OPEC+ Works to Offset Lower Russian Oil Production

OPEC+ Works to Offset Lower Russian Oil Production

OPEC+ is trying to make up for the economic fallout of plummeting Russian oil production due to Western sanctions against Moscow over Ukraine, according to two OPEC+ sources.

Russia may agree to compensate other producers for lower output, according to a source familiar with the OPEC+ position.

As a result of Western sanctions imposed on Russia over Ukraine, the world’s second largest oil exporter may be forced to cut production by as much as 2-3 million barrels per day (mmbbl/d), according to various estimates.

As of April, Russia was already producing below its OPEC+ target of 10.44 mmbbl/d with an output of around 9.3 mmbbl/d.

 

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