According to first deputy prime minister Anton Siluanov, Russia is considering an extension of production cuts in crude oil, along with other members of OPEC+. Siluanov made these remarks on Wednesday at a conference in Kazakhstan, and added that this decision is related to several economic and strategic issues.

OPEC+ had decided to cut crude oil production by 1.2 million bpd since January 2019 for a period of six months, which will end in June. This decision was undertaken to moderate oil supply in global markets to prevent crude prices from weakening.

OPEC+ was set to meet on June 25-26 in Vienna to discuss extending the production cut decision, but according to latest reports, the meeting may be pushed ahead to July 3-4.