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Russia Seen Supporting Longer Oil Cuts to Extend Price Rally

  • Government likely to back renewed deal with OPEC, survey shows
  • Inflows from energy taxes rose to a two-year high last quarter
Bloomberg business news

Oil Analyst Says OPEC Must Maintain the Cut

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Russia is likely to support extending a multinational deal to cut oil output as higher prices boost revenue in the run-up to next year’s presidential election, a Bloomberg survey shows.

“I expect Russia to be on board,” said Helima Croft, chief commodities strategist at RBC Capital Markets LLC in New York. The Kremlin won’t want crude prices to fall, “especially with elections in 2018,” she said. Of 12 analysts surveyed, a further nine agreed.