Russia Decides Not To Boost Oil Output

Russia is not raising its crude oil production because it doesn’t make sense for Russian firms to boost output while the market is oversupplied, a Russian government official told Bloomberg on Wednesday, the day on which the OPEC+ pact expired and Saudi Arabia is gearing up to flood the market with oil. While the Saudis have been pledging record oil exports over the next few months after the OPEC+ deal with Russia collapsed in early March, Russia has hinted that the current market situation with oil prices so low and the…