• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 1 min Which producers will shut in first?
  • 3 hours The Most Annoying Person You Have Encountered During Lockdown
  • 11 mins What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 29 mins Its going to be an oil bloodbath
  • 4 hours How to Create a Pandemic
  • 1 hour Why should ANY oil company executive get ANY bonus now?
  • 4 hours Saudi Aramco struggling to raise money for this year's dividend of $75 billion. Now trying to sell their pipelines for $10 billion.
  • 3 hours Russia's Rosneft Oil Company announces termination of its activity in Venezuela
  • 8 hours KSA taking Missiles from ?
  • 10 hours Dr. Fauci is over rated.
  • 1 hour A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand
  • 10 hours Breaking News - Strategic Strikes on Chinese Troll Farms
  • 10 hours CDC covid19 coverup?
Alt Text

S&P Cuts Oil Nations Ratings

Several oil-producing nations woke up…

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

Saudis: OPEC Close To Extending Output Cut Deal

OPEC is close to reaching an agreement to extend the production cut deal beyond its current expiry date at the end of June, Khalid al-Falih, the energy minister of OPEC’s largest producer and de facto leader, Saudi Arabia, said on Friday.

“On the OPEC side, a rollover is almost in the bag. The question is to calibrate with non-OPEC,” Reuters quoted al-Falih as saying at the St. Petersburg International Economic Forum in Russia today.

“I’m hoping it will be an easy decision and that we’ll roll over, but if it’s not, we will be flexible in terms of our position in the kingdom,” al-Falih said.

OPEC and its Russia-led non-OPEC allies are withholding a total of 1.2 million bpd of oil supply from the market until the end of June and are set to meet in coming weeks to discuss how to proceed with their oil supply management policies in place since the start of 2017.

The oil price slide of the past two weeks leaves OPEC and its partners little choice but to roll over the cuts, analysts say.

After a meeting with Russia’s Energy Minister Alexander Novak, Saudi Arabia’s al-Falih said today that he was sure that the larger OPEC+ group would roll over the production cuts through the end of this year.

There won’t be a need to deepen the cuts, while the situation with oil supply in Iran, Venezuela, and other countries will show if OPEC and allies need to scale back the cuts “a little bit,” al-Falih said, as carried by Bloomberg. 

Earlier this week, al-Falih sought to assure the oil market that the Saudis and the larger OPEC+ group would do whatever it takes to bring supply and demand to balance.

Saudi Arabia and Russia, the respective leaders of the OPEC and non-OPEC groups part of the production cut deal, have been allies in oil market management for more than two years now, although the Saudis need oil prices at $85 to balance their budget, while Russia claims that it’s fine with the current price of oil at $60-65.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage






Leave a comment

Leave a comment




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