• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 9 hours Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 5 hours The Inconvenient Truth Of Electric Cars
  • 2 hours Iran downs US drone. No military response . . Just Completely Destroy their Economy. Can Senator Kerry be tried for aiding enemy ?
  • 1 min Oil Demand Needs to Halve: Equinor
  • 9 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 12 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 11 hours Is $60/Bbl WTI still considered a break even for Shale Oil
  • 6 hours Solar Panels at 26 cents per watt
  • 4 hours The Plastics Problem
  • 12 hours Wonders of Shale - Gas, bringing investments and jobs to the US
  • 13 hours NATO Article 5: Attack on one member is attack on all. Members all must come to defense . . . NOT facilitate financial transactions to circumvent and foil US Sanctions. Somebody please tell Angela.
  • 5 hours Huge UK Gas Discovery
  • 9 hours Hydrogen FTW... Some Day
  • 7 hours Section 232 Uranium
  • 5 hours Green vs. Coal: Bavaria Seeks Fast-Track German Coal Exit in Snub to Merkel Plan
Alt Text

Small Crude Build Sends Oil Lower

Oil prices continued to fall…

Alt Text

U.S. Gulf Coast Oil Imports Hit 33-Year Low

The U.S. Gulf Coast saw…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Russia Is Silently Preparing For An OPEC+ Deal Extension

Russia’s largest oil producer Rosneft is in talks with the government for possible compensation for losses in case OPEC and its Russia-led non-OPEC partners decide to extend the production cut deal through the end of the year, Rosneft’s chief executive Igor Sechin said on Tuesday.

Rosneft doesn’t plan to postpone new project launches, but will comply with decisions about the OPEC+ production deal, and at the same time it will discuss possible compensation for losses, if there are losses from its projects, Russian news agency TASS quoted Sechin as saying at Rosneft’s annual shareholders’ meeting.  

Sechin—who has criticized Russia’s involvement in the deal in the past—questioned the Russian rationale of sticking to the cuts, saying that the U.S. would take market share out of Russia if the OPEC+ deal is extended.

At a meeting on March 1, Russian oil firms unanimously agreed that they would fulfill their commitments and would cut production as agreed until the current deal expires at the end of June, Vagit Alekperov, president and CEO of Russian oil producer Lukoil, said earlier this year.  

There was some “special opinion” among the Russian oil companies previously, Alekperov said in March, reminding reporters of a letter of Rosneft’s Sechin to Vladimir Putin in which the Rosneft boss criticized the OPEC+ deal.

At today’s annual meeting of Rosneft, Sechin said that he expects Saudi Arabia to seek an extension because the Kingdom’s budget is based on an oil price of $85 a barrel.

OPEC and its Russia-led non-OPEC allies are expected to discuss the fate of the production cut deal on June 25-26, but reports have started to emerge that Russia has suggested delaying the meeting to July 3-4—a notion that Saudi Arabia is reportedly backing, while Iran and many other countries disagree with moving the meeting.

Meanwhile, Saudi Arabia sought to arrest the oil price slide in recent days, reiterating on Monday that the Kingdom and OPEC would do “whatever it takes” to rebalance the oil market by “drawing down inventories from their currently elevated levels,” Saudi Arabia’s Energy Minister Khalid al-Falih said.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment
  • Armondo DeCarlo on June 05 2019 said:
    Extend it all they like, it isn't working. WTI went from $67 in April to $52 in June = 22% drop. OPEC needs to cut another 1 MM bpd to stabilize the oil market.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News