INTERNATIONAL NEWS

Russia Ready For Cooperation With OPEC If Needed, Putin Says

Russia President Vladimir Putin

President Vladimir Putin said on Wednesday Russia is in touch with OPEC and is ready to continue cooperation with it if needed.

Putin, speaking at an economic forum, said Russia would be satisfied with an oil price of $60 per barrel, adding that Russia and OPEC had fulfilled their commitments to the global oil output deal.

The slump in oil price since October is on a par with the 2008 price crash and steeper than that of 2014-2015, both of which prompted OPEC to agree output curbs to support the market.

The OPEC meeting in Vienna next week will follow a gathering by the Group of 20 (G20) nations in Argentina this weekend, at which oil policy is expected to be discussed, potentially laying the groundwork for an OPEC deal.

Source: Reuters

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