The Kremlin said today that it is in the best interests of the global energy industry to support oil and oil product prices, a day after Russia said it would extend a 500,000 bpd cut in oil production until the end of the year.

Russia is a member of the OPEC+ group, which on Sunday announced a cumulative production cut of about 1.16 million barrels per day, in a surprise move that the US called unwise.

When asked about criticism from the United States, Kremlin spokesman Dmitry Peskov told reporters: “In this case, it is in the interests of the world (South American) energy industry to maintain an appropriate level of world prices for oil and oil products.

Peskov argued that it was important to keep prices at a certain level, because this is an industry that needs investment, and because in the future it will not be possible to meet the needs of all countries through renewable energy sources.

Asked if Russia coordinated its actions with OPEC+, Peskov said: “Russia is in constant contact with a number of OPEC+ countries, this is a normal procedure, but nothing more. In this case, the countries have an independent line, an independent interest in stabilizing the market.”

Source: APE-MPE, Reuters.