Perry Encourages OPEC, Russia To Work Against Oil Price Spike

Saudi Arabia, other members of OPEC and Russia are to be admired for trying to prevent a spike in oil prices, U.S. Energy Secretary Rick Perry told reporters after meeting Russian Energy Minister Alexander Novak in Moscow.

U.S. sanctions on Iran’s energy industry, which come into force in November, have already cut supply back to two-year lows, while falling Venezuelan output and unplanned outages elsewhere will also keep the supply-demand balance tight, the International Energy Agency said Sept. 13.

“The kingdom [Saudi Arabia], the members of OPEC that are opting their production to be able to make sure that the citizenry of the world does not see a spike in oil price … are to be admired and appreciated, and Russia is one of them,” Perry said.