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OPEC+ Managing to Keep oil Prices Stable: Putin

OIL

The OPEC+ alliance aims at price stability in the oil market, not endless price increases, and so far it is succeeding at this, Interfax quoted Putin as saying March 5, cited by Reuters.

  • "We are not going to raise prices indefinitely, because it reflects badly on manufacturers, it reflects badly on consumers. But we want to achieve stability. We have been able to do this so far," Putin was quoted by Reuters as saying.
  • OPEC+ leaders agreed to extend voluntary output cuts into Q2.

Russia announced an additional voluntary cut of 471k b/d for Q2 — spread across output and exports.

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