Putin hints at concessions to OPEC

RUSSIA / FSU POLITICS - In Brief 02 Mar 2020 by Alex Teddy
On March 1 Putin said the present oil price is ''acceptable''. This is taken as a clue that Moscow will give in to pressure from OPEC at a meeting in Vienna this week. Coronavirus has led to a fall in demand for oil and driven down oil prices. Putin used his favorite word 'stability' to describe what he wants from OPEC+.Saudi Arabia and other OPEC countries are likely to want a large production cut. Russia does not want any cut but is likely to agree to a smaller one.

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