Naftogaz says OPEC is on the wrong side of history

Naftogaz CEO Yuriy Vitrenko says OPEC is on the wrong side of history in selecting to stay with Russia.

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The chief government of Ukrainian state vitality large Naftogaz says oil producer group OPEC is on the wrong side of history in selecting to stay with Russia to stabilize vitality markets.

Speaking to CNBC’s Hadley Gamble at the World Economic Forum in Davos on Monday, Naftogaz CEO Yuriy Vitrenko warned the Middle East-dominated group of exporting international locations to acknowledge the Kremlin’s onslaught in Ukraine as a problem to their wealth.

When requested whether or not OPEC was at risk of being out of sync with the worldwide group over Russia’s broadly condemned invasion, Vitrenko replied: “Yes, it seems like they are on the wrong side of history.”

“They have a vested interest in the economic development of the world, in the sustainability of the world and Putin is challenging this sustainability. He is challenging their wealth. Maybe they don’t understand it at the moment but if we live in the world that Putin wants us to live in, there will be no wealth for the Gulf countries,” he continued.

“Again, everything they have been building for years will just disappear. They have to be fully aware of it,” Vitrenko mentioned.

A spokesperson for OPEC was not instantly out there to remark.

Governments round the world have imposed a barrage of unprecedented punitive sanctions and severed financial ties with Russia in response to President Vladimir Putin’s warfare with Ukraine. However, OPEC doesn’t seem prepared to take related motion in opposition to Moscow.

Russia is a key accomplice in the wider OPEC+ vitality alliance and is itself a serious exporter of oil.

OPEC kingpin Saudi Arabia has beforehand said the group would hold politics out of its output choices.

Speaking to CNBC in late March, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz mentioned that OPEC’s very existence was dependent on the separation of its mission to stabilize oil costs from different geopolitical elements.

— CNBC’s Elliot Smith contributed to this report.

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