© Reuters. FILE PHOTO: A view shows a pressure gauge near oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk
By Vladimir Soldatkin and Olesya Astakhova
MOSCOW (Reuters) – As the world’s most powerful oil producers ponder further supply cuts, Russia has little incentive for a radical change as its energy revenue is strong, oil prices are higher than its forecasts and its budget deficit is narrowing.
Ministers from OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, meet on Sunday in Vienna.
OPEC+ is set to consider whether to make additional oil supply cuts, three OPEC+ sources told Reuters with prices down by 16% since late September as crude output in the U.S., the world’s top producer, held at record highs, while the market was concerned about demand growth, especially from China, the No. 1 importer of oil.
“I don’t see any reasons to change something radically,” a source close to the Russian government said on condition of anonymity about the forthcoming OPEC+ meeting.
The source added that there was still a chance for surprises at the face-to-face…
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