Russia to suggest proportional scale-up of crude output among OPEC+ players
Moscow. Russia will advocate proportionally escalating crude production between all participants of the OPEC+ deal at the upcoming Vienna summit scheduled for June 22-23, a source in the cabinet told TASS.
"Russia will consider various options. We see that the market is well-balanced, though there is an overheating risk if the output goes down in particular countries, such as Venezuela and Iran. That is why Russia will suggest crude production be raised proportionally among all participants of the OPEC+ agreement to offset any potential market overheating," the source said.
Russia’s Energy Minister and his Saudi Arabian counterpart noted earlier about the need to ease quotas on crude production cap stipulated by the OPEC+ deal. They explained that falling output in Venezuela and a potential decline of Iranian supplies due to US sanctions might result in a supply shortage. Production may begin recovering starting in the second half of 2018.