Russia will not boost its oil production
Bloomberg reports, that, according to a Russian official, Russia will not introduce any significant changes to its oil production strategy. The country is not planning to boost production while the market is flooded with cheap crude.
The source has also stated, that Russian is not currently discussing oil strategy with the other big supplier - Saudi Arabia. However, earlier Russian energy officials have revealed their plans to work out ways to handle the oil crisis.
The news might serve as a reassurance for the bulls on the oil market. At the moment the oil prices have experienced a 66% reduction compared to January’s prices.