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Russia: OPEC+ important format to stabilize the oil market

Dmitri Peskov, Kremlin spokesman, highlighted OPEC + agreement to extend crude oil production cuts until the third quarter of 2025

The Organization of the Petroleum Exporting Countries and other allied independent producers (OPEC +) is an important format that contributes to the stabilization and predictability of global energy markets, assured Kremlin spokesman Dmitri Peskov.

During a press conference replicated by the sputnik agency, the senior Russian official noted that the OPEC+ decision to extend crude oil production cuts until the third quarter of 2025 is the “product of agreements”.

“You will already know that we actively participate in this dialogue and maintain a very responsible stance. We certainly appreciate the interaction with the partners in this dialogue. All approved agreements are the product of agreements,” the spokesperson stressed.

It is important to highlight that another of the OPEC + decisions highlights the extension of the evaluation period by three independent sources until the end of November 2025, which will be used as guidance for 2026 reference production levels.

OPEC+ only modified the quotas for the United Arab Emirates (UAE), which is proposed to increase the production ceiling by 300.000 barrels per day to 3,519 million barrels per day (mb/d).

At the same time, taking into account the increase in the UAE quota and Angola's withdrawal from the alianza, the total OPEC+ production cap now stands at 39,725 mb/d.

sourceSputnik

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