Russian President Vladimir Putin announced today, Wednesday, that the situation in the global oil market is "completely stable" overall.
During a government meeting, he reminded that his country has reduced oil production and that it is "at the required level," indicating that "all our decisions, including those related to voluntary production cuts, are specifically linked to the need to maintain a certain price environment in global markets and to dialogue and communication with our partners in OPEC+." OPEC+ oil producers unexpectedly announced in April that they would further cut crude production by approximately 1.16 million barrels per day.
