OPEC+ countries managed to ensure oil sector stability during pandemic

TASS Russian News Agency | Oct 13, 2021 at 4:25 PM

/Update/

MOSCOW, October 13. /TASS/. OPEC+ countries managed to establish efficient interaction and support oil sector stability in pandemic conditions, Russian President Vladimir Putin said at the plenary session of the Russian Energy Week forum.

"Agreements in OPEC+ format played the key role in oil market stabilization at that time. OPEC member-states and countries that were not members of this organization managed to establish efficient interaction, support oil sector stability in pandemic environment and, most importantly, create conditions for the investment activity. In case investments in greenfields, in oil prospective development halted, the market would inevitable face the large-scale critical shortage in the near future," Putin said.

Russia is the responsible member of the OPEC+, the head of state stressed.