Putin: We intend to continue cooperation with OPEC

UNITED STATES (OBSERVATORY NEWS) — Russian President Vladimir Putin said on Wednesday that his country intends to continue cooperation with OPEC + to achieve stability in the global oil market.

Russia and Saudi Arabia are leading the alliance known as OPEC +, which has agreed to cut oil production by 1.2 million barrels per day (bpd) since early 2019, until the end of the first quarter of 2020.

“Russia is affecting the global energy market and has a serious impact, but we have the greatest impact when we work with other producers,” Putin said in a speech to a Moscow economic forum on Wednesday.

“Only coordinated steps will achieve the optimal impact of the global energy markets, so we will continue to work with OPEC +.”

“Russia will never use barbaric methods to produce shale oil that threaten the environment,” Putin stressed, referring to US shale oil.

“We will not resort to shale oil extraction, despite all the possible economic advantages.”

Putin said the global economy would not recession in the near future, despite the US-China trade war.

He said: “The rate of growth of global GDP, will rise despite all the problems associated with trade wars, and restrictions for political reasons.”

The International Monetary Fund recently lowered its growth forecast to 3 percent in 2019, the lowest level since 2008-2009, with growth rising to 3.4 percent in 2020.

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