Explainer: OPEC+ will not boost oil production after Russia cut
Saudi Arabia and other OPEC members are so far not reacting to Russia’s production cut as they stand to benefit from the move.
Russia announced a major oil production cut Friday, a move that could have ramifications for Middle East oil producers.
What happened: Russia said it would cut production by 500,000 barrels per day starting in March. The price of Brent crude oil rose from around $85 to nearly $87 a barrel early Friday around the time the news broke, according to market data.
Bloomberg subsequently reported that the OPEC+ alliance of oil producing countries will not boost production in light of Russia’s cut. OPEC+ is therefore set to produce less oil collectively come March.
Reuters reported that Russia did not consult with OPEC+ ahead of the announcement.
