OPEC delegates: Waiting to hear from Russia before deciding oil output reduction

Haresh Menghani FXStreet

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.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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