Putin: Most likely, need to regulate production within OPEC+ will continue in 2024

MOSCOW. Oct 11 (Interfax) - The parameters of the OPEC+ deal may be revised next year depending on the situation in the global economy and oil demand, Russian President Vladimir Putin said during the plenary session of Russian Energy Week.

"Will it be necessary to do something jointly in order to stabilize the markets next year? I do not exclude this. Most likely, yes. But we will need to look at how the world economy develops, and what the needs will be," he said.

The President noted that the alliance's actions this year made it possible to stabilize the price at a level acceptable to producers. Otherwise, the cost of a barrel of oil would go below $50/barrel, he said.

Putin emphasized that all decisions within OPEC+ are made collectively by all parties to the agreement.

"Even if there are disagreements, we are always looking for consensus. The Crown Prince of Saudi Arabia [Mohammed bin Salman] also plays a big role here; he works very actively in this regard, very professionally. Today everything seems to point at continued cooperation," the Russian President said.

"Our Deputy Prime Minister, Mr. Novak - who in practical terms is constantly involved in the negotiation process, will not let anyone lie: there have been several times when it was difficult even to predict. We do not know the world economy's pace of development, the needs of Asia, other markets, logistics and so on. Moreover, there were several times when he said, "It's difficult to predict, but the Saudis believe that such and such a solution will be optimal." I'd say "Well, let's agree," because there is no desire to cheat or deceive, and there is a desire come to a common decision. A decision that A) - benefits everyone and B) will benefit the world energy markets. I believe that this is the case. This level of trust is very important. Well, I hope it's the same on the other side," Putin said.