OPEC wants to convince Russia to cut oil output by 300,000 bpd

MOSCOW, Dec 5 (PRIME) -- OPEC is making effort to convince Russia to reduce oil production by at least 300,000 barrels per day and is ready for a gradual cut, sources close to the negotiations told PRIME on Wednesday.

The sources also said the Moscow has not yet made a final decision.

On Tuesday, Reuters reported that OPEC and non-OPEC states may postpone a further reduction of oil production due to Russia’s resistance to a significant cut.

In November 2016, OPEC and non-OPEC states including Russia agreed to reduce their oil production to rebalance the market. In 2017, the deal was prolonged until the end of 2018. In June, the participants decided to raise the output by 1 million barrels of oil per day due to a favorable market environment.

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