Russia Treads Carefully on Oil Production Cuts to Avoid Losing Share to US
• Putin supports OPEC+ production cuts, says it helps Russia's energy revenue and budget • But worried cuts losing market share to non-OPEC producers like US as their output grows • Emphasized risk of losing market share was just an "alternative viewpoint" • Russia's oil industry faces pressure from military spending and Western sanctions • US crude production hit new highs 6 straight years, peaking in 2023 at 12.9M bpd