Russia may advocate toughening of OPEC+ deal
Russia is reviewing tightening the OPEC+ deal to cut oil production and may come up with such a proposal at the upcoming meeting, Kommersant reports citing its sources.
From July, OPEC+ was expected to slash oil output by 9.7million BPD to 8 million barrels a day. Russia may seek an extension of the current quotas for another two months until September.
Russian Energy Minister Alexander Novak mulled the maintenance of the current indicators at a meeting with heads of the country’s oil companies on May 26. According to the reports, Russian oil companies disagreed on the extension of current quotas.
On April 11, members of OPEC and their allies, including Russia and Mexico, announced Sunday that they have agreed to cut production by 9.7 million barrels a day in May and June, the deepest cut ever agreed to by the world’s oil producers. After that, the group will steadily ramp up production until the agreement expires in April 2022.