© Reuters. FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters ahead of the OPEC and NON-OPEC meeting, Austria December 6, 2019. REUTERS/Leonhard Foeger
MOSCOW (Reuters) – OPEC+, the group of leading oil-producing countries, is important for providing stability on global energy markets, Kremlin spokesman Dmitry Peskov said on Monday, a day after the group met.
OPEC+ pumps around 40% of the world’s crude and has put in place cuts of 3.66 million barrels per day, amounting to 3.6% of global demand.
“The Russian Federation is a member of the joint (OPEC+) understanding. The OPEC+ format continues its work, there are common agreements that, of course, everyone will follow,” Peskov told a daily conference call with reporters.
“Of course, this format retains its importance and its significance for ensuring stability in international energy markets.”
OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, decided on Sunday after seven hours of talks to reduce overall production targets from 2024 by a further 1.4 million bpd in total.
Saudi Arabia will make a deep cut to its output in July on top of a broader OPEC+ deal to limit supply into 2024 as the group seeks to boost flagging oil prices.