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Russia is reportedly considering joining in with other members of OPEC to cut oil output in an attempt to jump start the price of oil.
Russia is reportedly considering joining in with other members of OPEC to cut oil output in an attempt to jump start the price of oil.
According to Bloomberg:
The world’s biggest crude oil producer may agree to reduce output by 15 million tons, or about 300,000 barrels a day, in return for 70 million tons of OPEC reductions, the Moscow-based newspaper reported, citing people close to the government that it didn’t identify.
Olivier Jakob, managing director of Petromatrix GmbH, said:
Russia might agree to cut output if OPEC reduces production by 1.5 million barrels a day.