In early 2021 Russia secured an increase to its oil output quota under the OPEC+ agreement for February and March, the latest sign that Russia’s comparatively strong economic position is allowing it to push for better terms under the deal. Economics are set to underpin future negotiations in 2021, with Russia likely to continue to push to increase output volumes, despite uncertainty over demand. Moscow-based analysts welcomed the latest OPEC+ decision , which allowed Russia to increase output by 65,000 b/d in February, and a further 65,000 b/d in March. Russia’s crude output was 9.10 million b/d in December according to the S&P Global Platts OPEC+ production survey. In contrast, most other members of the group will maintain output at January levels, with Saudi Arabia announcing that it would add an extra 1 million b/d cut. Russia’s close ally Kazakhstan also secured a small increase to its quota from […]