Russia: Reducing oil production is important to support global prices

The Kremlin said on Monday, April 3, that supporting oil prices and petroleum products is in the interest of the global energy sector, a day after Russia announced that it would extend a cut in its oil production by 500,000 barrels per day until the end of the year.

Russia is a member of the OPEC + group of oil producing countries, which announced combined cuts of about 1.16 million barrels per day, in a surprise move on Sunday that the United States described as irrational.

Asked about the US criticism, Kremlin spokesman Dmitry Peskov told reporters, “In this case, it is in the interest of the global energy (sector) to maintain global prices for oil and oil products at the appropriate level. This is what we should focus on. Whether other countries are satisfied or not.” It’s their private matter.”

Peskov added that it is important to keep prices at a certain level because this sector is highly invested and because in the foreseeable future it is not possible to meet the needs of all countries from renewable sources.

When asked if Russia had coordinated its measures with OPEC +, he said, “Russia is in constant contact with a number of countries of the OPEC + group. This is a normal process, but nothing more. In this regard, countries have an independent line, an independent interest in market stability.” “

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *