Russian President Vladimir Putin said at the International Arctic Forum that Russia will decide on extending OPEC oil cuts depending on the market. Over the last few months, The Kingdom of Saudi Arabia and a few other OPEC member nations were trying to cooperate with Russia and other oil-producing countries to manage supply for the next three years.

Putin said that Moscow will take the lead in monitoring crisis in Libya, Venezuela, and Iran, and their impact on the oil market. Although “there is no crisis in Iran,” there will be “sanctions that limit the country’s markets.”

“This is what I meant by saying that we would closely monitor the situation on the market. If the United States swiftly takes hold of Venezuelan oil reserve and increases accessibility on the world markets, or Libya enters the global market, or someone thinks that it is necessary to stop putting pressure on Iran and Iran enters the market with additional volumes, then we will have to take all this into account and make the appropriate decision,” he said.