Russia Agrees on Further OPEC+ Oil-Export Cuts, Novak Says
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Russia has agreed with its OPEC+ partners on further cuts to its crude exports, Deputy Prime Minister Alexander Novak told President Vladimir Putin.
“We have agreed, but we’ll announce main parameters next week,” Novak said at a televised government meeting with Putin.
Russia has pledged to curb its crude exports by 500,000 barrels a day in August, then taper the curbs to 300,000 barrels a day next month. On Wednesday, Novak said that Russia was discussing extending the September export reduction into October, according to media reports.
OPEC+ have announced production cuts close to the first of the month for each of the last three months and there does not appear to be an end in sight. Most OPEC+ members cannot afford prices to fall much below $75. That suggests they will continue to do what is necessary to ensure prices remain above that price point.
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