Russian President Vladimir Putin attends a ceremony to receive diplomatic credentials from newly appointed foreign ambassadors at the Grand Kremlin Palace in Moscow, Russia, December 4, 2023.
MOSCOW, Dec 5 (Reuters) - Oil output cuts agreed by the OPEC+ group will take time to kick in, the Kremlin said on Tuesday, as it confirmed that President Vladimir Putin would visit the United Arab Emirates and Saudi Arabia on Wednesday.
Putin will also host Iranian President Ebrahim Raisi in Moscow the following day, Kremlin spokesman Dmitry Peskov said.
Oil prices fell 2% last week after the OPEC+ announcement, but Brent crude futures were firmer on Tuesday.
The visit comes after OPEC+ agreed last Thursday to voluntary supply cuts totalling about 2.2 million barrels a day, included an extension of existing Saudi and Russian voluntary cuts of 1.3 million bpd.
Persons:
Vladimir Putin, Pavel Bednyakov, Putin, Ebrahim Raisi, Dmitry Peskov, Brent, Peskov, Iran's Raisi, Dmitry Antonov, Vladimir Soldatkin, Mark Trevelyan, Gareth Jones
Organizations:
Sputnik, Kremlin, United Arab, Palestinian, Hamas, Thomson
Locations:
Moscow, Russia, Ukraine, MOSCOW, OPEC, United Arab Emirates, Saudi Arabia, Saudi, United States, Gaza, Israel, Iran