Putin: use of all oil market balancing mechanisms important

Putin: use of all oil market balancing mechanisms important

It is important to apply all the mechanisms for oil market balancing with participation of all countries, Russian President Vladimir Putin said at the Russian Energy Week Forum.

"It is extremely important to employ all the mechanisms for market balancing subject to interests of all countries, find mutually acceptable trade-offs. The OPEC+ deal, the history’s first successful interaction of OPEC member-states and non-OPEC countries, has become a bright example of such dialog," TASS cited the Russian leader as saying.

Oil prices have returned to their earlier level after the spike caused by the drone attack against oil facilities of Saudi Arabia, because there are no fundamental preconditions at the moment for the oil price increase, Putin said at the meeting with OPEC Secretary General Mohammed Barkindo.

"The recent large-scale attack against oil infrastructural facilities in Saudi Arabia certainly provoked the oil price hike," the Russian President said. "Nevertheless, I was confident everything would return to current figures because there are no fundamental grounds for dramatic fluctuations on the market," Putin said.