Russia Says OPEC+ Remains Important Force To Maintain Energy Market Stability 

After the end of the OPEC+ Vienna summit over the weekend, market rumors that "Saudi Arabia is dissatisfied with Russia's failure to comply with the production reduction agreement" have gradually died down.
Kremlin spokesman Dmitry Peskov said on Monday: "Russia is part of the OPEC+ consensus, and the model of cooperation among major crude oil producers remains valid. Countries have reached an agreement, of course, everyone will abide by it. The OPEC+ cooperation model is still important, and it is also an important force to maintain the stability of the international energy market. "
According to analysts in the market, although the cost of Saudi oil production is very low, it is very important to maintain the oil price above $80/barrel in order to maintain huge government investment and import trade.
Russian Deputy Prime Minister Novak, who also participated in the Vienna meeting, also emphasized after the meeting that Russia is actually fulfilling its obligations in the production reduction agreement. Novak also said that although the OPEC+ organization will continue to observe factors that affect fuel demand such as the Fed's interest rate hike and the economic situation, the current market is in a more or less balanced state, and demand is also rising.

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