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.
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