MOSCOW/LONDON - One of the key Russian officials to foster a supply pact with OPEC, Kirill Dmitriev, signaled on Monday Russia wanted to raise oil output when it meets with OPEC in June because of improving market conditions and falling stockpiles.
Dmitriev, an envoy for Moscow in the Middle East in general and Saudi Arabia in particular, had in recent months said it was still too early to terminate output cuts, echoing the position of OPEC’s de facto leader, Saudi Arabia. “This decision will not mean the end of the deal, but a confirmation that participants continue their coordinating efforts when it is important not only to cut but to increase output depending on market conditions,” he told the conference.
Russia and Saudi Arabia produce around 11 million and 10 million respectively, but could raise output fairly quickly if needed. But on Monday he said the market was moving toward balance and added that the picture would become clearer in May.
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