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OPEC+ group will consider ‘many factors’ in oil cuts - Mr Novak

Gasoil News - Published on Wed, 22 May 2019

Image Source: The National
Russian counterpart Mr Alexander Novak said that the coalition should examine “many factors” before making any decisions, while several key ministers said they want to extend OPEC/non-OPEC oil production cuts beyond their June expiry. The Joint Ministerial Monitoring Committee will “discuss the situation of the market and develop proposals for our ministerial meeting in June.” The 24-country OPEC/non-OPEC coalition led by Russia and Saudi Arabia commits participants to 1.2 million barrel per day in output reductions through the H1 2019.

Several key OPEC ministers, including from Saudi Arabia, the UAE and Kuwait, have said they favor extending the cuts, to address stubbornly high oil inventories, even with the US crackdown on sanctions on Iran and the summer peak demand season expected to tighten the market.

Non-OPEC Russia has been less eager to lock in further cuts, though President Mr Vladimir Putin has said he sees political benefits to continuing engagement with OPEC.

Asked whether heightened tensions between Iran and Saudi Arabia were affecting the market, Mr Novak said that “The market will look how the situation develops, which factors affect the balance of supply and demand and other factors.”

Source :

Posted By : Rabi Wangkhem on Wed, 22 May 2019
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