• 4 minutes Some Good News on Climate Change Maybe
  • 7 minutes Cuba Charges U.S. Moving Special Forces, Preparing Venezuelan Intervention
  • 12 minutes Washington Eyes Crackdown On OPEC
  • 15 minutes Solar and Wind Will Not "Save" the Climate
  • 2 hours is climate change a hoax? $2 Trillion/year worth of programs intended to be handed out by politicians and bureaucrats?
  • 9 hours Why Trump will win the wall fight
  • 16 hours Prospective Cause of Little Ice Age
  • 4 hours students walk out of school in protest of climate change
  • 15 hours L.A. Mayor Ditches Gas Plant Plans
  • 17 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 24 mins Ayn Rand Was Right
  • 7 hours Maduro Asks OPEC For Help Against U.S. Sanctions
  • 2 days Ford In Big Trouble: Three Recalls In North America
  • 20 hours And for the final post in this series of 3: we’ll have a look at the Decline Rates in the Permian
  • 2 days Is the Green race a race from energy dependence.
  • 1 day IT IS FINISHED. OPEC Victorious
Alt Text

US Drillers See Modest Rise In Oil Rigs As Prices Hold

Baker Hughes reported an increase…

Alt Text

Russian Energy Minister: We Avoided $25 Oil With OPEC Deal

Russian Energy Minister Novak has…

Alt Text

How Long Will This Oil Rally Last?

Oil prices have been trading…

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

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:




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