Russia to Talk to OPEC About Pumping Less Oil to Boost Prices

 

Oil prices continue to get a bit of a boost from the idea that major producers – particularly Russia – may cooperate to cut production.

Russia’s Energy Minister Alexander Novak has confirmed they would take part in a meeting some time next month between OPEC member-states and other oil producers.

He said Saudi Arabia had proposed that oil producing countries cut output by up to five percent each. That would represent a reduction of around 500,000 barrels per day by Russia.

“This is a subject for discussions, it’s too early to talk about it,” he said, adding “We think it’s reasonable to discuss the situation.”

But some analysts believe Russia is actually likely to increase production this year to protect its economy. 

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Source: Euronews