Russia is not in favor of cutting oil production at this point, and it is likely that OPEC+ will keep output steady when it meets on Monday, people familiar with the matter said, as Moscow maneuvers to prevent it. Western efforts to limit its oil revenues after the invasion of Ukraine.
Russia’s opposition to production cuts highlights a debate within the Organization of the Petroleum Exporting Countries and its allies led by Moscow, collectively known as OPEC+, as oil consumers around the world. Asking to prepare for a dispute this winter with the Kremlin over its crude oil prices. Oil prices spike above $100 a barrel after Russia Invades Ukrainehurt Western consumers and fill Moscow’s coffers.