OPEC+ Lowered Oil Output Target to Help Stabilise Market, Kremlin Says

OPEC+ oil producers agreed to lower their output target by 2 million barrels per day to help stabilise the market, Kremlin spokesman Dmitry Peskov said on Thursday.


The Saudi Arabia-led OPEC+ cartel agreed the cut at a meeting in Vienna on Wednesday, ignoring pleas from the United States to keep oil flowing.


“The OPEC and the OPEC+ format is the structure, which, repeatedly, has proved its reputation as a responsible organisation, which oversees the stability of global energy markets,” Peskov said when asked about U.S. criticism of the decision.

“That’s why, of course, the decisions which were taken, they are just aimed at oil market stabilisation.”

Peskov added that attempts to cap prices on Russian oil would backfire and be harmful for both oil producers and consumers.

Source: Reuters

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