OPEC delegates: Waiting to hear from Russia before deciding oil output reduction

OPEC delegates, on the sidelines a closely watched meeting, said the cartel is waiting to hear how much oil output Russia will cut before deciding its own reduction.

Key quotes:

   •  OPEC may cut 1 million bpd if Russia is willing to contribute 150,000 bpd.
   •  OPEC+ may cut in excess of 1.3 million bpd if Russia cuts by around 250,000 bpd.
   •  OPEC, non-OPEC oil cut unlikely to be larger than 1.4 million bpd.