OPEC+ decision to cut oil production matches world energy interests, helps maintain prices - Kremlin

MOSCOW. April 3 (Interfax) - The decision of certain OPEC+ countries to cut oil production matches the world's energy interests and helps maintain prices at an appropriate level, Kremlin spokesman Dmitry Peskov said.

"We are guided by the decisions made by oil-producing countries. In this case, the stance of the OPEC countries and OPEC+ countries is important. In this case, it matches the world's energy interests and helps maintain world oil and petroleum product prices at the appropriate level. This is what one should be guided by," Peskov said.

"Experts have repeatedly affirmed the importance of certainty in world energy and a certain level for prices, which prevents a drop in investment and in prospecting for additional reserves, since this is an investment-intensive sector, he said."

"Given that alternative energy will not be able to provide substantive, stable development for all countries in the foreseeable future, priority should still be given to this sector," he said.

While commenting on a White House statement which expressed dissatisfaction with the decision to cut oil production, Peskov said, "[Whether they're] happy or not, that's their business."

As to whether Russia consulted OPEC+ countries before deciding to extend oil production cuts, Peskov said that Moscow remains in constant contact with OPEC+ countries interested in the oil market's stabilization.

"Russia is in constant contact with a number of OPEC+ countries, this is a regular process, but nothing more. In this case, the countries pursue an independent course and have their own interest in the market's stabilization," he said.

Eight out of 20 OPEC+ countries, including Russia, which extended oil production cuts by 500,000 barrels per day from June to the end of 2023, announced a voluntary, coordinated reduction of oil output by 1.7 million barrels per day on April 2, lasting from May to the end of this year.