The Kremlin did not voice expectations from the OPEC + meeting

Press Secretary of the President of the Russian Federation Dmitry Peskov did not voice Moscow’s expectations regarding the upcoming OPEC + summit, saying that Russia continues to contact the participants in the process.

At the conference call, journalists asked what decisions can be expected from the summit on June 4 and what proposals the Russian side will come to it with.

“You know that no one ever announces this, even from specialists. Therefore, naturally, they will not announce it, I can say that Russia continues contacts with the relevant participants in this process. Work continues,” Peskov replied.

June 1 Peskov named trusting and constructive relations between Russia and Saudi Arabia.

On May 1, eight OPEC+ countries, including Saudi Arabia, began a voluntary cut in oil production, which will last until the end of this year. The total decline in production by nine countries was announced at the level of 1.66 million barrels per day. Earlier, Deputy Prime Minister Alexander Novak, who oversees the fuel and energy complex, said that he expects oil production in Russia to fall to 515 million tons in 2023 (-3.7% compared to last year). This will come as Russia has decided to voluntarily cut production this year by 500,000 bbl/d.

At the end of May Novak saidthat does not expect any new steps at the OPEC + meeting. According to him words, Russia, together with other participants in the meeting, will determine what is best for the market, while “adhering to all previous decisions.” By information According to Reuters sources, at the June 4 OPEC+ meeting, countries are unlikely to continue cutting production, despite falling oil prices.