Russian Ambassador to the Ministry of Foreign Affairs Yuri Sentyurin has declared a possible crisis in the global energy sector due to irresponsible politicized decisions, including price ceilings. DEA News.
In 2022, he pointed out that “economic relations are artificially subordinated to geopolitics through irresponsible politically motivated decisions, the use of essentially anti-market mechanisms and restrictions, the language of ultimatums.”
“As a result, the state of global energy today is characterized as difficult (with the risk of turning into a crisis),” said the diplomat.
According to him, this “combined with chronic underinvestment and unmet expectations” regarding the pace of economic recovery from the consequences of the coronavirus pandemic, critically undermines the accuracy of the forecast.
As Sentyurin puts it, “endless manipulations” around the oil price ceiling are “clearly destructive”, negatively affect the investment climate in the industry “and ultimately jeopardize the interests of consumers.”
In this context, he added that there are OPEC+ actions such as the recent OPEC+ ministerial monitoring committee’s decision to extend the agreement to lower total oil production by 2 million barrels per day until the end of this year, and voluntary additional production cuts. OPEC countries + for a total amount of 1.66 million barrels can be called “forced” and “preventive” measures for oil and destabilizing markets to “balance supply and demand, prevent prices from falling”.
Former Russian Foreign Ministry Spokesperson Maria Zakharova statedDecreasing the ceiling price of Russian oil will cause instability in global markets.