OPEC oil output cuts should be seen as response to price cap — Russian Foreign Ministry
A number of OPEC+ countries announced the reduction of oil production until the end of the year April 2
UNITED NATIONS, April 19. /TASS/. The decrease of OPEC members' oil output level can be interpreted as a reaction to the Western price cap for Russian oil, because this move affects not only Russia, but also other exporters, Russian Deputy Minister of Foreign Affairs Alexander Pankin told reporters on Wednesday.
"OPEC’s step to reduce production - yes, it can be considered a measure against capping the prices on Russian oil," he said.
Pankin stressed that from a political point of view, Russia views the price cap on oil as completely unacceptable and illegal.
A number of OPEC+ countries declared oil production cuts until the end of the year on April 2. Saudi Arabia has decided to reduce oil production by 500,000 barrels per day (bpd) from May until the end of 2023, while the UAE will reduce production by 144,000 bpd, Iraq - by 211,000 bpd, Kuwait - by 128,000 bpd, Oman - by 40,000 bpd, Algeria - by 48,000 bpd, and Kazakhstan - by 78,000 bpd. In turn, Deputy Prime Minister Alexander Novak announced that Russia would extend a voluntary reduction in oil output of 500,000 barrels per day from the average February level until the end of 2023.