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Russia’s Putin: Saudi taking tough stance on OPEC deal

Russia’s Putin: Saudi taking tough stance on OPEC deal 8:16 pm | Published in: Europe & Russia , Middle East , News , OPEC , Russia , Saudi Arabia Russian President Vladimir Putin (L) and Saudi Arabia's King Salman bin Abdulaziz al-Saud (R) meet at the Al-Yamamah Palace in Riyadh, Saudi Arabia on October 14, 2019 [BANDAR ALGALOUD / SAUDI KINGDOM COUNCIL / HANDOUT - Anadolu Agency] 8:16 pm Russian President Vladimir Putin said on Thursday that Saudi Arabia was taking a tough stance on the output deal between OPEC and its allies because of Saudi Aramco’s initial public offering, but that Moscow respected Riyadh’s interests, reports Reuters .

Speaking to reporters in Brazil at a summit for BRICS countries, Putin said Moscow should continue to work with OPEC and that cooperation should not only be on oil production cuts.

OPEC, Russia and other oil producers have since January 1 implemented a deal to cut output by 1.2 million barrels per day. In July, the alliance renewed their pact until March 2020. They are set to meet for policy talks on December 5-6.

“We have really constructive dialogue with OPEC,” Putin said. “We understand that the tough stance, including from our friends from Saudi Arabia, is linked to the Saudi Aramco IPO. Everybody understands this. It’s an open secret.”

Saudi Arabia’s giant state oil company kick-started its IPO earlier this month and is set to start a share sale on November 17 in an initial public offering (IPO) that may raise between $20 billion and $40 billion .

Read: Saudi visit showcases Putin’s growing Middle East influence

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