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Vladimir Putin said that Russia could resist the drop in oil

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Russian President Vladimir Putin said Russia could cope with the recent drop in oil prices due to the spread of the coronavirus, but gave the signal that it could collaborate with the Passport Organization 39; oil export (OPEC), which is pressing for more production cuts.

Moscow is resisting further supply restrictions, arguing that declining production of OPEC and its allies, known as OPEC +, does not necessarily stimulate demand, said sources.

OPEC + will meet in Vienna this week to decide on production policy at the end of its supply pact at the end of March.

Several key OPEC members, led by Saudi Arabia, are leaning toward more-than-expected production cuts, four sources told the Reuters, but Russia is not. has not yet specified its position on the proposals.

I want to emphasize that for the Russian budget, for our economy, the current level of oil prices is acceptable, said Mr. Putin during a meeting with Russian officials and energy producers to discuss of the coronavirus and its implications.

Let us add, however, that this does not neglect the need to act, even with foreign partners.

OPEC + has proven to be an effective instrument for ensuring the long-term stability of world energy markets, he said at the meeting, according to comments published on the Kremlin website.

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