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Russia isn't interested in joining new OPEC-led oil output cuts


Added 11-17-18 07:37:01am EST - “Russia prefers to stay out of any fresh oil production cuts led by OPEC's leader Saudi Arabia, Reuters reported, quoting two high-ranking Russian sources.” - Rt.com

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Posted By TheNewsCommenter: From Rt.com: “Russia isn’t interested in joining new OPEC-led oil output cuts”. Below is an excerpt from the article.

Russia—which together with Saudi Arabia and some Arab Gulf producers has been raising production since June to offset Iranian losses—saw its oil production set a new post-Soviet record high of 11.41 million bpd in October, up from 11.36 million bpd in September.

However, Russia’s key partner in the production cut deal, Saudi Arabia, has expressed concern over the oil price slump in the past month. Saudi Energy Minister Khalid al-Falih said on Monday that based on the OPEC+ group technical analysis, “there will need to be a reduction of supply from October levels approaching a million barrels.”

Crude mood: Oil enters bear market, plunging most since 2015https://t.co/8qpjQrwwzbpic.twitter.com/xnwocKfkte

While al-Falih reiterated that “we need to do whatever it takes to balance the market,” Russia’s official position is ‘wait and see’ and not to rush into hasty decisions. There is no need to take any action to halt the decline of oil prices that started a month ago, Russia’s Energy Minister Alexander Novak said earlier this week.

Speaking to Russian reporters about the OPEC+ deal during a visit to Singapore, Russia’s President Vladimir Putin said, as provided by the Kremlin:

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