JRL NEWSWATCH: “Russian Economy Gives Putin Reasons Not to Extend OPEC+ Deal” – Bloomberg/ Olga Tanas

Oil Well file photo

“The OPEC+ pact is hurting the Russian economy, potentially giving … Putin a reason not to agree on an extension …. While higher crude prices can bring … additional revenue, production cuts are weighing on one of the country’s biggest industries. … [Putin] may have to weigh his desire for faster economic growth against the benefits of his alliance with Saudi Arabia. … Russia’s GDP unexpectedly grew just 0.5% in the first quarter …. compare[d] with a 2.7% increase in the last three months of 2018 … the highest in more than six years as crude output reached a record 11.45 million barrels a day in December, according to ministry data. …”

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File Photo of King Salman of Saudi Arabia Seated Next to Saudi Flag and Gesturing, adapted from image at defense.gov