MOSCOW — As the oil market experiences turbulent times, Moscow projects an image of a “calm power.” The breakup of the Russian-Saudi oil deal over production cuts known as OPEC-plus has helped cause oil prices to plummet to new lows and created associated geopolitical risks.

Following the end of the OPEC-plus agreement, Saudi Arabia dropped prices and said it will boost production.

On March 20, Kremlin spokesman Dmitry Peskov dismissed speculation that Russia and Saudi Arabia are in an oil price war. “There are no price wars between Russia and Saudi Arabia. There is a very unfavorable pricing environment for many countries,” Peskov said. He took issue with those who said this is a catastrophe for Russia, “since as our president and our government reiterated that we have a solid safety margin for several years, which will support fulfilling all social commitments, development plans, and so on.”

The remarks of President Vladimir Putin’s spokesman came as a virtual response to President Donald Trump’s statement that he would intervene in the standoff between Saudi Arabia and Russia “at the appropriate time.” The price drop is also hurting US oil companies; the United States, Russia and Saudi Arabia are the world's top oil producers.