OPEC+: Moscow will propose a reduction of one million barrels per day in oil production

Russia may propose to OPEC+ to cut oil production by approx by 1 million barrels per day at his next meeting in October, a source familiar with the Russian view on the matter said today.

The meeting will take place on October 5 against a backdrop of falling oil prices and months of intense market volatility, which prompted another top OPEC+ producer, Saudi Arabia, to signal that OPEC+ could cut output.

OPEC+, which includes OPEC countries and allies such as Russia, has refused to increase output to lower oil prices despite pressure from most consumers, including the United States, to help the global economy.

Still, prices fell sharply this month on fears about the global economy and a rally in the US dollar after the Fed’s decision to raise interest rates.

THE Russia faces challenges to maintain oil production due to Western sanctions on the energy and financial sectors following its military intervention in Ukraine in February, which the Kremlin described as a “special military operation”

THE Saudi Arabia has not condemned Moscow’s actions amid difficult relations with the administration of US President John Biden.

The Russian president Vladimir Putin and Saudi Arabia’s Crown Prince Mohammed bin Salman spoke last week and praised the efforts being made within the framework of OPEC+, confirming their intention to honor existing agreements, the Kremlin said.

RES-EMP

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