Russia is open to a new output hike if OPEC+ decides that it’s needed.

According to a person familiar with Russia's position, the country is willing to increase output further at the next 0PEC+ meeting if the alliance considers it necessary.

Moscow's partnership with OPEC+ is critical, and Russia will seek an acceptable solution for the entire group at the July 6 meeting, according to the person, who spoke on the condition of anonymity because the deliberations are not public. The eight OPEC+ members involved in the talks, who have been gradually reducing their production cuts, may consider another hike in August, according to the source.