Russia will likely propose that OPEC+ cut oil production by around 1 million barrels a day at its next meeting in October, a source familiar with the Russian view said on Tuesday.
The meeting will take place on October 5 amid falling oil prices and months of high market volatility that have prompted another major OPEC+ producer, Saudi Arabia, to say the group may cut output .
OPEC+, which includes OPEC countries and allies such as Russia, has refused to increase production to lower oil prices despite pressure from major consumers, including the United States, to help the world. ‘Mondial economy.
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However, prices fell sharply this month on fears over the global economy and a rally in the US dollar following the Federal Reserve’s rate hike.
Russia faces challenges in maintaining oil production due to Western sanctions on its energy and financial sectors after invading Ukraine earlier this year. The Kremlin calls it a special military operation.
Russian President Vladimir Putin and Saudi Crown Prince Mohammad bin Salman spoke last week and praised efforts under OPEC+, confirming their intention to stick to existing agreements, the Kremlin said.
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