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Russian President Vladimir Putin has stated that the country's domestic oil producers have agreed to keep this year's oil output in line with January levels, the first time he had given his view in public on a production freeze.
"On the whole, an agreement was reached that we will keep (2016) oil output at the January level," Putin said after chairing a meeting with Russian oil producers in the Kremlin.
After months of falling world oil prices, a preliminary agreement was reached in Doha in mid-February for Russia and several other major crude producers to freeze production, but until now Putin had not said publicly where he stood on the question of Russia steadying its output.
This had left markets uncertain about the extent to which Russia's oil industry - in which the Kremlin wields outsize influence - would throw its weight behind a deal.
However uncertainty remains after Putin's public announcement because Iran has not signed up to a production freeze, and a Putin aide said more work was needed to get all the big producers lined up.
Reuters
"On the whole, an agreement was reached that we will keep (2016) oil output at the January level," Putin said after chairing a meeting with Russian oil producers in the Kremlin.
After months of falling world oil prices, a preliminary agreement was reached in Doha in mid-February for Russia and several other major crude producers to freeze production, but until now Putin had not said publicly where he stood on the question of Russia steadying its output.
This had left markets uncertain about the extent to which Russia's oil industry - in which the Kremlin wields outsize influence - would throw its weight behind a deal.
However uncertainty remains after Putin's public announcement because Iran has not signed up to a production freeze, and a Putin aide said more work was needed to get all the big producers lined up.
Reuters
