Russia, the leader of the non-OPEC group in OPEC+, favors a rollover of the alliance’s oil production cuts while seeking a slight increase for itself to meet higher seasonal demand, a source with knowledge of Moscow’s plans told Reuters on Monday.
Russia has sought and obtained small increases for its oil production every month since the start of the year, while all other members of the OPEC+ pact—except for Kazakhstan—were set to keep their production flat after January. Saudi Arabia is also cutting an extra 1 million barrels per day (bpd) off its oil production on top of its quota for three months through April.
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