Russia unlikely to agree to deepen oil output cuts – Citing three sources familiar with talks, Reuters on Tuesday reported that Russia was unlikely to agree to deepen additional oil output cuts at the Organization of the Petroleum Exporting Countries’ (OPEC) meeting in Vienna on December 5th.
“We expect uneasy talks in December. Russia will not categorically agree to (deepen) cuts in winter,” a source told Reuters.
“Serious consultations have not yet started. Rollover looks more likely. Russia cannot reduce more in winter time. But surprises are always a possibility,” added another source.
Crude oil prices came under renewed bearish pressure on these comments and the barrel of West Texas Intermediate was last seen trading at $56.30, erasing 0.95% on a daily basis.