According to the President of Russia, Vladimir Putin, the reduction in world oil production, between members of the Organization of petroleum exporting countries and producer countries not members, was a factor that helped stabilize markets and raised the prospects for greater cooperation between the Nations.
According to Putin, the reduction in the production opened to oil industry implement promising technological cooperation projects, especially in view of the return of investments in the sector. The Russian President also said that the country would be willing to extend the cuts until the end of 2018.
Other nations like Saudi Arabia have also announced that agree to keep oil cuts beyond the deadline, which should expire in March 2018. The intention is that the Court reduce the production to 1.8 million barrels per day until the end date.
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