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OPEC waiting for Russia before deciding how much oil to cut


Added 12-06-18 04:03:02am EST - “OPEC has made a planned cut in oil output effectively conditional on the contrib...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “OPEC waiting for Russia before deciding how much oil to cut”. Below is an excerpt from the article.

VIENNA (Reuters) - OPEC has made a planned cut in oil output effectively conditional on the contribution from non-OPEC producer Russia, delegates said on Thursday as the group gathered in Vienna for a meeting aimed at supporting battered oil prices.

Five delegates said the group was waiting for news from Russia as Energy Minister Alexander Novak had flown back from Vienna for a possible meeting with President Vladimir Putin.

Novak returns to Vienna on Friday for talks between OPEC and its allies, following discussions among OPEC producers on Thursday.

“I am optimistic. There will be a deal, but it is unclear how much OPEC and how much non-OPEC will contribute. It is still under discussion,” one delegate said.

Three delegates said OPEC and its allies could cut output by 1 million barrels per day if Russia contributed 150,000 bpd of that reduction. If Russia contributed around 250,000 bpd, the overall cut could exceed 1.3 million bpd.

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