Russia-Backed Increase Faces Opec Resistance

摘要

Russia is backing an aggressive increase in production ahead of this week’s Opec/non-Opec meeting in Vienna, apparently putting it at odds with producers Iran, Venezuela and Iraq, which have come out strongly against any boost of the group’s output. In a statement on Saturday, Russian Energy Minister Alexander Novak clarified that Russia was backing a 1.5 million barrel per day output hike from Jul. 1 to last for three months. This would be much steeper than the gradual increase suggested by Saudi Energy Minister Khalid al-Falih last Thursday after talks with Novak in Moscow (OD Jun.15’18).