The combined production levels of the Organization of the Petroleum Exporting Countries and its partners are likely to remain unchanged after their meeting on September 5, The Wall Street Journal reported, citing unnamed sources familiar with the matter.
In an internal OPEC+ meeting last week, Russia, which leads OPEC's allies, reportedly opposed the idea of a production reduction that had been mentioned by Saudi Arabia recently.
According to the report, Moscow thinks that such a move would make buyers of its oil believe that supply is surpassing demand, which could hurt its market negotiating position as Russia is selling oil at a discount, especially to Asian countries.
