Sources talking to the Wall Street Journal stated that Russia does not favor a reduction in oil production at this time and that it is probable OPEC+ will maintain its output.
OPEC+ is expected to maintain its oil output limits for October, according to three sources, however some sources did not completely rule out a production decrease to support prices that have fallen from their record highs earlier this year.
Saudi Arabia, a major OPEC producer, hinted at the prospect of cuts to the market last month.
According to the WSJ report published, Russia is worried that a production cut will indicate to oil buyers that the world’s supply of crude is greater than the demand for it.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, notably Russia, meet as demand struggles and supply may increase if Iranian petroleum returns to the market after reaching a nuclear deal with world powers.
The Group of Seven affluent nations agreed to set a limit on the price of Russian oil last week, but they offered few new specifics about the strategy they intended to use to limit the funding for Moscow’s conflict in the Ukraine while maintaining the flow of petroleum to prevent price rises.