The OPEC-Russia production cut isn't a done deal - Axios

Eren Sengezer FXStreet

Analysing Bloomberg's article titled 'Russia's Wait-and-See Stance on OPEC+ Cuts Shows Gap With Saudis,' Axios author Ben Geman argued that the OPEC-Russia production cut wasn't a done deal.

"The Russian wavering is a sign of tricky negotiations looming in Vienna next month with OPEC and allied producers will discuss dialing back production to prop up prices, which have tumbled by roughly $20 per barrel since early October," Geman said on Russia's intention to continue to watch the oil market in the coming weeks before making a decision to cut the output.

As of writing, the barrel of WTI was trading at $56, losing 1.35% 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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