OPEC’s key ally in all production cut agreements since 2017—Russia—appears to have somewhat reluctantly agreed to cut output in each of the OPEC/non-OPEC pacts over the past two years. Now that the next OPEC and allies’ meeting at the end of June is set to discuss a potential production increase to offset mounting supply disruptions, instead of cuts, Russia seems to be all in on joining a pact to reverse some or all of the current 1.2 million bpd cuts that OPEC and its Moscow-led non-OPEC allies are implementing until June this year. Russia is not giving away any official indications as to its thinking about the OPEC+ deal. Comments and hints from officials and companies, however, indicate the usual reluctance to continue cutting production once the current agreement expires in June. A panel of OPEC and non-OPEC partners is meeting in Jeddah, Saudi Arabia, this weekend, to discuss […]