19:22 GMT17 February 2020
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    Former Russian Finance Minister Alexei Kudrin stated that not all the Organization of the Petroleum Exporting Countries' (OPEC) member states will be fully committed to the agreements to limit oil output.

    SOCHI (Sputnik) — Not all the Organization of the Petroleum Exporting Countries' (OPEC) member states, which agreed to a deal to limit oil output in Algiers, will be fully committed to the agreement's implementation, former Russian Finance Minister Alexei Kudrin said Friday.

    "I think that not everyone will be fully committed to the agreements. For a certain period, 1-2 years, it will stabilize the prices," Kudrin told journalists speaking at the Sochi International Investment Forum 2016.

    He added that further developments will depend on the "more fundamental factors."

    On Wednesday, OPEC agreed to lower production to a range of 32.5 to 33 million barrels of oil per day from 33.4 million in a bid to re-balance the world oil market amid oversupply that caused prices to plunge to as low as $26 a barrel in February this year.

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    Tags:
    oil output, OPEC, Alexei Kudrin, Russia
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