On Wednesday (October 11), Russian President Vladimir Putin said that Opec + will continue to coordinate its actions to ensure the predictability of the oil market, and it is very likely that the production cut agreement will be extended.
Opec + is an alliance of the Organization of the Petroleum Exporting Countries (Opec) and countries led by Russia, which produces about 40 percent of the world's total crude oil. Russia is the world's second-largest oil exporter after Saudi Arabia.
Putin, who attended the Russian Energy Week conference in Moscow on Wednesday, said: "I am confident that Opec + partners will continue to coordinate their actions." This is important for the predictability of the oil market and, fundamentally, for the well-being of humanity as a whole."
Putin said Opec + members will fully implement their commitments and successfully meet all challenges.
Asked if the Opec + deal could be extended, Mr Putin replied: "Very likely, we need to consult with our colleagues - our decisions are made by consensus."
Putin warned that without the previous sharp supply cuts, international oil prices would likely have fallen below $50 a barrel.
Opec + began curbing supply late last year to boost international oil prices, and in June extended a deal to cut output until the end of 2024.
In February, Russia announced it would cut crude oil production by 500,000 barrels per day starting in March. In April, the Russian government announced that the production reduction plan would be implemented by the end of the year. In June, Russia decided to extend an additional 500,000 barrels per day of oil production cuts until the end of 2024.
In September, Russia announced that it would voluntarily cut its oil exports by an additional 300,000 barrels per day by the end of the year, in addition to the cuts announced in April.
Putin said the Western elite had sown chaos in the energy market, so responsible market players such as Opec + were needed to ensure stability.
"For the stability of the oil market, interaction between major suppliers is necessary, and in open, transparent conditions," he said. It is based on this logic that Russia cooperates with its partners within the Opec framework."