TOKYO, April 4. /TASS/. The decision of OPEC+ to reduce oil production will be a "tailwind" for Russia and indicates a decrease in the role of the United States in the Middle East. This is how the leading Japanese economic newspaper Nikkei commented on the latest steps of the group, which unites OPEC members, Russia and a number of other non-OPEC members.
"The reduction in oil production will be a tailwind for Russia, which <…> will coordinate such a policy with Saudi Arabia and other countries. In 2021, 40% of revenues to Russia’s state budget came from oil and other energy exports. Rising oil prices directly increase Russian income," the newspaper notes.
"The decision to cut oil production was made in view of the imminent sharp reaction from the United States. This clearly indicates a reduction in the weight of the United States in the Middle East and a deepening split between the United States and the countries of the region," Nikkei writes. These countries began to take Washington's opinion less into account in their policy, the newspaper notes.
"Saudi Arabia and other oil producers are seeking to diversify their partners in the interests of developing a national industry that can reduce their dependence on hydrocarbon exports. In this context, the role of China, which has just played a role in improvement of relations between Saudi Arabia and Iran, is increasing," the publication notes.
On April 2, a number of OPEC+ countries announced voluntary reductions in oil production from May to the end of 2023 to ensure the stability of the global energy market. These decisions were confirmed following a meeting of the OPEC+ Ministerial Monitoring Committee held on April 3. The total reduction, including Russia’s share, will be 1.66 million bpd. This reduction will be an addition to the agreements in force since November 2022 to reduce production by 2 million barrels per day under the OPEC+ deal.