Russia Is Open to New Output Hike If OPEC+ Decides It’s Needed

Russia is open to another output hike at the next OPEC+ meeting if the alliance deems such an increase to be necessary, according to a person familiar with the nation’s position.

Moscow’s partnership with OPEC+ is very important and Russia will seek a solution that’s acceptable for the whole group at the meeting on July 6, the person said on condition of anonymity as the deliberations are not public. The eight OPEC+ members involved in the talks, which have been rolling back their production cuts in monthly increments, may consider another hike for August, the person said.