OPEC+ production cuts are non-political: Russia’s Putin

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Russian President Vladimir Putin said on Friday that decisions made by the OPEC+ group to cut oil production were “depoliticized” and were not connected to what Moscow calls its “special military operation” in Ukraine.

“I have to tell you that all the decisions made within the framework of OPEC+ to reduce production are, above all, of a depoliticized nature,” Putin said in comments to the St Petersburg International Economic Forum.

“This is neither related to Russia’s special military operations, nor to some other considerations,” said Putin, adding that the current oil pricing environment was suitable for Russia.

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OPEC+ has in place cuts of 3.66 million barrels per day (bpd), amounting to 3.6 percent of global demand, including 2 million bpd agreed last year and voluntary cuts of 1.66 million bpd agreed in April.

Putin also said that Russia provides different discounts to its oil in various markets. The United States said Kremlin’s changes to the way it taxes oil sales were forced by Western sanctions on Russia over Ukraine and will hit its oil production capacity over time.

He said that traditional Russian sales markets are being replaced by other markets as Moscow is shifting away its oil and gas trade away from Europe.

“We don’t see a catastrophe there,” Putin said.

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Explainer: Why is OPEC+ cutting oil output?

Oil prices on the rise, jump more than $2 a barrel following production cuts

Russia’s Putin, Saudi Crown Prince praise OPEC+ cooperation: Kremlin

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