Russia says no current plans to discuss OPEC+ at the "highest level"

Quantum Commodity Intelligence - There are currently no plans for heads of state to discuss the proposed OPEC+ deal in an attempt to move forward following the breakdown of talks, Russia's Presidential Spokesperson Dmitry Peskov told reporters Monday, according to the Russian Tass news agency.

The OPEC + countries have been deadlocked since the start of the month on discussions to ease crude oil production restrictions until the end of this year.

"So far, no high-level contacts on OPEC+ are planned," Peskov said.

The spokesman further noted that in a July 9 telephone conversation between Russian leader Vladimir Putin and US President Joe Biden, the OPEC + deal was not discussed then either.

"On the Russian side, work on this topic continues through the Deputy Prime Minister Alexander Novak," Peskov added. 

Saudi Arabia, OPEC's largest oil producer, insists that OPEC + countries should simultaneously renew the agreement, which expires in April 2022, until the end of next year.

The United Arab Emirates are opposed to it, citing that during the extension that baseline levels of oil production should be revised.

The breakdown in OPEC+ talks initially sent prices spiralling to 32-month highs last week, but as tensions between Saudi Arabia and the UAE heightened prices eased back on fears of fractures within the OPEC+ alliance.

Quantum assessed Dubai crude $73.50/barrel on Monday, up $0.50/b on pre-weekend levels, while Oman was also assessed $0.50/b higher at $73.55.