four-month high<\/a>\u00a0above $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\u2019t support an \u201cuncontrollable\u201d increase in the cost of crude that could hurt his country\u2019s other industries.<\/p>\n\u201cWe\u2019ll coordinate with OPEC and take a decision depending on the market situation,\u201d at the next meeting in June, Putin said.<\/p>\n
Russia, one of the architects of the deal between the Organization of Petroleum Exporting Countries and its partners, has taken a\u00a0wait-and-see approach\u00a0on whether to extend the cuts. The political situation in Venezuela, Libya and Iran will need to be considered before a decision is taken, Putin said. Saudi Arabia, which has cut output more than agreed,\u00a0doesn\u2019t plan\u00a0to deepen its curbs as the markets are \u201chealthy.\u201d<\/p>\n
\u201cOf course, we are closely monitoring the market together with our partners, first of all, with the main oil producers, Saudi Arabia and countries of the Persian Gulf,\u201d Putin said.<\/p>\n
Venezuela, Iran<\/h3>\n
U.S. sanctions have eliminated a significant volume of oil exports from Venezuela and Iran, helping drive up the price of international benchmark Brent crude by more than 30 percent this year. Meanwhile, Libya\u2019s output has been frequently disrupted as armed factions battle for political supremacy.<\/p>\n
The Russian president also highlighted the possibility that any of those countries could become a bearish influence on prices. If the U.S. were to seize Venezuelan crude and sell it on the global market, or decide to loosen sanctions on Iran to foster a political compromise, inventories could start to increase again, Putin said. The situation in Libya could also normalize, allowing the country to boost exports, he said.<\/p>\n
Russia will also take into account its domestic oil companies\u2019 plans while deciding on the future of the OPEC+ deal, Putin said.<\/p>\n
\u201cWe understand that output shouldn\u2019t stop, investment should come into the sector, otherwise that also may create problems both for us and global energy,\u201d Putin said.<\/p>\n
https:\/\/www.bloomberg.com\/news\/articles\/2019-04-09\/putin-keeps-options-open-on-possible-extension-of-opec-oil-cuts<\/p>\n","protected":false},"excerpt":{"rendered":"
President Vladimir Putin kept his options open on whether to extend Russia\u2019s joint oil-production cuts with OPEC beyond June, saying he wanted to continue cooperation with the group but also highlighting the…<\/p>\n","protected":false},"author":1,"featured_media":3101,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[46,48,57,90,96,107,113,137,139,160,174,183,184,201,202,209,230,232,233,244,246,249,256,267,277,279,288],"class_list":["post-3086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-aramco","tag-athens","tag-baroudi","tag-democracy","tag-doha","tag-embargo","tag-energy-peace","tag-gas","tag-gazprom","tag-international-maritime-disputes","tag-lebanon","tag-maritime-boundaries-east-mediterranean","tag-maritime-disputes","tag-offshore","tag-oil","tag-opec","tag-poverty-alleviation","tag-putin","tag-qatar","tag-rosneft","tag-roudi","tag-russia","tag-saudi","tag-straddling-hydrocarbons-reserves","tag-total","tag-trump","tag-usa"],"_links":{"self":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/3086","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3086"}],"version-history":[{"count":0,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/3086\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/media\/3101"}],"wp:attachment":[{"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}