{"id":3591,"date":"2023-02-10T14:00:08","date_gmt":"2023-02-10T14:00:08","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=3591"},"modified":"2023-02-10T14:00:10","modified_gmt":"2023-02-10T14:00:10","slug":"opec-has-no-plans-to-react-to-russias-surprise-production-cut","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/3591\/","title":{"rendered":"OPEC+ Has No Plans To React To Russia\u2019s Surprise Production Cut"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>The OPEC+ group currently doesn\u2019t plan to change the course in its oil production targets after Russia announced a cut in its output for March, two delegates from the OPEC+ alliance told\u00a0Reuters\u00a0on Friday.\u00a0<\/p>\n\n\n\n<p>Earlier today, Russian Deputy Prime Minister Alexander Novak said that Russia, a member of OPEC+, would\u00a0cut its oil production by 500,000 barrels per day\u00a0(bpd) in March, as a result of the Western sanctions and the price cap on Russian crude oil.\u00a0<\/p>\n\n\n\n<p>The announcement from Russia sent oil prices up by 2% early on Friday and on course for a significant gain for the week.<\/p>\n\n\n\n<p>\u201cAs of today, we are fully selling the entire volume of oil produced, however, as stated earlier, we will not sell oil to those who directly or indirectly adhere to the principles of the &#8216;price cap&#8217;,\u201d Novak said, as carried by\u00a0Reuters. The Russian official added that Russia would \u201cvoluntarily reduce production by 500,000 barrels per day in March.\u201d<\/p>\n\n\n\n<p>According to the Kremlin, Russia discussed its plan to cut production with\u00a0some members\u00a0of the OPEC+ alliance, in which Russia is a key member leading the group of non-OPEC producers.<\/p>\n\n\n\n<p>Russia, however, had not formally consulted with OPEC+ on its plans before announcing the decision, a Russian government source has told Reuters.<\/p>\n\n\n\n<p>Last week, OPEC+ kept its production\u00a0targets unchanged\u00a0in a widely expected \u2018wait-and-see\u2019 approach to supply just ahead of the EU ban on Russian diesel and other petroleum products.<\/p>\n\n\n\n<p>Supply from Russia, demand in China, the state of the economies in the coming months, and the trend in interest rate hikes in the U.S. and other major mature economies will be the key decision drivers for OPEC+ this year. As will be the price of oil on the markets\u2014the group led by Saudi Arabia and Russia is unlikely to leave oil trading below $80 per barrel.&nbsp;&nbsp;<\/p>\n\n\n\n<p>By Tsvetana Paraskova for Oilprice.com<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-02-10T14:00:10+00:00\"> 10 February 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"The OPEC+ group currently doesn\u2019t plan to change the course in its oil production targets after Russia announced a cut in its output for March, two delegates from the OPEC+ alliance told\u00a0Reuters\u00a0on Friday.\u00a0 Earlier today, Russian Deputy Prime Minister Alexander Novak said that Russia, a member of OPEC+, would\u00a0cut its oil production by 500,000 barrels [&hellip;]","protected":false},"author":1,"featured_media":3592,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16,1],"tags":[],"services":[],"class_list":["post-3591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-lastnews","category-news","category-oil","category-opec"],"_links":{"self":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/3591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/comments?post=3591"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/3591\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/3592"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=3591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=3591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=3591"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=3591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}