Russia hints deeper OPEC+ cuts could be possible

Russia may agree to deeper cuts to the global supply of oil by an international alliance of crude exporting countries as efforts intensify to prevent a glut next year that might negatively affect the prices in the international markets.

Speaking to reporters in Moscow on Tuesday, Russian Energy Minister Alexander Novak suggested that a decision to deepen the cuts currently implemented by members of the Organization of the Petroleum Exporting Countries and several other governments known as the OPEC+ would be possible when the group meets on Friday.

“Let’s wait ... But I think the meeting, as usual, will be of a constructive nature ... We are still finalizing our position,” said Novak when asked about Russia’s stance before the talks.

A source also told Reuters news agency that Russia would “most likely” reach consensus with OPEC, which is led by Saudi Arabia, on further cuts. The source said only few issues remained to be sorted out until Friday.

Russia says it missed OPEC+ oil production target last month

Russia says it missed a target for oil output set by OPEC+ because of preparations for winter months.

Members of the OPEC+ have agreed on a collective cut of 1.2 million barrels per day (bpd) but Saudis and others are pressing for further cuts of up to 400,000 bpd to avoid oversupply in the markets next year.

Russia’s share of the current cuts is around 230,000 bpd and the country is supposed to halt output at 11.18 million bpd.

However, Russia’s way of calculating the output figures slightly differs from that of other members as Moscow insists that gas condensate should not be included in the statistics.

Iran, a key OPEC member which has seen its exports affected by US sanctions over the past year, is exempt from the current OPEC+ quotas.

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