Russia will join the OPEC+ talks this weekend having barely fulfilled its pledged production cuts, but keen to secure a share of any potential output increase.
“In recent months, Russia has indicated it would welcome a return to production growth,” said analysts from Fitch Ratings Inc. and IHS Markit Inc. That is back on the agenda after pledges by Saudi Arabia and its Persian Gulf allies to fill the supply gap created by tighter US sanctions on Iran.
“Moscow sees a place for its extra barrels in the market,” said Maksim Nechaev, Russia director for IHS Markit. The country has the means to increase production by around 300,000 barrels a day within a short period of time and this is probably the message that Russia will bring.
