Kremlin spokesperson Peskov: Market-driven oil production declines are not the same as actual output cuts

Dhwani Mehta FXStreet

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.

India to start filling strategic oil reserves after price crash – Bloomberg

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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