Oil Prices Fall as Russia Refuses to Commit to Output Cut


Investing.com – Oil prices edged down on Tuesday morning in Asia as major oil producer Russia adopted a wait-and-see attitude towards OPEC’s potential decision to cut crude output.

Crude Oil WTI Futures for January delivery slipped 0.14% to $57.12 a barrel at 10:59PM ET (02:59 GMT) on the New York Mercantile Exchange, while in London’s Intercontinental Exchange Brent Oil Futures for January delivery dropped 0.3% to $66.59 per barrel.

Reports cited Russia’s energy minister Alexander Novak saying on Monday in Moscow, “We need to see how the situation develops in November and early December to better understand both the current conditions and the winter outlook. We need to make a balanced decision, and so far there are no criteria for it.”

The country is due to meet with OPEC+ oil producers during a Dec. 7 summit in Vienna to reach an output decision for the next six months. OPEC’s de-facto leader Saudi Arabia is driving OPEC to slash output by 1 to 1.4 million barrels per day (bpd) to avoid oversupply. OPEC+ is an informal name for a supercartel of 24 oil producers.

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