Russia Favors Further OPEC+ Output Hike in February
- Moscow ready to support 500,000 b/d increase at Jan. 4 talks
- Russia backs move even as new virus strain threatens demand
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Russia intends to support a further increase in OPEC+ production at the group’s meeting next month, even as a new strain of the coronavirus raises concerns about demand, said officials familiar with the country’s oil policy.
As of now, Moscow believes it makes sense to raise output from the Organization of Petroleum Exporting Countries and its allies by 500,000 barrels a day in February, matching the hike already agreed for January, the officials said, asking not to be named because the information is confidential.