Russia Considering Extending Production Cut in Crude Oil

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.