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Meeting with OPEC Secretary General Mohammad Barkindo

October 3, 2018, Moscow

Prior to the plenary session of the Russian Energy Week forum, Vladimir Putin had a meeting with Secretary General of the Organisation of the Petroleum Exporting Countries (OPEC) Mohammad Sanusi Barkindo.

President of Russia Vladimir Putin: I am delighted to see you. To begin with, I would like to point out that we have developed very productive contacts and effective interaction over the past several years. I think the joint work was beneficial for all market participants, including energy producers and consumers.

We are being very responsible and are not trying to make the prices skyrocket, but we are instead trying to balance the situation. Thanks to our joint efforts, I think this is the first time all the participants of these agreements almost fully comply with their obligations.

I think we should use the positive experience of our cooperation in the future and expand it; not just balance the market situation, but engage in scientific research and joint market forecasting as well. We share many interests.

Secretary General of the Organisation of the Petroleum Exporting Countries Mohammed Barkindo: Mr President, I want to once again thank you for the great leadership that you have shown, especially in the last two to three years.

It is a global consensus that what we have been able to achieve between the OPEC and non-OPEC producers would not have been possible without your personal leadership.

We have been able to bring 24 producing countries, now 25, on one platform to stabilise the oil market on a sustainable basis. And, as the President mentioned himself, this was not only for our benefit as producers but also for the consuming countries.

Now, going forward, as the President is aware, we are discussing among ourselves how we can make this permanent cooperation institutionalised. All the parties are flexible on the terms and conditions of this partnership. But whatever form and shape it takes we all expect the Russian Federation to continue to take a leadership role in that framework.


October 3, 2018, Moscow