Russia's Wait-and-See Stance on OPEC+ Cuts Shows Gap With Saudis
- Oil-output decisions won’t be made until December, Novak says
- Saudi Arabia has sought cuts of about 1 million barrels a day
A worker passes an oil drilling rig and drill pipes in the Samotlor oilfield near Nizhnevartovsk.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Russia’s energy minister insisted the country and its allies in OPEC need to watch the oil market in the coming weeks before making any decisions to cut output.
“We need to see how the situation develops in November and early December to better understand both the current conditions and the winter outlook,” Alexander Novak said in Moscow on Monday. His refusal to join Saudi counterpart Khalid Al-Falih in calling for a broad production cut shows their different positions persist just weeks before a key OPEC+ summit in Vienna.