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.
Tags Organization of the Petroleum Exporting Countries (OPEC) Russia Sputnik
Check Also
Gazprom Hits Maximum Capacity of Pipeline Gas Flows to China
Gazprom’s natural gas flows via the Power of Siberia pipeline to China have reached full …