Putin: OPEC+ is managing to keep prices stable

The OPEC+ alliance aims for price stability in the oil market, not endless increases, and so far, it is achieving this, said Russian President Vladimir Putin, as cited by the Interfax news agency.

"We are not going to raise prices indefinitely because it harms both producers and consumers. But we want to achieve stability. So far, we have succeeded," Putin stated.

The goal of OPEC+ is to "regulate prices in the market."

OPEC+ members, led by Saudi Arabia and Russia, agreed on Sunday to extend voluntary oil production cuts of 2.2 million barrels per day until the second quarter, providing additional support to the market amid concerns about global growth and increased production outside the group.