna, followed by talks with a group of other affiliated exporters, including Russia, known as OPEC+.

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