Putin claims he cut output in coordination with OPEC+. Organization denies it

Russian President Vladimir Putin said that the oil production cuts Russia has made in recent months were necessary to maintain a certain price level, Reuters reports. This contradicts assurances from other officials in the OPEC+ group of producers that they are not trying to manage the market in this way.

Russia has been declaring oil production cuts for several months. In a televised government meeting, Putin said the situation on the global oil market was "absolutely stable" overall thanks to the cuts. According to Putin, Russia had supported prices. Despite this, he said, production was at the "required level".

The Organization of the Petroleum Exporting Countries (OPEC), however, has repeatedly said it is not focused on a specific oil price, something large fuel consumers such as the United States accuse the group of doing.

Some observers, however, are more inclined to agree with Russia. They said the organization needs higher oil prices amid rising inflation.