Kremlin: OPEC+ decision on oil output is necessary

Kremlin spokesman Dmitry Peskov noted on Tuesday that Russian President Vladimir Putin does not have immediate plans to meet with top OPEC+ officials, as reported by Reuters.

"The work is ongoing. One or another decision is necessary," Dmitry Peskov told reporters.

Earlier in the day, Bloomberg reported that US President Joe Biden's administration urged OPEC+ to reach a compromise to increase oil output after the group postponed its meeting on Monday.

Market reaction

These comments don't seem to be having a noticeable impact on crude oil prices. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $75.80, losing 0.35% on a daily basis.