October 11, 2023

Russian President Vladimir Putin said on Wednesday that coordination by the OPEC+ group of leading oil producers would continue to ensure predictability on the oil markets.

The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, began their latest cycle of limiting supplies in late-2022 to bolster the market.

“For the stability of the oil market, the interaction of the main suppliers is necessary, and on open, transparent terms. And it is with this logic that Russia works with partners within the framework of OPEC+,” Putin told a major energy conference in Moscow.

“I am sure that the coordination of the OPEC+ partners’ actions will continue. This is important for the predictability of the oil market, and ultimately for the well-being of all mankind.”

Putin, who leads the world’s second largest oil exporter, said Western elites had sown confusion in energy markets so it was up to responsible market participants such as OPEC+ to ensure stability.

“The actions of some of our colleagues, the Western elites, have sown confusion on the global energy market, including on the oil market, the negative consequences of such politicised steps affect the entire global economy, now it has to be corrected, and, of course, responsible market participants have to do it,” Putin said.

OPEC+ members, he said, would “fulfill their commitments in full and successfully cope with all challenges.”

REUTERS