President Vladimir Putin said on Friday that Russia planned to keep cooperating with other countries to harmonize global energy markets and reduce price volatility.
The Organization of the Petroleum Exporting Countries and other producers led by Russia agreed to cut oil production by almost 1.8 MMbpd from January this year to rein in inventories and support prices. The deal runs to March 2018.
Putin. speaking at an informal meeting of BRICS nations in Hamburg where a Group of 20 summit is underway. also said that Moscow viewed the Paris climate change agreement as a basis for long-term cooperation.
Putin said last month he believed there was still time to get a global climate change deal done despite U.S. President Donald Trump saying he was pulling his country out of the Paris pact.
Russia has signed the Paris climate pact. but has not ratified it yet.