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Putin Keeps Options Open on Possible Extension of OPEC+ Oil Cuts

  • President says he wants to maintain cooperation with cartel
  • Group decides in June whether to prolong cuts to second half
Vladimir Putin
Vladimir PutinPhotographer: Andrey Rudakov/Bloomberg
Updated on

President Vladimir Putin kept his options open on whether to extend Russia’s joint oil-production cuts with OPEC beyond June, saying he wanted to continue cooperation with the group but also highlighting the many uncertainties in the market.

Russia is comfortable with current oil prices, which rose to a four-month high above $70 a barrel in London on Monday, Putin said at the International Arctic Forum in St. Petersburg on Tuesday. The president also said he doesn’t support an “uncontrollable” increase in the cost of crude that could hurt his country’s other industries.