Russia's stance on OPEC+ production targets impacts oil prices.
TL;DR Summary
Russia's Deputy Prime Minister, Alexander Novak, expects Brent Crude prices to be slightly higher than $80 per barrel at the end of 2023 due to rising demand in the summer and production reductions from OPEC+. Novak reiterated that Russia's task is to balance the market, not inflate oil prices. The International Energy Agency (IEA) recently reported that Russia had failed to cut its oil production by 500,000 bpd as promised. The next OPEC+ meeting is scheduled for June 4th.
- Russia's Deputy Prime Minister Sees Brent Oil Price Above $80 At Year-End OilPrice.com
- Oil falls as Russia downplays additional OPEC+ cuts CNBC
- Crude Prices Sink on Outlook for OPEC+ to Maintain Crude Production Targets Barchart
- Oil Snaps Three-Day Rally After Russia Says OPEC+ Will Stay Put Yahoo Finance
- Oil ends lower as Russia plays down prospect for additional OPEC+ production cuts MarketWatch
- View Full Coverage on Google News
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