Russian Sovereign Wealth Fund Speaks Out Against Further OPEC+ Cuts

The one-month extension to the deepest OPEC+ oil production cuts will be enough to speed up market rebalancing and there is no need to extend the deep cuts further, said Russia’s sovereign wealth fund chief Kiril Dmitriev in an interview for business news outlet RBC. As economies begin to exit from coronavirus-prompted lockdowns, oil demand is starting to recover, so there is no point in further extending the deep cuts, Dmitriev said, adding that the one-month extension beyond the initial end-June expiry of the deep cuts was a “very…