26 June | Oil

Russia open to further oil output hikes as part of OPEC+ strategy — Bloomberg

Russia open to further oil output hikes as part of OPEC+ strategy — Bloomberg

According to Bloomberg, Russia is open to increasing oil production at the next OPEC+ meeting if the alliance deems it necessary, as reported by a source familiar with the country's position. It is expected that the eight members of the organization participating in the negotiations on July 6 may consider another production hike for August.

Previously, Russia opposed the production increase suggested by Saudi Arabia, arguing for the need to maintain output levels in July to assess the impact of prior hikes. However, the country ultimately lifted its objections, and OPEC+ approved a production rise of 411,000 barrels per day for July.

Despite a decline in the global oil market due to reduced demand in China, OPEC+ continues to ramp up output. Energy prices temporarily surged above $80 amid the conflict between the US and Israel with Iran, but then fell back into the $60–$70 range.

Saudi Arabia believes that OPEC+ needs to continue restoring previous oil supply levels in an effort to regain lost market share. However, for Russia, one of the world's top three producers, the benefits of increasing production are diminished by a strong ruble, Bloomberg notes.

Anton Volkov MarketCheese
Brent sell
Period: 22.08.2025 Expectation: 395 pips
Brent fluctuates amid fundamental uncertainty
15 August 2025 53
Period: 22.08.2025 Expectation: 1000 pips
0.9 level proved to be too high for AUDCAD buyers
15 August 2025 46
Period: 22.08.2025 Expectation: 500 pips
Spiking US inflation pushes SPX down
15 August 2025 35
Period: 15.08.2025 Expectation: 2000 pips
Selling AUDUSD with 0.6480 target
15 August 2025 26
Period: 22.08.2025 Expectation: 2085 pips
GBPUSD rises amid improved UK economic conditions
15 August 2025 34
Period: 21.08.2025 Expectation: 1455 pips
Selling USDJPY with 145 target amid growing expectations of BOJ rate hike
14 August 2025 55
Go to forecasts