The Organization of the Petroleum Exporting Countries (OPEC) and non-member producer Russia are in discussions being held in Moscow about a potential crude-production, though they are unlikely to agree to the 300,000 barrel per day reduction that had been committed to in the past.

The talks come as US President Donald J. Trump urged the oil cartel to keep production at current levels and prices down.

Chris Weafer, a senior partner at Macro-Advisory in Moscow, told New Europe that Russia’s oil majors are not in favour of another production cut. “They see that as mainly benefiting the US producers because a higher price and less OPEC-Russia oil would help the US grow both production and exports and to gain a bigger global market share,” Weafer said.

 

Full article available: https://www.neweurope.eu/article/putin-keeps-russian-oil-majors-in-line-as-opec-output-cut-talks-continue/

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