Russia wants to keep agreement to slow cuts in July

Sources told Bloomberg that Russia is indeed determined to comply with the terms of the OPEC+ agreement and plans to begin slowing oil production cuts in July. 

Three Russian officials and two industry professionals, who spoke on condition of anonymity, said the country's position is to stick to the plan. Meanwhile, OPEC+ is preparing to meet in two weeks' time and the other members are assessing whether to extend the cuts or reduce them. 

Last month, the organization and partner countries struck a deal to reduce supply amid falling demand caused by the coronavirus pandemic. But Saudi Arabia, for example, is trying to prop up the market with extra cuts and Gulf allies follow suit.


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