Russian President Vladimir Putin said Wednesday that the lack of electricity is the reason for the high price of gas in Europe and that Moscow is ready to take in consider further actions.
Putin added that there is a need for an agreement on how to stabilize the energy markets.
He said the gas market is not stable and unpredictable, above all in Europe, but added that Russia is fulfilling its contractual obligations to supply gas there.
In a related context, the Russian president said OPEC + will continue until the end of 2022, noting that it played an important role in stabilizing the oil market last year and that there is an opportunity to further extend cooperation in ‘ OPEC +.
“We have to agree on global mechanisms to stabilize energy markets,” Putin said.
The OPEC + alliance includes members of the Organization of Petroleum Exporting Countries, Russia and other allies.
Alexander Novak, Russian deputy prime minister and chief negotiator, said in early September that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, or the group known as OPEC +, had achieved their goal of eliminating the excess oil in the global market, adding that it was now important to maintain market balance.
He continued: “The joint moves have made it possible to eliminate the surplus (oil) that accumulated when demand was low. I think we have completed this task and the important now is to maintain this balance and to synchronize production and demand with the market recovery “.
At its last meeting in October, the group maintained its July agreement to increase production by 400,000 barrels per day every month until at least April 2022 to phase out cuts of 5.8 million barrels per day.
The group is under pressure from major consumers such as the United States and India to increase supplies in order to cool the price increase, which has increased by 50 percent. quest’year.
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