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Most OPEC+ Countries Oppose 500k/bbd Increase, Except Russia: Wires

OPEC

Wires and social media reporting that most OPEC+ countries have voiced their opposition to a proposed 500k/bbd increase in production, with Russia one of the main dissenters in favour of the increase, according to an unnamed delegate.

  • Increase was mooted to take place in Feburary, but seems unlikely now. Large European countries are imposing strict March 2020-style lockdowns to combat spiraling COVID-19 cases, likely to dampen demand further.
  • Saudi Arabia and Russia seemingly at odds with one another. Saudi keener to keep prices high while Moscow not unnerved by the prospect of a decline in prices should production be increased.
  • Notable MENA producers such as UAE and Iraq have indicated support for a rollover of current production levels into Feb.

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