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Russia Sees OPEC+ Taking a Wait-and-See Approach on Deeper Cuts

  • OPEC+ to monitor the market: Peskov on possibility of new cuts
  • Kremlin spokesman says the group’s current deal is efficient
      
Photographer: Andrey Rudakov/Bloomberg

Russia and the Organization of Petroleum Exporting Countries need to analyze the global oil market before deciding on any potential changes in their output-cuts agreement, the Kremlin said two weeks ahead of the alliance’s next meeting.

“It’s obvious that the countries will look at how the situation is developing,” Dmitry Peskov, spokesman for President Vladimir Putin, told reporters when asked if Russia sees any need for deeper OPEC+ cuts in response to the global oil glut. The agreement has a strictly defined timeline and Russia will be a responsible participant, he said.