MOSCOW, April 3 Alternative energy sources in the foreseeable future are not capable of ensuring the progressive development of countries, said Dmitry Peskov, press secretary of the President of the Russian Federation.
«Of course, because experts have repeatedly said that a certain … price level is important for the world energy industry, which will allow not to reduce investments, not to reduce the exploration of new reserves, since this sector itself is very investment-intensive. And proceeding from the fact that in the foreseeable future, alternative energy sources are not capable of ensuring the progressive, stable development of all countries, then … priority should be given to this particular sector,» Peskov told reporters.
As previously stated by the Ministry of Energy of Saudi Arabia, the kingdom, as a preventive measure to maintain stability in the oil market, will reduce its production by 500,000 barrels per day. Kazakhstan decided to reduce production by 78 thousand barrels per day. The UAE state agency WAM, citing other relevant departments, writes that the UAE will reduce production by 144,000 barrels per day, Iraq — by 211,000, Kuwait — by 128,000, Oman — by 40,000, Algeria — by 48,000.
On Sunday, Russia decided to extend a voluntary cut in oil production by 500,000 barrels per day until the end of 2023, Russian Deputy Prime Minister Alexander Novak said. Previously, voluntary production cuts were announced by Russia only for March, but then extended until the end of June.