The OPEC+ group of leading oil producers decided to reduce output by 2 million barrels per day

The OPEC+ group of leading oil producers decided to reduce output by 2 million barrels per day to stabilise the market, Qazet.az reports according to a Kremlin spokesperson.

Dmitry Peskov also said that by agreeing to reduce output, OPEC+ has confirmed its credentials as an organisation responsible for market stability.

The Saudi Arabia-led OPEC+ cartel at a Vienna meeting on Wednesday ignored pleas from the White House to keep oil flowing and agreed the cut, its deepest since the 2020 Covid-19 pandemic.

Separately, Peskov said that the Kremlin is preparing to welcome the head of the United Nations nuclear watchdog, the International Atomic energy agency (IAEA), to Moscow soon.