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Novak Attends OPEC+ as Prelim Agreement Breaks Down

RUSSIA
  • The prelim OPEC+ deal seemingly struck yesterday now looks a little shakier after the UAE representative rejected the agreement on the condition that their baseline for cuts is changed. As such, the meetings extend into Friday and a failure to find agreement could result in the planned output hike not taking place at all. Deputy PM Novak attends the meeting today.
  • Late yesterday US House lawmakers progressed a bill that prevent the President's right and ability to waive sanctions against companies behind the Nord Stream 2 pipeline. The bill runs against Biden's actions in May to waive sanctions against the company.
  • Moscow Exchange has announced plans to launch options trading on the most liquid Russian shares in early 2022, according to Kommersant.
  • The final Q1 GDP release is due at the close, expected unrevised at -0.7%. Russian ForMin Lavrov appears alongside Bahrain's ForMin for a press conference at 12pm local / 1000BST. The Bank of Russia's International Financial Congress concludes.

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