OPEC+ plans no action after Russia's oil-cut decision: Report

10/02/2023 Argaam
Logo of OPEC

Logo of OPEC

OPEC+ does not plan to increase oil supplies after Russia decided to reduce output by 500,000 barrels per day (bpd) in March, Reuters reported, citing two OPEC+ delegates.

 

They added that OPEC+ will maintain supplies despite the Kremlin's plans to cut production, Bloomberg reported.

 

This came after Deputy Prime Minister Alexander Novak said Russia aims to cut oil production by 5% or 500,000 barrels per day (bpd) in March.

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