Russia ready to cut oil production by around 1.6 million bpd – Reuters

Russia is ready to participate in the OPEC+ deal in line with its share in oil production of countries involved in the deal, Reuters reported on Wednesday, citing Interfax news agency.

Meanwhile, citing a Russian energy ministry source, RBC said that Russia was ready to lower its oil production by around 1.6 million barrels per day.

Market reaction

Crude oil prices edged slightly lower on these headlines. As of writing, the barrel of West Texas Intermediate was trading at $23.80, erasing 1.8% on a daily basis.