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Wednesday, 23 November 2016

OPEC’s Latest Headache: Russian Reluctance to Cut Oil Output - Bloomberg

OPEC’s Latest Headache: Russian Reluctance to Cut Oil Output - Bloomberg:
"For months, Russia has told OPEC its preferred option in any eventual oil-supply deal was to freeze production, rather than to cut it. It’s dawning on the group that Moscow may actually mean it.

While Russia talked about a freeze, Saudi Arabia and its allies privately expected Moscow would eventually join a cut if the Organization of Petroleum Exporting Countries delivered its own reduction, according to people briefed on the matter, who asked not to be named because of the sensitive nature of the talks.

Several OPEC members are adamant Russia must reduce supply if the plan to ease a global glut is to succeed. Just one week before OPEC’s ministerial meeting in Vienna, that prospect seems less likely."

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