Russia Boosts Oil Output With Commitment to OPEC Cuts Waning
- Crude production was 11.09 million barrels a day in early June
- Russia, Saudis will propose OPEC should raise output next week
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Russia is showing signs of weakening its commitment to oil-supply cuts as production rises before crucial talks with OPEC about the future of the agreement.
The nation boosted crude supply to the highest in 14 months in the first week of June as some companies breached their caps, said a person with knowledge of the matter. While both the Kremlin and oil bosses remain publicly committed to the accord, production of 11.09 million barrels a day exceeds the 10.95 million limit agreed with OPEC, the official said. The figures were first reported by Interfax.