Russia’s Dmitriev: OPEC+ could decide to raise oil output at June meeting

Russia and Saudi Arabia are shooting from two different angles

OPEC
  • Market situation is improving, stocks are falling though
  • Output increase would not mean end of OPEC+ oil market coordination
Kirill Dmitriev is one of the main architects of Russia’s agreement with OPEC, so for him to come out and say this it could have some weight on the discussion in May/June. Do take note that his previous stance was that it was too early to comment on exiting production cuts, whereas now he’s talking about increasing production instead.
As mentioned earlier, Russia basically only has one foot in the circle when it comes to working with OPEC at the moment so it’s not too surprising to see them to make such remarks. But it isn’t going to be something that oil prices will like if such sentiment starts to gain more traction in the coming weeks.