FAST FIVE: Did Russia Just Call The End Of The OPEC Deal?
We have created this kind of system.” Russia has been the wildcard in the OPEC+ production cut deal, and has long sent mixed messages regarding their all-in-ness of the deal.
OPEC's production has fallen to levels below its commitment.
The United States, however, continues to increase production, and currently sits at an all-time-high of 12.2 million bpd, according to the EIA.
President Vladimir Putin on Tuesday, however, assured markets that Russia would continue its cooperation with OPEC.
“If the market situation develops in such a way that reserves increase dramatically, or the US seizes Venezuelan oil and quickly increases its accessibility on the world markets, or something positive happens in Libya in terms of the political situation, and Libya enters the global market, or someone thinks that it is necessary to stop putting pressure on Iran and Iran enters the market with additional volumes, then we will have to take all this into account and make the appropriate decision.” Under the terms of the production cut deal forged with OPEC, Russia agreed to shave 230,000 bpd to reach 11.191 million bpd.