Russia is reluctant to continue with the OPEC-led curbs on oil supply, according to sources familiar with the country’s oil policy. During a recent meeting, Russia’s Energy Minister Khalid al-Falih reportedly told Saudi Arabia’s Energy Minister Alexander Novak that Moscow would not be able to extend Russia’s involvement beyond the end of September 2019. The production cuts were designed to boost oil prices, and have successfully doubled prices so far. If Russia opts out of the cuts, oil prices are set to fall.
Russia is reluctant to continue with the OPEC-led curbs on oil supply, according to sources familiar with the country’s oil policy. During a recent meeting, Russia’s Energy Minister Alexander Novak reportedly told Saudi Arabia’s Energy Minister Khalid al-Falih that Moscow would not be able to extend Russia’s involvement beyond the end of September 2019. The production cuts were designed to boost oil prices, and have successfully doubled prices so far. If Russia opts out of the cuts, oil prices are set to fall.