• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 19 hours One Last Warning For The U.S. Shale Patch
  • 5 hours Once Upon A Time... North Korea Abruptly Withdraws Staff From Liaison Office
  • 6 hours Oil Slips Further From 2019 Highs On Trade Worries
  • 15 hours Modular Nuclear Reactors
  • 24 hours Chile Tests Floating Solar Farm
  • 6 hours Poll: Will Renewables Save the World?
  • 2 days China's E-Buses Killing Diesel Demand
  • 2 days Trump sells out his base to please Wallstreet and Oil industry
  • 1 day China's Expansion: Italy Leads Europe Into China’s Embrace
  • 1 hour Read: OPEC THREATENED TO KILL US SHALE
  • 2 days Russian Effect: U.S. May Soon Pause Preparations For Delivering F-35s To Turkey
  • 2 days Trump Tariffs On China Working
  • 2 days Biomass, Ethanol No Longer Green
  • 1 day New Rebate For EVs in Canada
Alt Text

Cuba Faces Oil Crisis As Venezuela Crumbles

While sanctions continue to weigh…

Alt Text

How The Californian Oil Boom Died

California used to be a…

Alt Text

Big Pivot In Energy Is Gaining Momentum

The shift towards renewable energy…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

Saudis Leaning Toward OPEC Cut Extension

Saudi Arabia’s Energy Minister Khalid al-Falih said on Wednesday that he was leaning toward an extension of the OPEC+ production cuts after June, although he noted that the producer group would take a measured approach not to tighten the oil market too much.

Asked to comment on President Trump’s tweet from earlier this week that called on OPEC “to take it easy,” al-Falih told CNBC on the sidelines of an OPEC symposium in Riyadh that “We are taking it easy.”

“Oil prices getting too high. OPEC, please relax and take it easy. World cannot take a price hike - fragile!” President Trump tweeted on Monday in his latest criticism of OPEC’s cuts aimed at rebalancing the market and lifting prices.

The tweet sent oil prices tumbling by more than 2 percent on Monday, but a surprise draw in crude oil inventory of 4.2 million barrels for the week ending February 22 reported by the American Petroleum Institute (API) helped lift the price of oil on Tuesday.

Referring to OPEC and allies’ approach to the production cuts, al-Falih told CNBC today:

“We remain flexible, I am leaning toward the likelihood of an extension in the second half (of 2019), but that’s not automatic.”

“If we find out the fundamentals are tightening, by June you can bet that I will be — just like we did last year — encouraging my colleagues within the OPEC plus to ease the voluntary limits we set on ourselves and to increase supplies to ensure that there is no unnecessary tightening in the market,” the Saudi minister said.   Related: Why Oil Tanker Rates Just Doubled

OPEC and its Russia-led non-OPEC partners in the production cut deal are withholding a total of 1.2 million bpd from the market between January and June and are set to review the state of the oil fundamentals and market, and possibly the cuts, in April.  

Responding to a question about President Trump’s tweet, al-Falih said:

“We listen to the honorable president, and hear his concern about consumers and assure everybody, whether it’s him or developing country leaders, that we are as focused on the interests of the global economy and consumers around the world as we are focused on the interests of producers.”

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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