Russia is not going to comply with its side of the OPEC oil supply agreement and cut production by 300,000 barrels a day, an analyst told CNBC on Thursday.
For the first time in 15 years, Russian officials agreed to join OPEC members in an attempt to revamp oil prices by cutting production. The 14 members of OPEC agreed Wednesday to cut oil production from 33.6 million barrels a day (b/d) to 32.5 million b/d. As part of the agreement, non-OPEC members including Russia and Venezuela would have to cut production by a total of 600,000 b/d. Both groups are scheduled to meet on December 9th.
However, the Kremlin could easily argue "technical issues" and not fulfill its part.
When asked if Russia would comply with its part of the agreement, Chris Weafer, senior partner at Macro-Advisory, was fast in saying: "No, I don't' think so at all."