Russian Resistance Makes OPEC+ Production Cut Unlikely

Russia would not support a decision by OPEC+ to cut oil production, the Wall Street Journal has reported, citing unnamed sources close to the cartel. While several OPEC members have signaled support for such a move, including Saudi Arabia, Russia is not among them, according to the sources. The reason, they said, was that a supply cut might diminish its sway over large Asian oil buyers as it would be a signal there is more oil in the world than there is demand for. Reuters reported, citing three sources from OPEC, that the extended cartel, which…