Russia’s Interests Come Before Oil Prices: Peskov
Oil extraction facilities. X/ @Gjallarhornet
May 6, 2025 Hour: 9:14 am
The Kremlin works with the OPEC+ to keep international prices at an optimal level, he stated.
On Tuesday, Kremlin spokesman Dmitry Peskov stated that Russia’s interests come before oil prices while commenting on the drop in crude prices recorded in the markets.
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“Oil prices cannot be a factor that influences Russia’s stance on its national interests,” he said during his daily telephone press briefing.
Peskov acknowledged that crude prices are undoubtedly “a very important factor” for the Russian budget, but he insisted that Russia is monitoring the international “situation” and working with the Organization of the Petroleum Exporting Countries (OPEC) to keep prices at “an optimal level.”
The Kremlin spokesman made these comments in response to U.S. President Donald Trump’s statement that the drop in oil prices is “pushing” Russia toward resolving the conflict in Ukraine.
On Saturday, OPEC+ decided to increase its oil supply by 411,000 barrels per day (bpd) starting June 1, after already raising output by the same amount earlier this month. This new policy has surprised the markets, which had grown accustomed to the very cautious strategy OPEC+ had maintained since the COVID-19 pandemic, focused on regaining investor confidence by ensuring high price levels.
On Monday, the Brent crude barrel for July delivery closed with a 1.73% decrease, at US$60.23, in the London futures market, amid fears of oversupply following OPEC+’s decision to boost production.
European crude lost US$1.06 compared to Friday’s price, when it closed at US$61.29, although during the session it fell as low as US$58.50, dipping below US$59 for the first time since April.
teleSUR/ JF
Source: EFE
