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Russia Aims To Keep Output Stable At Next OPEC+ Meeting: Sources

OIL

Russia is not planning any changes regarding the OPEC output policy at the next OPEC+ meeting on 3-4 June, sources told Reuters.

  • "Further production cuts are unlikely," one source said.
  • A second source said that it was not in Russia's interests to reduce oil output right now.
  • "Russia is hardly coping with the promised production cuts, while it doesn't need additional cuts in the current market environment," another source said.
  • Vladimir Putin said earlier this week that energy prices were approaching “economically justified” levels, while Deputy PM Alexander Novak said he did not expect changes in the output policy from OPEC+.
  • Russia has already pledged to reduce its output by 500kbpd to 9.5mbpd from March until year-end but so far, third-party data suggests Russia has failed to achieve its production cut in full.
  • According to Reuters, Russian Urals crude has been trading at between $53-$57/bbl this month.
Energy BulletsCommodities
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