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Putin sees no need to change OPEC+ deal, can prolong it

Christian Fernsby ▼ | October 23, 2020
Nothing needs to be changed in the OPEC plus deal because oil prices are rising, Russian President Vladimir Putin said late on Thursday at a plenary session of the Valdai discussion club.
Vladimir Putin
President   Vladimir Putin
"Concerning oil demand and the OPEC plus cooperation, we are in contact with all our partners: both the Americans and the Saudis,” Putin said.

”We are regularly doing this at the ministerial level: I spoke to the crown prince of Saudi Arabia literally several days ago, we consult with each other. We think that nothing in our agreements needs to be changed."

He said that the market situation requires a responsible approach rather than spreading rumors because otherwise prices would soar.

Putin also said that the OPEC plus deal can be prolonged.

"We think that there is no need to change anything now but we do not rule out doing it in the future or keeping the current output restrictions, rather than removing them as fast as we planned earlier, and if needed, we can make a decision to reduce (the output) further," Putin said.