On Tuesday, a document by OPEC+ experts, seen by Reuters, called for "cautious optimism" citing "underlying uncertainties in the physical markets and macro sentiment, including risks from Covid-19 mutations that are still on the rise".
JP Morgan, which said it spoke to Russia's representative on the OPEC+ technical committee Denis Deryushkin, reported that Russia saw some rationale in raising output as the oil market was in a 500,000 bpd deficit.
"Russia believes that if output is maintained at current levels, the market would move into an even more severe deficit," the bank said. "As such, production needs to be restored, but the speed and amount are yet to be decided."
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