Russia: "OPEC+ Oil Production Cuts Absolutely Necessary... Hope to Formalize in Document"

[Asia Economy International Department Reporter] Russia has expressed the position that the OPEC+ (the consultative group of OPEC and non-OPEC oil-producing countries) agreement to cut daily oil production by 10 million barrels should be formalized in a document.

According to TASS news agency on the 11th (local time), Dmitry Peskov, spokesperson for the Kremlin, stated, "Oil production cuts are essential for the international oil market," and added, "We hope the cut agreement will be officially documented." The spokesperson explained, "Since work is currently underway with our Mexican partners, we believe we can finalize and formalize the agreement," and "The fact that 22 out of the 23 OPEC+ countries agreed to the cuts means that the efforts of the OPEC+ ministers have clearly been successful."

On the 9th, OPEC+ reached a provisional agreement to reduce daily oil production by 10 million barrels. However, tensions arose when Mexico, which was asked to cut 400,000 barrels per day, rejected the agreement, stating it could not accept more than a 100,000-barrel cut. Ultimately, the agreement was reached by the United States absorbing Mexico's cut portion.

Following the OPEC+ virtual meeting, at the G20 energy ministers' meeting held the previous day, major G20 countries including the United States agreed to support the largest oil production cut in history. Although the United States and Canada did not present explicit cut targets, the statement included a commitment to take all necessary measures to stabilize the oil market.

Norway, the largest oil producer in Western Europe, also expressed support by stating it would consider cutting oil production if the OPEC+ agreement is implemented as planned. Tina Bru, Norway’s Minister of Petroleum and Energy, attending the G20 energy ministers' virtual meeting, said, "On the condition that the OPEC+ countries' agreement on production cuts is implemented, Norway will also consider independent reductions in oil production." Although Norway is neither an OPEC+ member nor a G20 country, it accounts for about 2% of global oil production and has always coordinated with other oil-producing countries when international oil prices fall.

This content was produced with the assistance of AI translation services.