Russia Sees no Reason for Jump in Oil Prices: Kremlin Spokesman

There are no reasons for oil prices to return to high levels but the new OPEC+ oil production cut deal can make fluctuations smoother, press secretary of the Russian President Dmitry Peskov said on Monday in an interview with the Rossiya-24 TV Channel.

“There is no occasion to expect the return of prices to very high level but nevertheless, relying on the consensus results, specifically the OPEC+ deal, there are grounds to hope that when it will be in effect from May 1, it will enable damping, that is, making smoother oil price fluctuations and avoiding any collapse values,” Peskov said.

Current oil price do not have “a tremendous drop,” Peskov noted. The oil production limiting deal achieved will hopefully make it possible to keep prices at an acceptable level, he said. “Yes, this level is lower than we would like to have, slightly lower, but such period cannot last perpetually and the demand for oil and oil products will definitely come; the trend will change to the increase in price parameters also over time,” he added.

Meanwhile, Foreign Minister Sergey Lavrov said on Monday addressing the students of Moscow State Institute of International Relations via a video link that Russia and the U.S. will “continue sharing information on the situation on the oil market”.

“A certain exchange of information, not coordination or cartel agreement, is a serious step itself. I think that exchange of information, the possibility of hearing each other and considering that in decision-making, be it OPEC+ or a decision taken concerning the state of the market, that process of mutual information will continue, of course,” he said.

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