OPEC delegates: Waiting to hear from Russia before deciding oil output reduction
|OPEC delegates, on the sidelines a closely watched meeting, said the cartel is waiting to hear how much oil output Russia will cut before deciding its own reduction.
Key quotes:
• OPEC may cut 1 million bpd if Russia is willing to contribute 150,000 bpd.
• OPEC+ may cut in excess of 1.3 million bpd if Russia cuts by around 250,000 bpd.
• OPEC, non-OPEC oil cut unlikely to be larger than 1.4 million bpd.
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