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Oil Prices Hold Gains As OPEC+ Near Production Cut Extension Deal
• https://www.zerohedge.comUpdate: Russian Energy Minister Novak has stated that the extension of six to nine months is a consolidated agreement and other countries are in favour of such an extension.
Novak's comments, and Russia agreeing to extend the OPEC+ deal, have removed a uncertainty from the discussion surrounding the deals future; as until these comments it was not known precisely what Russia's position around an extension was and whether or not they would support one.
It is becoming increasingly clear that Russia is taking a larger and larger role in controlling OPEC (behind the scenes) as Bloomberg's Javier Blas notes:
What's most amazing about how #Russia is shapping every decision within #OPEC is how Moscow is also controlling the message. The below is from our live blog from Vienna on @TheTerminal | Follow TLIV [GO] for more | #OOTT pic.twitter.com/HLJCjWIMbh
— Javier Blas (@JavierBlas) July 1, 2019