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Oil needs to be at 'reasonable level': Putin

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Oil needs to be at reasonable level: Putin

Published: Sun 13 Oct 2019, 6:40 PM

Last updated: Sun 13 Oct 2019, 8:42 PM

Russian President Vladimir Putin said in remarks aired on Sunday that global oil inventories need cutting to "reasonable levels" and that Russia would work with Saudi Arabia and other partners to "reduce to zero" attempts to destabilise oil markets.
Putin was speaking in an interview with Arab broadcasters including Al Arabiya TV ahead of a visit to Saudi Arabia.
He said that a series of strikes - on oil tankers in Gulf waters and more limited assaults on Saudi oil assets - in recent months would strengthen cooperation between producers inside and outside Opec, an alliance known as Opec+.
"If someone thinks such acts - seizing tankers and attacking oil infrastructure - will in any way affect Russia's cooperation with our Arab friends, Saudi Arabia and the UAE, or in any way destroy Opec+ cooperation, then they are all wrong," he said according to an Arabic-language transcript. "Quite the opposite, this will unite us because our goal is stability of global energy markets,"
Also on Sunday, Putin said said Russia is studying new investments in Saudi Arabia. Russian company Sibur Holding was looking at building a petrochemical complex in Saudi Arabia with investment worth more than $1 billion, he told Al Arabiya TV.
- Reuters

By Aziz El Yaakoubi and Lisa Barrington

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