Weekend – Russia Fin Min Siluanov says Russia & OPEC may decide to boost production

News

Anton Siluanov is Russia’s Finance Minister. He spoke over the weekend, reported on TASS news agency.

  • Said that Russia and OPEC could decide to increase oil production to fight for market share with the United States
  • Doing so would likely send oil prices lower, cited as low as $40 per barre

Siluanov is concerned on losing market share, ‘which is being occupied by the Americans‘.

Currently OPEC+ (a group that includes Russia and other producers with OPEC) have an agreement to reducing oil output by 1.2 million bpd for six months, from January 2019.

The group will meet on June 25 and 26 to decide whether to extend the agreement.

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