• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 8 hours Oil prices going Up? NO!
  • 1 day Could Venezuela become a net oil importer?
  • 2 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 47 mins Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 1 day Gazprom Exports to EU Hit Record
  • 9 hours Could oil demand collapse rapidly? Yup, sure could.
  • 6 hours Oil prices going down
  • 2 days Why is permian oil "locked in" when refineries abound?
  • 1 day Oil Buyers Club
  • 6 hours Saudi Arabia turns to solar
  • 8 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 1 day EVs Could Help Coal Demand
  • 8 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 24 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 1 hour Are Electric Vehicles Really Better For The Environment?
  • 1 day EU Leaders Set To Prolong Russia Sanctions Again
Alt Text

Is Russia Bailing On The OPEC Deal?

Russia, the world’s largest oil…

Alt Text

Rig Count Falters Amid Oil Price Correction

The rig count slipped on…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

OPEC Ministers Keep Mum On Oil Production Plans

Oil rig

Several OPEC oil ministers who met over the weekend just three weeks before the June 22 meeting in Vienna that could result in an easing of the oil production cuts declined to tell media what the prevailing sentiment in the cartel was with regard to easing the cuts and raising production, S&P Platts reports.

The meeting included Saudi Arabia’s Khalid al-Falih, Kuwait’s Bakheet al-Rashidi, and Suhail al-Mazrouei, as well as Mohammed al-Rumhy from non-member Oman. The four met in Kuwait for an “unofficial consultative meeting.”

The only message the ministers cared to share with the media had to do with the need to continue cooperating and "sustaining the current partnership in order to continuously adapt to ongoing market dynamics in pursuit of the interests of consumers and producers."

The tight-lipped behavior of the OPEC ministers is understandable in light of the latest price developments: last week oil prices plunged from three-and-a-half-year highs on reports that the Saudis and Russia may add as much as 1 million bpd of supply to offset crumbling Venezuelan production and possible loss of Iranian oil exports with the return of the U.S. sanctions. Related: Don’t Take Higher Oil Prices For Granted

Both Khalid al-Falih and Alexander Novak made a point of stressing that no decision has been made yet, and it will be made at the June 22 meeting if at all, but the excessive volatility of the oil market was yet again apparent in the price swing that immediately followed the reports.

Many analysts don’t think the group would add the reported 1 million bpd of supply, but the oil market lapped up the news and concerns about a return to oversupply have dominated the OPEC chatter news flow for nearly a week. As the June 22 meeting is drawing closer, oil prices will likely react to any new hint, comment, or report about OPEC’s efforts to “address consumer anxiety over security of oil supplies.”

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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