Russia has pledged not to abandon a deal with OPEC to keep a lid on oil supplies, even as crude prices rise, OPEC Secretary General Mohammed Barkindo said on Monday.
A stronger-than-anticipated rally has raised concerns that Russian oil giants will seek an exit from OPEC's agreement with Moscow and other producers to limit their output. Oil prices have rebounded nearly 60 percent since June, with Brent crude rising to three-year highs above $71 a barrel, prior to a pullback last weekthat wiped out its gains for 2018.
Those worries have been compounded by rising U.S. crude exports that threaten to loosen Russia and Saudi Arabia's grip on key overseas markets at a time of strong economic growth and rising demand for petroleum products.
However, Barkindo says President Vladimir Putin and Russian Energy Minister Alexander Novak have assured him Russia won't blink.
"I have heard and received assurances both from Mr. Alexander Novak and President Putin that they will remain committed to the OPEC, non-OPEC collaboration and the Declaration of Cooperation," he told CNBC on the sidelines of the Egypt Petroleum Show in Cairo.
"They have proved this beyond any reasonable doubt through their high level of conformity to their supply adjustment, so I think there's no concern here," he said. "We are all in the same boat."