MOSCOW: Russian President Vladimir Putin said on Wednesday that oil production cuts were required to maintain a certain price level, contradicting assurances from other leaders of the Opec+ group of producers that it was not seeking to manage the market in that way.

The United States and Europe have accused Russia of weaponising energy to contain the West in its drive to weaken Moscow’s military campaign in Ukraine.

Moscow, in its turn, accuses the West of weaponising the dollar and financial systems such as the international payments mechanism SWIFT in retaliation for Russia sending troops into Ukraine in February 2022.

Speaking at a televised government meeting, Putin said that the situation on the global oil market was, on the whole, “absolutely stable” as Russia maintains output cuts to support prices.

He also said that Russia had been cutting production, which was at the “required level”.

Putin added: “But all our actions, including those related to voluntary production cuts, are connected precisely with the need to maintain a certain price environment on world markets, in dialogue and contact with our partners in Opec+.”

Published in Dawn, May 18th, 2023