OPEC and Russia fail to agree on cuts

The Organization of Petroleum Exporting Countries (OPEC) meets on Thursday (5) in Vienna and next Friday (6), will make a meeting with OPEC+, which relies on Russia and other members. The organization is preparing to deepen cuts in oil supply at the end this week, but it still needs to close agreement with allies.

Russia has not yet agreed to deepen the cuts, as their companies argue that they are finding it difficult to reduce production during the winter months due to very low temperatures. In addition, another point of discord for the country is the fact that its production is measured. Russia includes gas condensate in production figures, while other producers No.

OPEC+ has reduced supply since 2017 to combat production the united states, which has become the largest producer in the world. In next year, increased production in other non-OPEC countries, such as Brazil and Norway have threatened to increase excess.


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