Breaking News
Get 40% Off 0
🔎 See NVDA's full ProTips for an instant risks or rewards Claim 40% OFF

Putin says Russia not working 'against anyone' in energy markets

Published Oct 11, 2022 10:31AM ET Updated Oct 11, 2022 12:02PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Russia's President Vladimir Putin attends a meeting with United Arab Emirates' President Sheikh Mohammed bin Zayed al-Nahyan in Saint Petersburg, Russia, October 11, 2022. Sputnik/Pavel Bednyakov/Pool via REUTERS

(Reuters) - President Vladimir Putin said on Tuesday that Russia was not working against anyone on energy markets and was seeking a balance between oil supply and demand, a week after Washington criticised a decision by OPEC+ to steeply cut oil production.

Speaking with President Sheikh Mohammed bin Zayed al-Nahyan of the United Arab Emirates, Putin said Russia aimed to create stability on energy markets and ensure that supply and consumption were balanced.

"We are also actively working within the framework of OPEC+. I know your position, our actions, our decisions are not directed against anyone, we are not going to and do not do it in such a way as to create problems for anyone," Putin said at the meeting in St. Petersburg.

"Our actions are aimed at creating stability in the global energy markets, so that both consumers of energy resources and those involved in production, suppliers to the global markets feel calm, stable and confident. So that the supply and demand would be balanced."

U.S. President Joe Biden has called on his administration and Congress to explore ways to boost U.S. energy production and reduce OPEC's control over energy prices after what Washington called the cartel's "shortsighted" production cuts.

The move drew a sharp response from Biden that underscores the growing rift between the United States and Saudi Arabia on energy policy.

Before the meeting, the UAE's foreign ministry said the visit aimed to help reach "effective political solutions" to the Ukrainian crisis.

The UAE sought to "achieve positive results for military de-escalation, reduce humanitarian repercussions, and reach a political settlement to achieve global peace and security," the ministry added.

Sheikh Mohammed said on Twitter about his meeting with Putin: "We discussed several issues of mutual concern, including the Ukraine crisis, and the importance of engaging in dialogue to reduce tensions and arrive at a diplomatic solution."

The Kremlin on Sunday praised OPEC+ for agreeing production cuts that it said had successfully countered the "mayhem" sown by the United States in global energy markets.

Putin says Russia not working 'against anyone' in energy markets
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
Oct 11, 2022 12:04PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
is this what is making markets happy? Or Amgen? or wtf is actually happening ? it jumps whenever it likes? trash people taking out the market to nowhere
Ken Roth
Ken Roth Oct 11, 2022 11:05AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
so when Putin and salman agrees to cut 2 million barrowls pr. day to up the price to 100 dollars when we all know that opec is not even producing enough oil and miss daily quota by 3.5 millions it is not manipulation
Tyler Phillis
Tyler Phillis Oct 11, 2022 11:05AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Lol…those pesky contradictions don’t bother Putin.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email