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10 Oct, 2022 06:16

OPEC move balances 'chaos that the Americans create’ – Kremlin

Dmitry Peskov called the group’s decision to lower oil output a “victory for common sense”
OPEC move balances 'chaos that the Americans create’ – Kremlin

The decision to cut oil production made earlier this week by OPEC and allies is a “victory for common sense,” said Dmitry Peskov, the press secretary for Russian President Vladimir Putin.

I'm not inclined to say that this is some kind of a victory for us. No. This is a victory for common sense,” he said on the TV channel Russia-1 on Sunday.

Peskov noted that Washington seeks to push through its decisions about the oil market and manipulate prices, even at the cost of destabilizing the global energy market. It has already partially succeeded, he added, having tapped its own reserves and influenced the EU to introduce an oil price cap in its latest package of sanctions. However, according to the spokesman, OPEC+ can counterbalance such measures.

And the fact that [these actions] are countered by the balanced, thoughtful and planned work of the countries that take a responsible position within OPEC+, including our country, is very good. This at least somewhat balances the chaos that the Americans are creating,” Peskov stressed.

OPEC+ announced earlier this week that the countries comprising the group will cut oil production by 2 million barrels per day starting in November. The cuts will be distributed based on the quotas under the OPEC+ deal as of August 2022. The curtailing of output was aimed at stabilizing the global oil market ahead of a seasonal drop in demand and amid fears of a global recession.

Meanwhile, according to reports, Russia may cut its production by more than the amount prescribed by OPEC+ due to the new sanctions.

US President Joe Biden expressed disappointment with the OPEC+ decision, while the head of the US Treasury, Janet Yellen, called the move “unhelpful and unwise.

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