OPEC+ working on making up for lower Russian oil output By Reuters

OPEC+ working on making up for lower Russian oil output By Reuters

© Reuters. FILE PHOTO: The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen at OPEC’s headquarters in Vienna, Austria June 19, 2018. REUTERS/Leonhard Foeger/File Photo

LONDON (Reuters) – OPEC+ is working on compensating for a drop in Russian oil output, two OPEC+ sources said on Thursday, as Russia’s production has fallen by around 1 million barrels per day in recent months as a result of Western sanctions on Moscow over Ukraine.

One OPEC+ source familiar with the Russian position said Moscow could agree to other producers compensating for its lower output but it may not happen at a Thursday meeting and might not be in full.

A Gulf OPEC+ source said a decision on the matter was “highly possible” at a meeting on Thursday.

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