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World oil prices

OPEC+ deal helps avoid negative developments in energy markets — Kremlin

The Kremlin considers the deal to be successful, recalling that Moscow previously warned against hasty conclusions

© Yegor Aleev/TASS

MOSCOW, May 26. /TASS/. The negative developments in the global energy markets can be avoided largely thanks to the new OPEC+ deal, Kremlin Spokesman Dmitry Peskov told reporters on Tuesday.

Read also

OPEC calls for full implementation of OPEC+ deal

He noted that the Kremlin considers the deal to be successful, recalling that Moscow had previously "warned against hasty and emotional conclusions."

"We pointed at the fact that this is a forward-looking transaction, whose effectiveness also tends to manifest itself in the future," he said.

Read also

Kremlin says talk about oil output drop possible only after OPEC+ deal enters into force

"In any case, it can be stated that largely thanks to this transaction now they manage to avoid a completely negative situation, a slump, in energy markets," he concluded.

When asked if the parties to the agreement need to make additional efforts to further stabilize the situation on the energy market, the Kremlin official noted that "perhaps some elements related to reduced demand and overproduction cannot be fully eliminated, because it is impossible to completely reverse the global situation."

"But in general, it is obvious that the participating countries will monitor the way the situation is developing," Peskov added.

The spokesman recalled that "the deal has its own time frame, clearly defined." "Russia is a responsible participant in international relations, including in such a crucially important and sensitive industry as energy markets," he said, answering the question whether Russia continues to act within the framework of the agreement.

OPEC+ countries finalized the agreement on crude output reduction at an extraordinary meeting on April 12 in a move to stabilize the situation on the oil market. It came into effect on May 1 and will expire at the end of April 2022. The agreement comprises several stages.

The first stage implies reduction of output by 23 countries in May-June by 9.7 mln barrels per day. Russia and Saudi Arabia have the biggest reduction quotas — by 2.5 mln barrels per day, or by 23%, to 8.5 mln barrels per day. The total quota will decrease to 7.7 mln barrels per day starting July 2020, and to 5.8 mln barrels per day starting 2021. The terms of the agreement can be revised in December 2021.

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