OPEC decision offsets ‘American-created chaos’ – Kremlin – RT Business News


Dmitry Peskov called the group’s decision to cut oil production a « victory for common sense »

The decision to cut oil production earlier this week by OPEC and its allies is a « victory of common sense,said Dmitry Peskov, press secretary to Russian President Vladimir Putin.

« I’m not inclined to say it’s any kind of victory for us. No. It’s a victory for common sense“, he declared Sunday on the television channel Russia-1.

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

« And the fact that [these actions] are countered by the balanced, thoughtful and planned work of countries that take a responsible position in OPEC+, including our country, is very good. It at least somewhat balances out the chaos the Americans are creatingPeskov pointed out.

OPEC+ announced earlier this week that the countries making up the group would cut their oil production by 2 million barrels a day from November. The cuts will be distributed on a quota basis under the OPEC+ deal from 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 a global recession.

US blasts OPEC over ‘reckless’ move

Meanwhile, according to reports, Russia could cut 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 decision « unnecessary and reckless.

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