OPEC delegates were encouraged by Russia to change the OPEC-led deal to cut oil supplies, opening the door to clear the global supply glut. The delegates stated that their discussions did not focus on taking further steps; yet, the Russian comments gave a positive basis for ideas, such as a larger cut, to be considered.
“I don’t think the member countries are ready to do anything more,” a delegate said. “Let’s wait and see how the agreement works,” he added, according to Reuters.
“Encouraging indications from Russia for such thoughts like deeper cuts give better justification to promote and develop such ideas to rebalance markets,” one source close to OPEC told Reuters. “It provides a good basis, but no discussion is there yet,” the souce further explained.
Late 2016, OPEC and non-OPEC producers, including Russia, agreed to cut oil supply in 2017.