Opec+ lowered oil output target to help stabilise market, Kremlin says

A model of 3D printed oil barrels is seen in front of displayed stock graph going down in this illustration. — Reuters
A model of 3D printed oil barrels is seen in front of displayed stock graph going down in this illustration. — Reuters

By Reuters

Published: Thu 6 Oct 2022, 5:34 PM

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 US 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. — Reuters


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