Russia wants to stick to the current Opec deal and would oppose any proposal for deeper production cuts at the group’s ministerial meeting later this month, said four Russian government officials. Any further supply reductions so soon after the existing agreement was extended would send the wrong message to the oil market, said one of the people. Part of the government opposes both more cuts and any further prolongation of the deal, another of the people said. The longer the output curbs remain in place, the worse the volatility when producers are released from the accord, the person said. While prices have surged during the past week, oil remains in a bear market after concerns that rising global supply will offset output cuts from the Opec and its partners.

Source: The Standard July 05, 2017 12:11 UTC