OPEC-Russia Deal Faces One Last Hurdle: Knowing How to Stop
- Russia is said to seek clear plan on eventual cuts phase-out
- Traditionally OPEC has wound down deals in an opaque manner
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OPEC and Russia concur on two things: their oil production cuts are working and they should be extended deeper into next year. What’s proving more elusive is an accord on when and how to end the curbs.
As ministers gather in Vienna, this unanswered question is the main reason Russia has yet to give its formal assent to a rollover of their agreement until the end of next year, according to people familiar with the matter. Moscow wants clarity about what comes afterward -- something the Organization of Petroleum Exporting Countries doesn’t usually provide.