Russia signals opposition to potential OPEC+ oil output cut: WSJ

MOSCOW: Russia does not support an oil production cut at this time and it is likely OPEC+ will keep its output steady when it meets Monday, the Wall Street Journal reported on Sunday, citing people familiar with the matter.

Three OPEC+ sources told Reuters last week the group is likely to keep oil output quotas unchanged for October at Monday’s meeting, although some sources did not rule out a production cut to bolster prices that have slid from the sky-high levels hit earlier this year.

Top OPEC producer Saudi Arabia last month flagged the possibility of cuts to balance the market.

Russia is concerned that a production cut would signal to oil buyers that crude supply is outstripping global demand, the WSJ report said on Sunday.