# Oil eases as Russia downplays additional OPEC+ cuts Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2023-05-25 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Oil prices fall as Russia downplays OPEC+ cuts Meta Description: Russian Deputy Prime Minister Alexander Novak's comments spark decline in oil prices ahead of OPEC+ meeting next week. Brent crude futures down 0.5% to URL: https://financedigest.com/oil-eases-as-russia-downplays-additional-opec-cutshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2023-05-25t004645z1lynxmpej4o00lrtroptp4global-oil-1736813974877-compressed.jpg) By Ahmad Ghaddar LONDON (Reuters) [-Oil](https://www.financedigest.com/oil-prices-rise-after-us-crude-stocks-fall-more-than-expected.html) prices fell on Thursday after Russian Deputy Prime Minister Alexander Novak played down the prospect of further OPEC+ production cuts at its meeting next week. Brent crude futures was down 41 cents, or 0.5%, to $77.95 a barrel at 0815 GMT. U.S. West Texas Intermediate crude (WTI) fell 51 cents, or 0.7%, to $73.83. I don’t think that there will be any new steps, because just a month ago certain decisions were made regarding the voluntary reduction of [oil production](https://www.financedigest.com/new-product-launches-to-put-the-cod-liver-oil-market-in-a-good-stead.html "New Product Launches To Put The Cod Liver Oil Market In A Good Stead") by some countries…” Novak was quoted as saying by Izvestia newspaper. In the previous session, oil [prices were supported by a warning from Saudi Arabia’s energy minister that short-sellers betting oil prices will fall](https://www.financedigest.com/world-food-prices-fall-to-two-year-low-in-may-un-food-agency.html "World food prices fall to two-year low in May – UN food agency") should “watch out” for pain. Some investors took that as a signal that the Organization of Petroleum Exporting Countries (OPEC) and allies including Russia, together called OPEC+, could consider further [output cuts](https://www.financedigest.com/oil-rises-on-saudi-plan-to-deepen-output-cuts-from-july.html "Oil rises on Saudi plan to deepen output cuts from July") at a meeting on June 4. The obvious reading is that the Kingdom may either unilaterally cut oil [production or orchestrate a wider OPEC+ reduction …thereby supporting](https://www.financedigest.com/host-analytics-fall16-release-improves-user-productivity-and-support.html "Host Analytics Fall16 Release Improves User Productivity and Support") prices and stinging speculators that are shorting oil,” analysts at bank MUFG said. Uncertainty over U.S. [debt also weighed](https://www.financedigest.com/european-shares-weighed-by-us-debt-ceiling-concerns-slide-in-financials.html "European shares weighed by US debt ceiling concerns, slide in financials") on prices. Some [progress had been made](https://www.financedigest.com/sweden-finland-and-turkey-have-made-progress-on-nato-membership-sweden-says.html "Sweden, Finland and Turkey have made progress on NATO membership, Sweden says") but several issues remained unresolved in U.S. [debt ceiling](https://www.financedigest.com/dollar-gains-after-fitch-watch-heightens-debt-ceiling-jitters.html "Dollar gains after Fitch watch heightens debt ceiling jitters") negotiations, House Speaker Kevin McCarthy said on Thursday, as the deadline ticked closer to raise the federal government’s $31.4 trillion borrowing limit or risk default. Negotiators for Democratic President Joe Biden and [top congressional Republican Kevin McCarthy reconvened Wednesday at the White House to try to close a deal](https://www.financedigest.com/top-tips-on-finalising-an-export-deal.html "Top Tips on Finalising an Export Deal"). Meanwhile, [price declines were limited by an unexpected](https://www.financedigest.com/uk-house-prices-show-unexpected-strength-in-october-nationwide.html "UK house prices show unexpected strength in October: Nationwide"), massive fall in U.S. [crude oil](https://www.financedigest.com/omv-petrom-makes-largest-crude-oil-discovery-in-decades.html "OMV Petrom makes largest crude oil discovery in decades") inventories in the week to May 19 reported by the Energy Information Administration on Wednesday. U.S. crude inventories fell by 12.5 million [barrels](https://www.financedigest.com/oil-rises-on-slim-progress-in-gaza-peace-talks-weaker-dollar.html) to 455.2 million barrels as imports declined. Analysts had [expected an 800,000-barrel rise](https://www.financedigest.com/rising-concerns-towards-safety-of-child-are-expected-to-drive-demand-for-baby-car-seat-market.html "Rising Concerns Towards Safety Of Child Are Expected To Drive Demand For Baby Car Seat Market"). \[EIA/S\] Gasoline inventories [dropped by 2.1 million barrels in the week](https://www.financedigest.com/oil-prices-head-for-fourth-weekly-drop-as-demand-fears-weigh.html "Oil prices head for fourth weekly drop as demand fears weigh") to 216.3 million barrels, the EIA said, while distillate stockpiles fell by 600,000 [barrels](https://www.financedigest.com/oil-rises-on-slim-progress-in-gaza-peace-talks-weaker-dollar.html) to 105.7 million barrels. (Additional reporting by Jeslyn Lerh in SingaporeEditing by Mark Potter) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---