OPEC+ cut output to stabilise oil markets: Russia

The Kremlin said Thursday that an OPEC+ decision to sharply cut production was designed to stabilise global oil markets, after Washington said the move was a concession to Moscow.

“The decisions that were taken were aimed at stabilising oil markets,” Kremlin spokesman Dmitry Peskov said.

He said it was proof that “some countries understand the absurdity” of Washington’s demand for a price cap on Russian oil.

The decision from the 13-nation OPEC cartel helmed by Saudi Arabia and a group of 10 exporters led by Russia angered the United States, which has been lobbying to hold down fuel prices and isolate Russia over its Ukraine aggression.

The European Union has also proposed introducing a price cap on Russian oil as part of new sanctions over Ukraine.

Moscow on Wednesday that a price cap on its oil would have a “detrimental effect” on global markets and warned it would not supply crude to countries that introduce it.