Report: Russia rejects OPEC’s 1.5M bpd cut deal

Russia will not support the proposal put forward by the Organization of the Petroleum Exporting Countries and join the cartel in slashing the output of crude further, a source close to the organization claimed on Friday.

According to the Reuters source, Russia will only agree to extend the existing cuts by OPEC and its allies introduced in December. The fate of the deal remains to be seen as the meeting is still ongoing.

Meanwhile, another report claimed that Saudi Arabia, the de facto leader of the cartel, has no intention of downscaling production without Russia on board, as suggested yesterday by Iranian Oil Minister Bijan Zanganeh who said that there is “no plan B” unless Moscow agrees to the proposal.

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