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Kremlin sees no reason for emergency meetings and negotiations due to lower oil prices

Dmitry Peskov noted that the "effect from the agreements" within OPEC+, aimed at adjusting energy prices is often postposed

© AP Photo/Gregory Bull

MOSCOW, December 25. /TASS/. The Kremlin sees no reason for emergency meetings and international negotiations due to lower oil prices, Russian Presidential spokesman Dmitry Peskov told reporters on Tuesday.

"There is no reason for any emergency meetings," Peskov said answering a question abou a possible meeting in the Kremlin due to declining oil prices.

According to Peskov, the Russian government "keeps this topic under control". He noted that the "effect from the agreements" within OPEC+, aimed at adjusting energy prices is often postposed. "That is, the effect is not momentary, so here it is necessary to assess the effectiveness of these agreements in a certain perspective ... At least, judging by one or two weeks is impossible," Peskov added.

Answering the question of whether the Kremlin expects some growth of oil prices in the future, Peskov said, "At least, agreements on reducing production levels that reached within OPEC+ have been focused on a certain correction in oil prices."

On December 7, OPEC+ countries decided to reduce production by 1.2 mln barrels per day in the first half of 2019.

On Tuesday, Russian Energy Minister Alexander Novak said that the oil market will stabilize by the summer of 2019 as a result of agreements reached in December in Vienna between OPEC and non-OPEC countries.

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