Russia’s largest oil producer, Rosneft, is struggling to supply its long-term buyers with crude oil as it has to cut output due to the OPEC+ deal and will find it hard to keep the current cuts through the end of 2020, as Saudi Arabia is reportedly proposing, Reuters reported on Thursday, quoting sources with knowledge of the matter. “Rosneft is in pain… They must supply refineries, term buyers. There are simply no resources,” one source with knowledge of the company’s operations told Reuters. This ‘pain’ for Rosneft may tip the scales in favor of Russia not agreeing to extend the current deep cuts through 2020 – as Saudi Arabia is reportedly suggesting – rather than easing those cuts after June, as per the current OPEC+ deal. Oil executives in Russia, including Rosneft’s chief executive Igor Sechin, have often criticized the OPEC+ pact, which began its efforts to fix the […]