‘Balanced, thoughtful’: Russia praises OPEC for production cut

US fears a spike in gasoline prices ahead of the midterm elections after OPEC+ decision to cut oil production by two million barrels per day starting in November.

epa10225191 Prince Abdulaziz bin Salman Al Saud (C), Minister of Energy, Industry and Mineral Resources of the Kingdom of Saudi Arabia, attends a press conference of the 33rd Organization of Petroleum Exporting Countries (OPEC) and non-OPEC Ministerial Meeting at the OPEC headquarters in Vienna, Austria, 05 October 2022. EPA-EFE/CHRISTIAN BRUNA
Saudi Prince Abdulaziz bin Salman Al Saud, centre, attends an OPEC meeting at its headquarters in Vienna, Austria, this month [Christian Bruna/EPA-EFE]

Russia praised OPEC+ on Sunday for agreeing to sharply cut oil production and fight what it called the “mayhem” sown by the United States in global energy markets.

The 13-nation OPEC+ group’s decision to cut oil output despite US opposition has put more distance in the relationship between US President Joe Biden and Saudi Arabia’s royal family.

Kremlin spokesman Dmitry Peskov said it was good that such “balanced, thoughtful and planned work of the countries that take a responsible position within OPEC is opposed to the actions of the US”.

“This at least balances the mayhem that the Americans are causing,” Peskov said, according to Russian news agencies.

The White House for months has engaged in diplomatic efforts to dissuade its Middle Eastern allies from cutting oil production.

Biden hopes to keep US petrol prices from spiking again ahead of November’s elections, in which his Democratic Party is struggling to maintain control of Congress.

‘Trying to manipulate’

Peskov said the US had begun to lose its composure over the OPEC decision and was trying to push additional volumes of its oil reserves onto the market.

“Such a game will not lead to anything good,” Peskov said.

White House Press Secretary Karine Jean-Pierre told reporters on Wednesday that the OPEC+ decision was “short-sighted” as the global economy was still languishing from “the continued negative impact of [Russian President Vladimir] Putin’s invasion of Ukraine”.

“It’s clear that OPEC+ is aligning with Russia,” Jean-Pierre said.

On Wednesday, OPEC+ agreed its deepest cuts to oil production since the COVID-19 pandemic began, curbing supply in an already tight market despite pressure from the US and others to pump more.

The 13-nation OPEC cartel, plus 10 allies led by Moscow, agreed at a meeting in Vienna to slash output by two million barrels per day starting in November.



Source: News Agencies