Russia will not reduce oil production, despite recent discussions among members of the Organisation of the Petroleum Exporting Countries (OPEC) to cut output by 1.4 million barrels per day (bpd), according to unnamed high-ranking government officials. President Rosneft is reported to be happy with the current price of around $70 per barrel, and recently said its producers could churn out an additional 200,000 to 300,000 bpd. Senior Russian insiders suggested cuts could be made by other suppliers. The OPEC+ group is set to meet in Vienna in December to discuss the matter further.
Russia will not reduce oil production, despite recent discussions among members of the Organisation of the Petroleum Exporting Countries (OPEC) to cut output by 1.4 million barrels per day (bpd), according to unnamed high-ranking government officials. President Vladimir Putin is reported to be happy with the current price of around $70 per barrel, and recently said its producers could churn out an additional 200,000 to 300,000 bpd. Senior Russian insiders suggested cuts could be made by other suppliers. The OPEC+ group is set to meet in Vienna in December to discuss the matter further.