Kremlin urges not to rush to conclusions about need for OPEC+ to increase oil output
Commenting on the words of US President Joe Biden that the OPEC+ countries should increase oil production, Kremlin spokesman Dmitry Peskov called for waiting until the next consultations of the alliance, News.Az reports citing TASS.
"Russia is a party to the OPEC+ agreements. We adhere to our obligations under these agreements. However, it is a flexible mechanism, and taking into account the infrastructural and situational changes, every time at a given moment, the situation is subject to revision and subsequent decisions. What these decisions will be - let's wait for the planned or extraordinary consultations, if necessary," the Kremlin spokesman said.
On October 31, speaking at a press conference in Rome after the G20 summit, US President Joe Biden said that the refusal of Russia, Saudi Arabia and other oil-producing countries to increase oil production amid rising prices for oil products is a wrong step. When asked what the White House intends to do to make the OPEC+ countries increase production volumes, Biden said he would not like to talk about these steps until they are taken.
At a meeting on October 4, the ministers of the OPEC+ countries decided to continue to increase oil production by 400,000 barrels per day in November. That means that in October, the OPEC+ countries will reduce oil production by 4.559 mln bpd to the base level, and in November - by 4.159 mln bpd. Due to the restriction of oil production and the return of the US economy to work after the pandemic, the price of gasoline has risen significantly.