Russian President Vladimir Putin said yesterday he was confident the oil market would find its balance by the middle of next year.

“I am confident that in the first quarter, in the middle of next year the (oil) market will find a balance,” Putin told a meeting with the chief executive officer of France’s Total, Patrick Pouyanne.

Putin added he had expected oil prices to fall after Opec’s meeting and said Moscow had not insisted on any specific action to stabilise them.

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