Vladimir Putin has few friends outside Russia. He should therefore offer a hearty bolshoe spasibo to his oil-producing brethren in Opec+. They have heeded his suggestion for sharp production cuts. Wednesday’s Vienna meeting should include a higher than expected 1mn barrel per day reduction to support sagging benchmark crude prices.
Brent bounced 4 per cent on Monday to more than $88 per barrel. But it has fallen over a quarter since peaking in early June.
Opec+ says it is worried about oil market fundamentals. Russia has more to fret about.
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