X

Sign Up To Our Free Newsletter

Join Now

Thanks for subscribing to our free newsletter!

ERROR

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

  • 3 minutes Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Scientists Warn That Filling The Sahara With Solar Panels Is A Bad Idea
  • 11 minutes United States LNG Exports Reach Third Place
  • 15 minutes Joe Biden's Presidency
  • 9 hours America Makes Plans to Produce Needed Rare Earth Minerals Domestically
  • 2 hours IS SAUDI ARABIA SENDING A MESSAGE TO BIDEN
  • 9 hours U.S. Presidential Elections Status - Electoral Votes
  • 2 days Texas forced to have rolling black outs, primarily because of large declines in output from fossil fuel power plants
  • 2 days Former BP Exec "Biden not in war against oil" . . Really ?
  • 2 days Texas Supply Chain Massacre
  • 2 days Here we go - again: plug-in hybrids cost motorists more than what they were told
  • 5 hours Top Conservative Lawyer Says Trump Can Stand Trial
  • 5 hours “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 2 days An exciting development in EV Aviation: Volocopter
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

OPEC May Have An Extra-Bullish Surprise For Oil Markets

OPEC is set to roll over the oil production cuts at least at their current level and could even discuss deepening those cuts, Iraq’s Oil Minister Thamer Ghadhban said at a conference in London on Thursday.

OPEC and its non-OPEC allies in the production cut pact are meeting on July 1-2 in Vienna, after postponing their initially scheduled meeting by one week.  

The comments for an almost certain OPEC rollover from Iraq—OPEC’s second-biggest producer—echo those of Khalid al-Falih, the energy minister of OPEC’s largest producer and de facto leader, Saudi Arabia, who said earlier this month that the cartel was close to reaching an agreement to extend the production cut deal beyond its current expiry date at the end of June.

“The rollover at least would be at the same level because it has not been very effective, it has been effective to a certain level to minimise the glut in the market, but there are now ideas or calls for agreeing (on) even more,” Reuters quoted Iraq’s oil minister as saying today.

Earlier this month, OPEC sources told Reuters that Algeria had floated the idea of OPEC and its allies deepening the cuts from the current 1.2 million bpd to 1.8 million bpd amid fears of faltering demand due to trade disputes and slowing global economic growth. Yet, Algeria was just floating an idea, not making a proposal, and that idea wasn’t being formally discussed, OPEC delegates told Reuters in early June.

A rollover for OPEC may be “in the bag”, as al-Falih has recently put it, but the big unknown in the larger OPEC+ group is the leader of the non-OPEC producers, Russia, whose Energy Minister Alexander Novak said earlier this week that it’s too early to say if OPEC and its allies would extend their pact to cut oil production, once again leaving the market guessing if Russia is willing to continue cutting its oil production.

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