Russia signals opposition to possible OPEC+ oil production cut – Reuters


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Russia does not support an oil production cut at this time and OPEC+ is likely to keep output steady when it meets on Monday, The Wall Street Journal reported on Sunday, citing people familiar with the matter.

Three OPEC+ sources told Reuters last week that the group would likely keep oil production quotas unchanged for October at Monday’s meeting, although some sources did not rule out a production cut for October. support prices that have fallen from the dizzying levels reached earlier this year.

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Last month, Saudi Arabia, OPEC’s top producer, signaled the possibility of cuts to balance the market.

Russia fears that a cut in production could signal to oil buyers that crude supply exceeds global demand, the WSJ report said on Sunday. (https://on.wsj.com/3cLUws9)

OPEC+, a group including the Organization of the Petroleum Exporting Countries and allies including Russia, is meeting as demand faces headwinds and supply could be boosted by a return to the crude market Iranian if Tehran reaches a deal with world powers over its nuclear work.

The wealthy Group of Seven nations last week agreed to impose a price cap on Russian oil, but provided few new details to the plan to cut Moscow’s war revenue in Ukraine while keeping oil crude to avoid price spikes. (Reporting by Akriti Sharma in Bengaluru; Editing by David Goodman and Jan Harvey)

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