Kremlin spokesperson Peskov: Market-driven oil production declines are not the same as actual output cuts
|Kremlin spokesperson Dmitry Peskov said in a statement on Wednesday, market-driven oil production declines are not the same as actual output cuts.
Nothing further is reported on the same but the headline appear to be upbeat, especially as markets expect Russia to agree on a output cut deal with the other OPEC and non-OPEC producers (OPEC+) when they meet on Thursday.
Oil price reaction
Oil sustains a part of the recovery rally amid hopes of OPEC+ output cuts, with WTI now rallying 3% above 24.00 while Brent gains 0.70% to 32.05, at the time of writing.
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