Russia will continue working together with OPEC to stabilize the oil market not only through output regulation but also in other spheres as well, Russian President Vladimir Putin told reporters after the BRICS summit in Brazil on Thursday.
"A constructive dialogue has been established with OPEC. We understand where this tough position [on cutting output] comes from, including the position of our friends in Saudi Arabia on Saudi Aramco IPO," Putin said. "They have their own interests, and we should respect that, which is what we are doing. When it comes to prospects for cooperation, it will not be limited to regulating output," TASS quoted him as saying.
"The system of relations between Russia, OPEC and non-OPEC countries represents an effective instrument of maintaining the balance on the global energy market that is important for everyone, both consumers and producers," he stressed.