OPEC Secretary-General Mohammed Barkindo has told CNBC that Russia has pledged not to abandon a deal with OPEC to keep a lid on oil supplies, even as crude oil prices rise, P.M. News reports.
President Vladimir Putin and Russian Energy Minister Alexander Novak have assured him Russia won’t flood the market with oil, Barkindo said on the sidelines of the Egypt Petroleum Show in Cairo, referring to the OPEC, non-OPEC collaboration and the Declaration of Cooperation on oil production cuts.
“They have proved this beyond any reasonable doubt through their high level of conformity to their supply adjustment, so I think there’s no concern here,” he said. Rising oil prices and surging U.S. crude exports raised concerns that Russian energy giants will try to exit an oil production cut deal, which began in 2017 and runs through 2018.
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