Russia to propose deal to increase oil output: Ifax

Russia is said to put forward a proposal to all participants of the global oil output cut deal to increase output in line with quotas, the Interfax news agency reported this Wednesday, citing a government source.

The report goes on to say that the proposal is designed to remove the risk of the market overheating.

This reinforces earlier Bloomberg report, saying that Russia is mulling proposing that the OPEC and non-OPEC producers return oil output to October 2016 levels.

The market reaction, however, turned out to be rather muted, with WTI crude oil prices hodling with a mildly weaker tone just above the $66.00/barrel mark.