Russia looks to ease oil output cuts by 125K bpd - report

Thursday, 04. March 2021 11:55

The Russian government is looking to increase the country's crude oil production by 125,000 barrels per day (bpd), Energy Intelligence reported on Thursday citing people familiar with Moscow's intentions.

Russia's representative on the OPEC+ technical committee, Denis Deryushkin, reportedly justified the country's plan by claiming that the oil market was in a 500,000 bpd deficit.

On Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) held the Joint Ministerial Monitoring Committee (JMMC) meeting, but they were unable to reach a deal on relaxing production cuts.

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