Russia: OPEC+ decision to cut oil production is a 'victory for common sense'
The Kremlin said the "responsible stance" adopted by OPEC+ to reduce oil production serves to balance the "chaos" in global energy markets triggered by the US.
Sputnik - Last week, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to cut oil production by two million barrels per day (bpd), undermining the Biden administration's diplomacy in the Gulf nations aimed at increasing production amid a global energy crisis exacerbated by anti-Russian Western sanctions.
The "responsible stance" adopted by OPEC+ to reduce oil production serves to balance the "chaos" in global energy markets triggered by the United States, said Kremlin spokesman Dmitry Peskov.
"Of course, the fact that the [Russian] president was able to establish mutually respectful relations [with Saudi Arabia and the United Arab Emirates] that are based on mutual benefit, based on mutual trust — this, obviously, helps to discuss the more critical details. I am not inclined to say that this is some kind of victory on our part. It is a victory of common sense," Peskov said in an interview with Russian television on Sunday (9).
The spokesperson said it is good that such "balanced, thoughtful and planned work by countries that take a responsible position within OPEC resists US actions" is possible, since "this at least balances the chaos caused by the Americans."
OPEC+ agreed to cut oil production by two million bpd on Wednesday (5) after a ministerial meeting in Vienna, with the cuts expected to take effect in November.
The measure was taken amid growing uncertainty in global oil markets, caused in part by Western efforts to limit the buying and selling of Russian energy and introduce a "price cap" on Russian oil. Moscow officials have already warned that any attempt to "cap" Russian oil prices could lead to a disruption in exports. Russia accounts for approximately 10% of the global crude oil market.
"The US has literally begun to lose its self-control [...] Its main task is to carry out the decisions [targeting Russian energy] partially adopted by the European Union [EU] in its latest sanctions package, even at the cost of destabilizing the global energy market," Peskov said.
The White House expressed "disappointment" with the OPEC+ decision, vowing to dump another ten million barrels of the U.S. Strategic Petroleum Reserve onto the market, while some lawmakers threatened to withdraw U.S. weapons systems, troops, and contractors from Saudi Arabia and the United Arab Emirates in retaliation.
Secretary of State Antony Blinken said Washington would consider "various response options" against Riyadh over the cuts, while Biden's press secretary, Karin Jean-Pierre, accused OPEC+ of "aligning itself with Russia."
Democratic Senator Chris Murphy encouraged Washington to begin a "wholesale reassessment" of the United States' alliance with Riyadh, while Democratic Congressman Tom Malinowski accused the Gulf States of trying to sink the US economy and "help" Washington's enemies.
Saudi and OPEC+ authorities ignored Washington's concerns, assuring that the agreed cuts were designed to stabilize energy markets.
Amid reports that the United States may lift its sanctions on Venezuelan oil to address potential shortages, senior Republicans, including former President Donald Trump, have urged the federal government to encourage increased domestic oil production instead of going around the world "begging everyone for oil."
Commenting on the Biden administration's plans to consume even more of its reserves, Peskov suggested that "such a game will lead to nothing good" for Washington in the long run.
The 13 OPEC member states include Algeria, Angola, Republic of Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, and Venezuela, with the Saudis serving as the de facto leaders of the bloc. OPEC+ is composed of these members, plus major non-member oil producers who agree to supply agreements or those aimed at stabilizing global oil prices. Its members include Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, the Philippines, Russia, Sudan, and South Sudan.