March 3, 2020 / 11:00 AM / in a month

Kremlin stays silent on Russia oil cut plans ahead of OPEC+ meeting

MOSCOW (Reuters) - The Kremlin told reporters on Tuesday it would not say whether Moscow was ready to make additional oil output cuts as part of the cooperation between OPEC and non-OPEC countries and said it was necessary to wait for their meeting later this week.

The Organization of the Petroleum Exporting Countries and its partners known as OPEC+ will meet in Vienna on March 5-6 to discuss additional steps to support the oil market as the economic impact of the spread of the coronavirus risks hurting demand.

Russia’s second-biggest oil producer, Lukoil (LKOH.MM), said OPEC’s proposal to cut oil production by up to 1 million barrels per day would be enough to balance the market and lift oil prices back to $60 a barrel.

Reporting by Alexander Marrow and Maria Kiselyova; writing by Tom Balmforth; editing by Louise Heavens

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