OPEC Plus agreed to voluntary cut of 2.2 million barrels per day (Getty Images)
The Kremlin said on Tuesday that the implementation of oil production cuts agreed by the OPEC Plus group last week will take some time, as Gulf states announced their support for the group's decisions, Reuters reported.
Kremlin spokesman Dmitry Peskov said: "The truth is that there are elements of inertia in the oil market, they are very large and heavy. Therefore, the entry into force is sometimes delayed. Therefore, coordination will continue."
The Kremlin confirmed that Russian President Vladimir Putin will visit Saudi Arabia and the United Arab Emirates on Wednesday, and will host Iranian President Ebrahim Raisi in Moscow the next day.
The Kremlin said Putin and Saudi Crown Prince Mohammed bin Salman would discuss cooperation within the OPEC Plus alliance during his visit to Saudi Arabia.
Russia's Interfax news agency quoted Peskov as saying Putin planned to discuss the oil market, Israel and Palestine during his visit.
Putin's visit comes after OPEC Plus agreed on Thursday on additional voluntary production cuts of about 2.2 million bpd, including extending existing Saudi and Russian voluntary cuts of 1.3 million bpd.
The last time Putin visited Saudi Arabia and the UAE was in 2019, the official TASS news agency reported.
The comments came as Saudi Energy Minister Prince Abdulaziz bin Salman said oil production cuts approved by the OPEC Plus alliance are likely to continue after the first quarter of next year if necessary, and pledged to implement the cuts in full according to the agreement struck last Thursday.
In an interview with Bloomberg, the minister said the cuts would only be withdrawn after considering market conditions and using a "step-by-step approach."
He added that although Russia may not reduce its production, it is enforcing its export restrictions. If Moscow fails to deliver on its pledges, as it did earlier this year, it has been transparent and promised compensation.
Meanwhile, the Gulf Cooperation Council said in the final statement of its summit in Doha on Tuesday that it supports the decisions of the OPEC Plus group "aimed at balancing oil markets."
Oil prices fell 2% last week after the OPEC Plus announcement, while prices were little changed on Tuesday.
By 13:01 GMT, crude futures were down 0.3 percent at $77.78 a barrel, while U.S. West Texas Intermediate crude futures were also down 0.3 percent at $72.83 a barrel.
Source: Agencies