{"id":1369,"date":"2022-09-04T18:30:38","date_gmt":"2022-09-04T18:30:38","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=1369"},"modified":"2022-09-04T18:30:41","modified_gmt":"2022-09-04T18:30:41","slug":"russia-signals-opposition-to-potential-opec-oil-output-cut-wsj","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/1369\/","title":{"rendered":"Russia signals opposition to potential OPEC+ oil output cut – WSJ"},"content":{"rendered":"
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Russia does not support an oil production cut at this time and it is likely OPEC+ will keep its output steady when it meets Monday, the Wall Street Journal reported on Sunday, citing people familiar with the matter.<\/p>\n\n\n\n

Three OPEC+ sources told Reuters last week the group is likely to keep oil output quotas unchanged for October at Monday’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.\u00a0<\/p>\n\n\n\n

Top OPEC producer Saudi Arabia last month flagged the possibility of cuts to balance the market.<\/p>\n\n\n\n

Russia is concerned that a production cut would signal to oil buyers that crude supply is outstripping global demand, the WSJ report said on Sunday. (https:\/\/on.wsj.com\/3cLUws9<\/a>)<\/p>\n\n\n\n

OPEC+, a group comprising the Organization 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.<\/p>\n\n\n\n

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.<\/p>\n

Updated on