Russia's Putin: situation on oil market is stable

"We are reducing production, but nevertheless it is at the required level," Putin said. Last week, oil pricing benchmarks fell for a fourth consecutive week, the longest streak of weekly declines since September 2022, over fears of a U.S. recession and risks of a historic default on government debt in early June.

Russian President Vladimir Putin said on Wednesday that the situation on the global oil market was, on the whole, "absolutely stable" as Russia maintains output cuts to support prices.

Putin told a televised government meeting that Russia had been cutting production and it was at the "required level". He added: "But all our actions, including those related to voluntary production cuts, are connected precisely with the need to maintain a certain price environment on world markets, in dialogue and contact with our partners in OPEC+."

Russia said on April 2 it would extend an oil production cut of 500,000 barrels per day - about 5% of its crude output - until the end of the year, compared with February levels. Leading OPEC members announced cuts on the same day. "We are reducing production, but nevertheless it is at the required level," Putin said.

Last week, oil pricing benchmarks fell for a fourth consecutive week, the longest streak of weekly declines since September 2022, over fears of a U.S. recession and risks of a historic default on government debt in early June.