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.