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Kremlin praises OPEC+ for countering U.S. 'mayhem'

Published 10/09/2022, 07:27 AM
Updated 10/09/2022, 08:01 AM
© Reuters. FILE PHOTO: A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File Photo

MOSCOW (Reuters) -The Kremlin on Sunday praised OPEC+ for agreeing production cuts that had successfully countered the "mayhem" sown by the United States in global energy markets.

The OPEC+ decision to cut oil production despite stiff U.S. opposition has further strained already tense relations between President Joe Biden's White House and Saudi Arabia's royal family, Reuters reported on Saturday.

The White House pushed hard to prevent the output cut. Biden hopes to keep U.S. gasoline prices from spiking again ahead of midterm elections in which his Democratic party is struggling to maintain control of the U.S. Congress.

Kremlin spokesman Dmitry Peskov said it was very good that such "balanced, thoughtful and planned work of the countries, which take a responsible position within OPEC, is opposed to the actions of the U.S.".

"This at least balances the mayhem that the Americans are causing," Peskov said, according to Russian news agencies.

U.S. Treasury Secretary Janet Yellen said a decision by OPEC+ to cut oil production was "unhelpful and unwise" for the global economy, the Financial Times reported.

© Reuters. FILE PHOTO: A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File Photo

Peskov said that the United States had begun to lose its composure over the OPEC decision and was even trying to push additional volumes of its reserves into the market.

"They are trying to manipulate with their oil reserves by throwing additional volumes into the market. Such a game will not lead to anything good," Peskov said.

Latest comments

Investing.com, pls. stop the spammers in the comment section!
US provided HIMARS will continue to decimate Russian supply depots, rendering their useless of a joke armed forces inert. Russia will continue to lose until the majority of Russian troops are dead or Putin is overthrown or assassinated. After Ukraine is done recapturing the east and south, they're going for Crimea.
Yep.
wake up kid.. it's already morning :v :v
And another day of Russian retreats begins.
Perhaps, EIA data needs to be re-posted here, taking into account blatant attempt of certain poster to misinform. As of now US oil production is about 11.8 Mbpd.  Max production was reached in November 2019, when it was about 13 Mbpd.  In other words, production is about 10% below max now. This margin can produce miracles, in pricing terms, in the tight market.
you are stating oil rigs during covid lock down. Rig count in 2019 were over a 1000 and now we sit with 763, quite a drop from peak production and even -3 for the week. Actually oil production is still below end of year of 2019. You are like the media with your statements. Lets be real, there are no incentives for oil companies to up production for fear of losing money. Biden stopped all future leases when he took office and closed down a pipeline construction that caused oil to rise $10.00 a barrel. That keystone pipeline was $10.00 a barrel of hope. Who knows how low it could go if completed. Since we are lower then 2019 production but we have higher population, the economy is back open but nothing is accounting for this short fall. If the administration doesnt change its policy it will wreak havok on all of us.
You wrong. Lock downs ended well before Biden took office. Since Biden took office -- a period for which he has responsibility -- Oil production is up 60%, oil rig count has doubled and the US is energy independent.
my statement and numbers are accurate. This is an investment site and these numbers can be used to make money on a great investment. Oil will rise over the next 12 months how much is anyones guess, but these numbers tell us so. The best investment over the next 12 months will be XOP. You can thank me later. You can also reap in XLE, OIH and some individual holdings as well if you are savy enough to find the gold nuggets. There is no shame if your not most of are’nt so buy XOP.
Russia is simply trying to do what any other country will do. Trying to secure its territory. When USSR was disbanded Ukrain promised not to align with the west. Just imagine what US will do if countries closer to them such as Cuba or Mexico joins in a military alliance with Russia. Will US simply sit and watch? Just because US controls all the media doesn’t mean what they are telling everything is true. Ukraine will be a disaster in th long term once this war is over. And Zelenskyy will be a fool for continuing this war. If US is really a humanitarian they would have done everything in their power to conduct peace talks. But they simply instigating Ukraine to fight the war by supplying weapons to them
That's a ridiculous claim. A country with 6000 nuclear weapons feels threatened?Stop joking. They trying to take the land and connect it to Moldova .Call it Novorossyia. Why Ukraine can’t be part of the EU or Nato? Says who? Putin?
Thanks for the clear headed comment. India would not allow for a second Pakistan militarily invading Kashmir just because Pakistan decided it wanted to have it.
See thats the ideology that west has in themselves. US definitely has its own agenda in expanding NATO presence in the europe closer to Russia and simply its propogating thats its ukraine’s choice or people’s choice bla bla through its own controlled mediaBtw you guys didnt answer the scenario if mexico or cuba joins a military alliance with Russia. Will US keep quiet and watch that its the country’s wish?!
An insane dem policy of get cleaned while our enemies clean up. Immediately we must reverse course and drill drill dril and promote energy independence. Otherwise dems are out despite roe v wade
RoeWade has been exploited by demagogues to push the country in the deepest hole ever.
trumpPacked the supreme court to overthrow roe v wade what a *****
@Robert: The US is energy independent. Get your facts straight and don't be a know-nothing moran.
When the Gestapo praises you, you need to look in the mirror and re-examine your decision.
Well said! Many people simply align themselves against people the dislike and never examine the morality of where that leads them.
Under President Biden, oil companies are producing 60% more oil. The number of oil and gas rigs in the US had more than doubled since Biden took office.(still not as high as under Obama, though). The US is the worlds largest producer of crude oil. Don't believe the misinformation agents here pretending like they are concerned about America.
These are verifiable facts, sister. Change the channel. Do your own research Don't be a simp.
This entire Brad dilusion is 100% incorrect. He must get his bad information off tic tok and fake book?
Why do MAGA nuts find it easier to swollow Trump's splooge than reality? All of the facts I cited are verifiable at eia. gov.
right only reason Russia is happy is cause they need petro dollars to fund their illegal invasion. though repugnicans also love high priced oil and selling weapons
Biden has stifled domestic oil production and alienated foreign oil producers. What can go wrong with this?
What are you talking about? As you know, the US exports more oil than it consumes.
Russia is cuasing the mayhem with their violent invasion and will burn for it
what about FED?
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