Peskov: OPEC+ production cut is a victory for common sense, not Russia

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Kremlin spokesman Dmitry Peksov made a number of statements on Sunday regarding OPEC+'s decision to cut oil production output and the future of Europe's economy. 

Peskov said that the recent development is a victory for common sense rather than for Russia, referring to OPEC+'s decision earlier this week to cut oil production by 2 million barrels a day starting in November. Production levels agreed on in August will be a reference point, according to the deal. 

"I am not inclined to say that it is our victory. No. It is a victory of common sense," Peskov said, remarking that Washington has begun losing self-restraint over OPEC+'s decision.

Washington has been attempting to implement a price cap on Russian oil, implement hawkish sanctions against Moscow, and manipulate its own oil reserves - however, the organization's decision pokes a giant hole in their prospect.

Peskov noted that the European Union pays hefty amounts of money to the United States for gas, which deprives the European economy of competitiveness; energy resources in Europe within the next 10-20 years will be a sad situation, according to Peskov. 

High gas prices due to Washington's incompetency

Responding to Washington's furious reaction that OPEC+, Saudi Minister of State Adel Al-Jubeir pointed to Washington's incompetency in dealing with the high prices at home. 

"With due respect, the reason you have high prices in the United States is because you have a refining shortage that has been in existence for more than 20 years. You haven't built refineries in decades," said Adel Al-Jubeir speaking to Fox News on Friday. 

Al-Jubeir pointed at US President Joe Biden for the high gas prices, saying that Washington should have been extracting more oil from US wells, increasing fuel production at home. 

"Oil is not a weapon. It's not a fighter plane. It's not a tank. You can't shoot it. You can't do anything with it. We look at oil as a commodity and we look at oil as important to the global economy in which we have a huge stake. The idea that Saudi Arabia would do this to harm the US or to be in any way politically involved is absolutely not correct at all," said Al-Jubeir. 

OPEC+ justified its decision by arguing that it was based on "the uncertainty that surrounds the global economic and oil market outlooks."

In a speech on Saturday, Biden scapegoated Russia and Saudi Arabia for rising food and oil prices in the United States: "Every kitchen table cost is going to go up, not down, and I realized costs are going up on food and I was able to bring gasoline down well over $1.60. But this is inching up because of what the Russians and the Saudis just did."

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