Russia to propose deal to increase oil output in line with quotas - report

Author: Justin Low | Category: News

According to IFAX, citing a government source

Says that Russia is to put forth a proposal to all participants of the global oil output cut deal (I'm presuming they're talking about the OPEC+ agreement) to increase output in line with quotas. The report here is likely referring to next week's meeting between OPEC and non-OPEC members.

Goes on to say that the proposal is designed to remove the risk of the market 'overheating'.

There are a lot of different reports all coming out ahead of the meeting in Vienna next week, but if anything, it seems that an easing to the current oil output cut deal is going to be very much on the cards - and the market has factored part of that in already over the last two weeks.

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