Analysing Bloomberg’s article titled ‘Russia’s Wait-and-See Stance on OPEC+ Cuts Shows Gap With Saudis,’ Axios author Ben Geman argued that the OPEC-Russia production cut wasn’t a done deal.
“The Russian wavering is a sign of tricky negotiations looming in Vienna next month with OPEC and allied producers will discuss dialing back production to prop up prices, which have tumbled by roughly $20 per barrel since early October,” Geman said on Russia’s intention to continue to watch the oil market in the coming weeks before making a decision to cut the output.
As of writing, the barrel of WTI was trading at $56, losing 1.35% on a daily basis.
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