Commodities
Russia Plans to Make OPEC+ Compensation Oil Cuts in Warm Seasons
- Moscow aims to present schedule of compensation cuts soon
- Extra curbs set for summer, early fall this year and next
Russia has been implementing two sets of voluntary production cuts in cooperation with several OPEC+ nations.
Source: BloombergThis article is for subscribers only.
Russia plans to make extra crude production cuts to compensate for pumping above its OPEC+ quota in the warm seasons of this year and next, according to people with knowledge of the matter.
Moscow’s additional curbs will most likely happen in summer and early fall for technological reasons, said the people, who spoke on condition of anonymity because the information isn’t public. Also, the nation needs more crude for domestic consumption during the cold months, they said.