Putin credits Saudi Crown Prince for OPEC’s pledge on oil output

Putin credits Saudi Crown Prince for OPEC’s pledge on oil output

Russian President Vladimir Putin confirmed on Wednesday that Russia and OPEC have pledged to 100% production commitments, adding that this decision is due to the Saudi Crown Prince Mohammed Bin Salman.

Speaking at a financial forum in Moscow, Putin pointed out that Russia is satisfied with the oil price of $60 per barrel.

He said: “We are in contact with OPEC, and will continue to cooperate with them if necessary.”

Putin added that the minimum level of profitability for oil is between $35 and $45 per barrel.

Earlier on Wednesday, the Kremlin said a meeting with Saudi Crown Prince Mohammed bin Salman is scheduled in Russian President Vladimir Putin’s agenda at the G20 summit in Argentina.

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