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OPEC Officials Comment on Russian Cuts

OIL

The weekends OPEC+ meeting offered an opportunity to see if relations between members has frayed – especially with strong market indications Russia is not fulfilling its cut obligations and muscling in on Asian market share from Middle Eastern producers:

  • Russia is fulfilling its oil output cut obligations as part of OPEC+ according to Russian Deputy Prime Minister Alexander Novak following the group meeting at the weekend.
  • “Russia is observing is obligations in full”, he said.
  • Asked about Russian cut, Saudi Energy Minister Prince Abdulaziz says “we trust them because we have seen them delivering”
  • The UAE’s Suhail al-Mazrouei, on whether Russia can be trusted to implement cut: "Some of the things that we have seen from Russia on a technical basis (...) doesn’t add up from some of the independent sources, and we will be reaching out to those independent sources."
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