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The Organization of the Petroleum Exporting Countries (OPEC) has asked Russia for an additional oil production cut of 300,000 barrels per day, which would mean a total of 600,000 barrels daily, Deputy Energy Minister Pavel Sorokin told Reuters.
According to Sorokin, this would be technically difficult.
Last week, the OPEC+ group, which includes OPEC as well as Russia and other non-cartel producers, failed to agree on additional production increase and further extension of the cut deal. As a result, Saudi Arabia said it would increase the output. The oil prices reacted with a downward surge earlier this week, rattling the financial markets.
Russia expects oil prices to eventually settle at roughly $45-55 per barrel, Sorokin reportedly said.
