NEW YORK, Sept 5 — Russia does not support an oil production cut at this time and it is likely Opec+ will keep its output steady when it meets today, the Wall Street Journal (WSJ) reported yesterday, citing people familiar with the matter.
Three Opec+ sources told Reuters last week the group is likely to keep oil output quotas unchanged for October at today’s meeting, although some sources did not rule out a production cut to bolster prices that have slid from the sky-high levels hit earlier this year.
Top Opec producer Saudi Arabia last month flagged the possibility of cuts to balance the market.
Russia is concerned that a production cut would signal to oil buyers that crude supply is outstripping global demand, the WSJ report said yesterday.
Opec+, a group comprising the Organisation of the Petroleum Exporting Countries and allies including Russia, meets as demand faces headwinds and supply could be boosted by a return to the market of Iranian crude if Tehran secures a deal with world powers on its nuclear work.
Last week, the Group of Seven wealthy nations agreed to impose a price cap on Russian oil, but provided few new details to the plan aimed at curbing revenue for Moscow’s war in Ukraine while keeping crude flowing to avoid price spikes. — Reuters