Russia may cut up 2 mil bpd maximum under any global oil pact - sources

Author: Justin Low | Category: News

Reuters reports, citing two Russian sources on the matter

The story yesterday was that Russia is said to be prepared to cut oil output by about 14% of their Q1 average or 1.6 mil bpd, but the latest news here is that they may go slightly beyond that and cut by 2 mil bpd if there is to be an agreement struck later today.

That adds to the positivity in terms of the willingness of OPEC+ and other producers to achieve a greater total of output cuts but I reckon whatever the number will still fall way short of addressing the global supply glut in the market.

Oil is liking the headline as it jumps to a high of $26.67 from around $26.15 earlier.

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