By accepting the production cut, “OPEC +” demonstrated its legitimacy as an organisation in charge of maintaining market stability, according to spokesman Dmitry Peskov.
The “OPEC +” alliance also decided on Wednesday, while meeting in Vienna, to cut oil output by the most since the Corona pandemic broke out in 2020. Washington, which had hoped for the oil to keep flowing, disagreed with this decision.
Abdulaziz bin Salman, the Saudi energy minister, stated that “OPEC +” needs to adopt a proactive stance as central banks around the globe sought to tackle extraordinarily high inflation by raising interest rates, a move he described as late.
Oil prices may also recover as a result of the “OPEC Plus” production cut after falling to approximately $90 from $120 three months ago due to concerns of a worldwide economic slump, rising US interest rates, and a strengthening dollar.
The Kremlin: The market will be stabilised by OPEC+’s decision to cut oil production.
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