Economy

Saudis: OPEC close to extending output cut deal

Saudis: OPEC close to extending output cut deal

The Organisation of the Petroleum Exporting Countries (OPEC) and some non-affiliated producers including Russian Federation, known collectively as OPEC+, have withheld supplies since the start of the year to prop up prices.

U.S. -China trade tension is a key concern.

"The market has seen pressure over the last couple of weeks due to the significant rise in crude and product inventories here in the US that has pressured prices as the market now awaits the outcome of the upcoming OPEC and non-OPEC producers' meeting", said Andrew Lipow of Lipow Oil Associates in Houston.

Nearly every member of the 24-country coalition is on board with a rollover of the agreement, except for Russian Federation, which has been vacillating over how much production it was willing to cut, Falih said in an interview with Tass news agency earlier Monday."All the big producers in OPEC, as well as many non-OPEC countries like Oman, Kazakhstan, Azerbaijan have also supported the extension", Falih said.

Asked to comment on Siluanov's words, Novak told reporters in Russian Federation today that such a scenario of a sharp drop in prices is not to be ruled out.

"With the Mexican stalemate averted and no harmful shockwaves from this weekend G-20 meeting. oil could trade favorably as WTI and Brent will continue to track the broader risk environment high", Innes said.

More news: Near-record 'dead zone' forecast off U.S. Gulf coast, threatening fish

Saudi Energy Minister Khalid Al-Falih has talked up the prospects for an agreement to extend, and said Monday that producer countries would strive to prevent a price slump below $40.

Crude oil prices were little changed Tuesday, continuing to be negatively impacted by concerns about a global economic slowdown that could lower crude demand, but supported by expectations Opec+ will extend its supply curbs, Kallanish Energy reports.

"Both at the bilateral and the OPEC+ level, we work in order to take preventive steps so as not to allow that scenario to happen", Al-Falih said in Moscow. Yet crude has since dropped more than 10% as the U.S.

"There's no doubt that the current situation on the global oil markets, which has begun to show volatility once again, makes Saudi-Russian cooperation more important", Al-Falih said Monday.

The two ministers yesterday discussed postponing the next OPEC meeting to 4 July, instead of 25 June, according to Novak.

State oil giant Saudi Aramco is looking at "multiple" projects in Russia, Al-Falih told Tass.


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