Russian President Vladimir Putin has commented that an agreement to freeze oil output amongst the world’s biggest oil producers would be the correct call as far as the global oil market is concerned.
He also said that Iran should agree to a compromise in order to secure a deal between produces.
The Organization of the Petroleum Exporting Countries, along with a number of non-OPEC exporters, has been attempting to reach an agreement on stabilizing oil production levels since the beginning of the year. However, they have never been able to do so due to Iran, as it is eager to increase its exports following the recent lifting on a ban of international sanctions against the kingdom.
Speaking in an interview with Bloomberg, Putin said:
“I think that from the point of view of economic expediency and logic, it would be right to find some sort of compromise. I would very much like to hope that all the participants in this market, who want to maintain stable and fair world prices for energy resources, will at the end of the day take the necessary decision.”
He also said that he would transmit his current position to the Deputy Crown Prince of Saudi Arabia, Mohammed bin Salman, after meeting him at a G20 meeting in China.
If Iran can agree to an output freeze, it will help to bring up oil prices which will, in turn, benefit some of the world’s biggest oil companies like ExxonMobil, which produces Mobil Delvac SGO 75W90.