Russian Deputy Prime Minister Alexander Novak’s media office didn’t respond to a request for comment on the matter. Russia is currently working with secondary sources to update its production figures for February, the baseline for output cuts, according to an OPEC+ production table for next year published Sunday.
In an effort to bolster oil markets, OPEC+ agreed Sunday to maintain through next year voluntary output cuts that several members promised at a meeting two months earlier. Prices have slumped since then, trading at levels lower than before those cuts were announced and prompting another intervention by the Saudis. The world’s biggest exporter said yesterday it will make a unilateral reduction of 1 million barrels a day starting in July.
The Organization of Petroleum Exporting Countries, of which Saudi Arabia is the de facto leader, and other producers headed by Russia created the OPEC+ group to coordinate supply levels. OPEC+ nations need to be able to reach their output quotas and the organization will rearrange allocations to ensure that the group pumps what it pledges, the prince said.
“We are fed up with giving some states quotas that they cannot meet,” he said.
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