Kremlin: OPEC+ decision on oil output is necessary

Eren Sengezer FXStreet

Kremlin spokesman Dmitry Peskov noted on Tuesday that Russian President Vladimir Putin does not have immediate plans to meet with top OPEC+ officials, as reported by Reuters.

"The work is ongoing. One or another decision is necessary," Dmitry Peskov told reporters.

Earlier in the day, Bloomberg reported that US President Joe Biden's administration urged OPEC+ to reach a compromise to increase oil output after the group postponed its meeting on Monday.

Market reaction

These comments don't seem to be having a noticeable impact on crude oil prices. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $75.80, losing 0.35% on a daily basis.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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