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Oil glut, stronger rouble strengthen case for Russia to cut oil output-sources

From reuters.com

A growing oil glut in Russia and the promise of a flood of dollars from the sale of a leading bank are strengthening the case for Russia to cut oil output in tandem with OPEC, oil sources said. The Organization of the Petroleum Exporting Countries, Russia and other producers have for more than a year implemented a deal to cut oil output by 2.1 million barrels per day to support the market. The agreement expires at the end of March. OPEC has recommended extending the output curbs and deepening the combined cuts because of the impact of the new coronavirus in China, which the International Energy Agency said on ... (full story)

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  • Category: Fundamental Analysis