Kremlin says OPEC+ decision to cut production is aimed at stabilizing market

The decision of the OPEC+ group of leading oil producers to reduce output by two million barrels per day is aimed at market stabilization, a Kremlin spokesman said on Thursday.

Dmitry Peskov also said that by agreeing to reduce output, OPEC+ has confirmed its credentials as an organization responsible for market stability

The OPEC+ group at a Vienna meeting on Wednesday ignored pleas from the White House to keep oil flowing and agreed the cut, its deepest since the 2020 COVID-19 pandemic.