Environment & Energy | Thursday 29 November, 2018 4:23 am |

Russian President Vladimir Putin on Wednesday praised the role of Saudi Arabia and Crown Prince Muhammad Bin Salman, deputy premier and minister of defense, in the success of concluding agreements aimed at cutting oil production.

The Russian president was responding to a question on the agreements to reduce oil production during his participation in the ‘Russia Calling’ Investment Forum, the Saudi Press Agency reported quoting a statement from the Kremlin.

This was for the first time there has been a cooperation between OPEC countries and producing countries from outside the organization and implementing all the agreements among them 100 percent.

Putin said current oil prices around $60 a barrel are “absolutely fine” for his country, adding that Moscow is ready if needed to work with OPEC on stabilizing the market after a major drop.

He pointed to the success of the OPEC+ agreement on output cuts, singling out Saudi Crown for praise. “This is effectively an achievement of Saudi Arabia and the Crown Prince, he was the initiator of this work that led to positive results,” he said.