Putin Says Russia Open to Delaying Planned OPEC+ Output Hike
- OPEC+ is ‘effective mechanism’ to stabilize market, Putin says
- President doesn’t rule out keeping production curbs in place
Vladimir Putin
Photographer: Alexey Druzhinin/AFP via Getty Images
This article is for subscribers only.
Russia doesn’t rule out delaying scheduled production hikes by the OPEC+ alliance, President Vladimir Putin said, the latest sign the cartel could restrain crude output for longer as the pandemic crimps demand again.
Production cuts are due to be eased -- as part of a gradual tapering -- from January but the cartel has hinted it may change tack as demand falters. While Putin said his preference was to adhere to the current plan, his comments are a show of unity between Russia and Saudi Arabia, whose leaders have been engaged in intense telephone diplomacy this month.