OPEC+ set to debate oil-cut cheating as Russia seeks rule change

This week's OPEC+ meeting will see a debate on how to ensure that all member states implement the oil-cuts while Russia seeks a rule change that would exclude part of its oil production from the quota.

The Organization of Petroleum Exporting Countries and its allies is meeting at the Vienna headquarters this week. | Photo: NICK OXFORD/REUTERS / X03416

OPEC+ is poised for a debate about lax implementation of oil-production cuts in Vienna this week, with Russia asking to discuss a rule change that would exclude some of its oil production from the group's quota.

Ministers from some of the world's largest oil producers are gathering this week, and typically their discussions wouldn't focus on a niche hydrocarbon called condensate. Yet as Saudi Arabia signals impatience with fellow members who aren't implementing their pledged curbs, Russia's rebuttal may focus on the accounting method for this light oil that's a byproduct of natural gas.

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