OPEC Secretary General Mohammed Barkindo said that Russia has pledged not to abandon a deal with OPEC to keep a lid on oil supplies, even as crude prices rise.
Barkindo said that he received assurances both from President Vladimir Putin and Russian Energy Minister Alexander Novak that they will remain committed to the OPEC, non-OPEC collaboration and the Declaration of Cooperation
"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. We are all in the same boat," the OPEC chief told CNBC on the sidelines of the Egypt Petroleum Show in Cairo.
According to Barkindo, it is in the interest of OPEC, Russia and other non-OPEC producers to continue coordinating policy even after the market rebalances.
"This is a work in progress and we are confident that a global forum such as the Declaration of Cooperation will serve as an insurance against future severe volatility and downturn that we had seen beginning in the autumn of 2014," he said, referring to the start of a punishing three-year downturn in oil prices.
"I think we have learned enough lessons, and we are beginning to put some building blocks in order to institutionalize this partnership," the secretary general stressed.
