Russia is committed to apply the oil supply cut agreement with the Organization of Petroleum Exporting Countries (OPEC) and its allies, according to the United Arab Emirates (UAE)’s Energy Minister, Suhail Al-Mazroui, Reuters reported.
The minister says that Russia cannot increase the oil output unless the country coordinates with other members of the organization.
“Russia will not increase its output unless in coordination with the rest of OPEC and OPEC+ countries,” Al-Mazroui said.
“I believe in the wisdom of Russia, and I believe that Russia has benefited from this agreement… I don’t see any reason for Russia not to continue with us,” he added.
On the other hand, Russia has not yet taken a final decision about whether it will be necessary to extend the current oil output cut deal with the OPEC and its allies, according to Russian Energy Minister, Alexander Novak.