Russia says no talks yet of Opec+ output hikes from July

Russian deputy prime minister Alexander Novak said on Monday that the Opec+ group of leading oil producers has not yet discussed increasing output by another 411,000 barrels per day (bpd) ahead of its meeting, RIA news agency reported.

The Organization of the Petroleum Exporting Countries and its allies, led by Russia, will hold an online ministerial meeting on May 28.

Novak said he expected them to discuss the current market situation, forecasts and some “adjustments”, according to RIA.

There will also be a separate meeting of eight Opec+ countries, which had pledged extra voluntary oil output cuts.

They will convene on May 31, a day earlier than planned, three Opec+ sources told Reuters earlier on Monday.

• Opec+ triples additional June barrels to deter quota-breaking
• Opec expects slower 2025 oil supply growth from rivals
• Opec+ throws the car into reverse, but keeps its grip on the wheel

The meeting will likely decide on July output, which sources have previously told Reuters will be another 411,000 bpd of production increase.

Novak also said that the G7 and European Union plans to lower the price cap for Russian oil to $50 per barrel from the current level of $60 was unacceptable and that the restrictions have failed to curb Russian oil exports.