Russia Wants to Ease Cuts From July in Line With OPEC+ Plan
- Nation sees no need to alter agreed terms, people familiar say
- Next OPEC+ meeting is scheduled for June 9-10, by video link
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Russia is determined to start easing oil-output cuts in July, sticking to the terms of the OPEC+ deal reached in April, according to people familiar with the key producer’s position.
OPEC and its partners struck a historic accord last month to slash supply as the coronavirus pandemic savaged demand. They agreed the cuts would taper from July. But Saudi Arabia has since sought to prop up the market with extra cuts and Gulf allies have followed suit. As OPEC+ prepares to meet in two weeks’ time, members are weighing up whether to extend the curbs or ease them.