Russia signals opposition to OPEC+ oil production cuts

Russia does not support an oil output cut at this point and OPEC+ is likely to hold output steady when it meets on Monday, people familiar with the matter said, as Moscow maneuvers to thwart Western attempts to limit oil revenues. invasion of Ukraine.

Russian resistance to an output cut is highlighting a debate within the Organization of the Petroleum Exporting Countries and its Moscow-led allies, collectively known as OPEC+, as oil consumers globally prepare for a showdown this winter with the Kremlin over crude prices. Oil prices rose above $100 a barrel after Russia invaded Ukraine, hurting Western consumers and filling Moscow̵[ads1]7;s coffers.

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