Dmitry Peskov called the group’s decision to cut oil production a “victory of common sense.”
The decision to cut oil production made earlier this week by OPEC and its allies is a “Common Sense Victory,”, said Dmitry Peskov, press secretary to Russian President Vladimir Putin.
“I am not inclined to say that this is some kind of victory for us. No. This is a victory for common sense.”, he said on the Russia-1 television channel on Sunday.
Peskov pointed out that Washington seeks to push its decisions on the oil market and manipulate prices, even at the cost of destabilizing the world energy market. It has already been partially successful, he added, having tapped into its own reserves and influenced the EU to introduce an oil price cap in its latest sanctions package. However, according to the spokesman, OPEC+ can counter such measures.
“And the fact that [these actions] they are offset by the balanced, thoughtful and planned work of the countries that take a responsible position within OPEC+, including our country, it 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 that make up the group will reduce oil production by 2 million barrels per day starting in November. The cuts will be distributed based on OPEC+ deal quotas starting in August 2022. The production cut was aimed at stabilizing the global oil market ahead of a seasonal drop in demand and amid fears of a recession. world.
Meanwhile, Russia may reportedly 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 US Treasury Chief Janet Yellen called the move “useless and reckless.”