Russia supports OPEC+ oil output rollover to May, seeks small rise for itself – source

March 29, 2021 Stu Turley Crude Oil News, Fossil, International News, Top News
Russia’s Deputy Prime Minister Alexander Novak

Russia would support broadly stable oil output by OPEC+ group of leading global oil producers in May, while seeking a relatively small output hike for itself to meet the rising seasonal demand, a source familiar with Russia’s thinking said on Monday.

Russian energy ministry and the office of Deputy Prime Minister Alexander Novak, in charge of Moscow’s ties with OPEC+, have not immediately responded to requests for comments.

Sources told Reuters last week that they expect a decision similar to the last meeting when the Organisation of Petroleum Exporting Countries and its allies including Russia, also known as OPEC+, meets on April 1 to decide output policy.

The OPEC+ group of producers, which are holding back about 8 million barrels per day of output, 1 million of which is a Saudi Arabia’s voluntary cut, surprised the market on March 4 by deciding to hold output broadly steady.

Russia and Kazakhstan were allowed to pump a small amount of oil more. The source said that Russia would also like a small rise again amid its sowing campaign.

Reuters

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