MOSCOW, Russia – Russian President Vladimir Putin mentioned on Friday that choices made by the OPEC+ group to chop oil manufacturing had been “depoliticized” and weren’t associated to what Moscow calls its “special military operation” in Ukraine.
After Russia’s began what it calls a particular navy operation in Ukraine in February final yr, Western nations have accused OPEC of manipulating oil costs and undermining the worldwide financial system via excessive power prices. The West has additionally accused OPEC of siding with Russia.
“I have to tell you that all the decisions made within the framework of OPEC+ to reduce production are, above all, of a depoliticized nature,” Putin mentioned in feedback to the St Petersburg International Economic Forum.
“This is neither related to Russia’s special military operations, nor to some other considerations,” mentioned Putin, including that the present oil pricing setting was appropriate for Russia.
OPEC+ has in place cuts of three.66 million barrels per day (bpd), amounting to three.6% of worldwide demand, together with 2 million bpd agreed final yr and voluntary cuts of 1.66 million bpd agreed in April.
Putin additionally mentioned that Russia supplies totally different reductions to its oil in numerous markets. The United States mentioned Kremlin’s modifications to the way in which it taxes oil gross sales had been compelled by Western sanctions on Russia over Ukraine and can hit its oil manufacturing capability over time.
He mentioned that conventional Russian gross sales markets are being changed by different markets as Moscow is shifting away its oil and gasoline commerce away from Europe.
“We don’t see a catastrophe there,” Putin mentioned. — Reuters
Source: www.gmanetwork.com
