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The Kremlin: The OPEC + decision to reduce oil production aims to stabilize the market

Adel 6 October, 2022 2:34 pm Market Update

A Kremlin spokesman said on Thursday that the decision of the OPEC + group of major oil producers to cut production by two million barrels per day aims to stabilize the market.

Spokesman Dmitry Peskov stated that by agreeing to the production cut, OPEC+ confirmed its credibility as an organization responsible for market stability.

OPEC+, led by Saudi Arabia, at a meeting in Vienna on Wednesday ignored pleas from the White House to keep oil flowing and agreed to the cut, the largest since the 2020 coronavirus pandemic.

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