RIGZONE | Russia is determined to start easing oil output cuts from July, sticking to the terms of the OPEC+ deal struck earlier this year, according to people familiar with the key producer’s position.
OPEC and its allies reached a historic accord in April to slash production as the pandemic savaged demand. As part of that deal, the cuts would slowly taper from July.
But since the agreement was sealed, Saudi Arabia tried to prop up the market with additional cuts and Gulf allies followed suit. As OPEC+ prepares to meet in two weeks’ time, members are weighing up whether to extend the cuts or ease them.
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