Russia willing to cut output by 150K bpd at most - report

Economy 12/7/2018, 7:43 AM
Russia willing to cut output by 150K bpd at most - report

Russia will only agree to an OPEC+ output cut deal which allows it to reduce production by 150,000 barrels per day at most, RIA Novosti reported on Friday citing sources close to the matter.

Organization of the Petroleum Exporting Countries (OPEC) members reportedly reached a deal on reducing their oil production by 1 million barrels per day in an effort to balance the market, but don't want to release any details until non-OPEC members join the agreement. Meanwhile, OPEC is reportedly set to suggest to other major producers led by Russia to cut crude output by 0.5 million barrels per day as a part of the OPEC+ agreement.

However, Saudi Energy Minister Khalid al-Falih expressed concerns that Russia will not accept to join the proposed production cuts.

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