Putin Says Oil Output Freeze Would Be Right Decision: Bloomberg

Russian President Vladimir Putin said an agreement between oil exporters to freeze output would be the right decision for the global market and Iran should compromise to achieve a deal.

Attempts by OPEC and non-OPEC oil exporters to reach a pact on stabilizing production levels earlier this year foundered because Iran, which is anxious to increase exports after the lifting of international sanctions, declined to participate.

“I think that from the point of view of economic expediency and logic, it would be right to find some sort of compromise,” on Iranian output, Putin said in an interview with Bloomberg, a transcript of which was published on the Kremlin website.

Reuters

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.