MOSCOW: Certain countries’ discontent with oil output reduction by Russia and Saudi Arabia is their own business, Kremlin Spokesman Dmitr...
MOSCOW: Certain countries’ discontent with oil output reduction by Russia and Saudi Arabia is their own business, Kremlin Spokesman Dmitry Peskov told reporters on Monday.
"Whether other countries are satisfied or unsatisfied is probably their own business," he said when asked about the White House’s discontent with the decision by Saudi Arabia to cut crude production together with Russia.
"We rely on decisions taken by oil-producing countries. In this case the position of both OPEC+ and OPEC is important. And in this case maintaining global prices for oil and petroleum products at proper levels meets the interests of global energy," Peskov added.
"Obviously," he said when asked whether those policies meet the interests of global markets. "Obviously, since it has been repeatedly stated by experts that a certain level of prices is important for the global energy that will allow keeping investments as well, keeping exploration of new reserves as the sector itself is very investment intensive," Peskov explained.
On April 2, a number of OPEC+ countries announced output cuts by the end of the year: Saudi Arabia - by 500,000 barrels a day from May until the end of 2023, the United Arab Emirates - by 144,000 barrels a day, Iraq - by 211,000 barrels a day, Kuwait - by 128,000 barrels a day, Oman - by 40,000 barrels a day, Algeria - by 48,000 barrels a day, and Kazakhstan - by 78,000 barrels a day. Russian Deputy Prime Minister said Moscow would extend its voluntary oil output reduction by 500,000 barrels per day from the February average until the end of 2023.
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