Equilibrium: A vessel leaves the Orlan oil platform off the east cost of Russia’s Sakhalin island. Russia sees global supply and demand potentially balancing in June or July. — Reuters
MOSCOW: Russia is determined to start easing oil-output cuts in July, sticking to the terms of the Organisation of the Petroleum Exporting Countries Plus (Opec+) deal reached in April, according to people familiar with the key producer’s position.
Opec and its partners struck a historic accord last month to slash supply as the coronavirus pandemic savaged demand. They agreed the cuts would taper from July. But Saudi Arabia has since sought to prop up the market with extra cuts and Gulf allies have followed suit. As Opec+ prepares to meet in two weeks’ time, members are weighing up whether to extend the curbs or ease them.
Limited time offer:
Just RM5 per month.
