Russia signals opposition to OPEC+ oil production cut

Russia is not supporting a cut in oil production at this time, and OPEC+ is likely to keep its production stable when it meets Monday, people familiar with the matter said, as Moscow maneuvers to block Western attempts to curtail its oil revenues. after his invasion of Ukraine.

Russia’s opposition to a production cut highlights a debate within the Organization of the Petroleum Exporting Countries and Moscow-led allies, known collectively as OPEC+, as oil consumers worldwide brace themselves this winter for a showdown with the Kremlin over the price of its crude oil. Oil prices soared above $100 a barrel after Russia invaded Ukraine, hurting Western consumers and filling Moscow’s treasury.

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