Russia Keeps Lid on Oil Output Ahead of Talks With Saudi Prince
- Russian companies’ production falls by 40,000 b/d this month
- Putin plans to meet Saudi crown prince at the G-20 this week
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Russia’s oil output in November fell from near-record levels as President Vladimir Putin prepares to meet Saudi Crown Prince Mohammed bin Salman this week ahead of crucial OPEC+ talks in Vienna.
Russian oil companies have pumped 40,000 barrels a day less than in October, when they set a post-Soviet record of more than 11.4 million barrels a day, Energy Minister Alexander Novak told Bloomberg Wednesday in Moscow. The country has seemed reluctant to commit to further supply cuts and will discuss the matter with its OPEC allies next week.