MOSCOW (Pakistan Point News / Sputnik - 24th October, 2022) Countries from the alliance of Organization of the Petroleum Exporting Countries and non-cartel producers (OPEC+) consider it unacceptable to have buyers dictate oil prices, restrictions on their part will lead to the opposite effect, Russian Finance Minister Anton Siluanov said.
Earlier in October, the OPEC+ group of countries agreed to cut oil production by 2 million barrels per day beginning in November and will take production levels agreed for August as a reference point. The move was made in response to uncertainty in global oil market outlooks, in large part caused by Western sanctions on Russian energy products.
"Naturally, the OPEC countries considered such an approach (the buyer dictating the price) unacceptable for themselves and decided to reduce the volume of production, thus showing that the regulation of the market is up to the manufacturer. Yes, of course, consumers can impose restrictions. But if oil is not supplied under such restrictions, then they will have the opposite effect as a result of rising prices," Siluanov told Russian broadcaster RBK.
