Monday, July 22, 2024

Russia Looking for Constructive Talks in OPEC Meeting: Report

Russia will seek discussions at a planned meeting with OPEC on Saturday about how the group will fully comply with production cuts, following an increase in its November oil output, said a government official.

According to a report covered by ISNA in Farsi, Russia will fulfil its pledge to cut production by as much as 300,000 barrels a day, if the Organization of Petroleum Exporting Countries follows through on its commitment to curb output to 32.5 million barrels a day from January, the official said, asking not to be identified in line with government policy.

OPEC is holding talks on Dec. 10 in Vienna in an effort to secure as much as 600,000 barrels a day in production cuts from non-members, to complement the organization’s own 1.2 million-barrel reduction.

Russia sees a higher risk that OPEC might fall short of this commitment after the November output increase, the official said, Bloomberg reported.

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