Russia applauds OPEC+ for its huge oil output cut, reportedly saying it will counter the 'mayhem' the US has created in the market

• Russia hailed OPEC+ for its "thoughtful" decision to slash oil production targets, per media reports Sunday.

• The move will balance the "mayhem" created by the US in energy markets, a Kremlin spokesman said.

• With midterm elections ahead, the White House slammed OPEC+ for "aligning" with Moscow on the oil market.

Russia's government has hailed OPEC+ for making a massive cut to oil production targets, reportedly saying it balances out the "mayhem" the US has spread in global energy markets.

The Kremlin comments on Sunday come after the White House slammed the output cut, accusing the oil group of "aligning with Russia." The deal is adding political pressure on the Biden administration, which wants to avoid a run-up in gasoline prices ahead of the hotly contested midterm elections in November.

OPEC and its allies last week agreed to slash their oil production quotas by 2 million barrels a day, despite President Joe Biden's efforts to persuade de facto leader Saudi Arabia to boost the targets, to ease pressure on prices for oil and in turn gas.

It's good to see the "balanced, thoughtful and planned work of the countries, which take a responsible position within OPEC, is opposed to the actions of the US," Kremlin spokesman Dmitry Peskov said, according to Russian news agency reports cited by Reuters.

"This at least balances the mayhem that the Americans are causing," he added.

After the OPEC+ decision, the Biden administration ordered the release of 10 million additional barrels from the US's Strategic Petroleum Reserve. The move is meant to counter a rise in crude prices from any squeeze in supply.

But Peskov said it showed the US was starting to lose its composure.

"They are trying to manipulate with their oil reserves by throwing additional volumes into the market. Such a game will not lead to anything good," he said.

Janet Yellen, the US Treasury Secretary, said in a Financial Times interview published Sunday that the OPEC+ move was "unhelpful and unwise" for the global economy and would end up harming developing countries struggling with high energy prices.

But she would not say what the White House's next move could be in response to OPEC+.

Right now, the US is leading a G-7 push to cap the price of Russian oil exports, to limit its revenues funding the Ukraine war and to manage the risk of a supply shock. The cap's backers believe there is a gap in the EU ban on seaborne Russian crude coming in December that needs to be plugged.

The price cap would restrict refiners, traders, and financers from handling Russian crude oil unless it was traded below the set price. While the move aims to lower oil prices, it could fundamentally shift the balance of power between OPEC and the west, according to an S&P Global analyst.

The plan is heavily opposed by Russia, which has threatened to cut its oil production if it comes in.

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