Russia Seen Wanting to Share Saudi Output Hike as OPEC+ Meets - Bloomberg

Russia Seen Wanting to Share Saudi Output Hike as OPEC+ Meets - Bloomberg:

Russia will join OPEC+ talks this weekend having barely fulfilled its pledged production cuts, but keen to secure a share of any potential output increase.

In recent months, Russia has indicated it would welcome a return to production growth, said analysts from Fitch Ratings Inc. and IHS Markit Inc. That’s back on the agenda after pledges by Saudi Arabia and its Gulf allies to fill the supply gap created by tighter U.S. sanctions on Iran.

Moscow "sees a place for its extra barrels in the market," said Maksim Nechaev, Russia director for IHS Markit. The country has the means to increase production by around 300,000 barrels a day within a short period of time "and this is probably the message that Russia will bring."