Russia Won’t Boost Oil Output Amid Oversupply, Official Says
- Boosting production now makes no sense with market flooded
- Russia isn’t holding oil-market talks with Saudi Arabia yet
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Russia doesn’t plan to increase crude production given the huge oversupply in the global market, according to a government official, a potentially dovish signal in the price war with Saudi Arabia.
But Russia isn’t yet holding talks with Saudi Arabia on the situation, he said, speaking on condition of anonymity to discuss matters that aren’t yet public.