• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 4 hours In a Nutshell...
  • 45 mins During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 2 hours Is OilPrice a cover for Green Propganda
  • 6 hours Putin Paid Militants to Kill US Troops
  • 3 hours Why Wind is pitiful for most regions on earth
  • 2 days Victor Davis Hansen on Biden's mental acuity " . . unfit to serve". With 1 out of 5 Democrats admitting it. How many Dem's believe it but will not admit it?
  • 22 hours Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 2 days Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 1 hour Joe Biden to black radio host, " If you don't vote for me you ain't black". That's our Democratic Party nominee ?
  • 23 hours Happy 4th of July!
  • 21 hours Apology Accepted!
  • 2 days The Political Genius of Donald Trump
  • 3 days Per most popular Indian websites it was Indian troops not Chinese troops breach of LAC that caused the clashes. If you know any Indian media that claim to the contrary please provide the link
Debt Destroys A Shale Giant

Debt Destroys A Shale Giant

Chesapeake has finally succumb to…

A Clear Sign That OPEC Compliance Is Working

A Clear Sign That OPEC Compliance Is Working

OPEC basket price broke beyond…

How Tesla Became More Valuable Than Exxon

How Tesla Became More Valuable Than Exxon

Tesla shares have soared to…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Putin: Saudis Shouldn't Break Output Cut Deal

Russia’s president Vladimir Putin hopes Saudi Arabia does not begin to reverse the production cuts agreed in December to fill the gap of Iranian oil on global markets.

Responding to a question on the sidelines of an investment event in Beijing, Putin said “I hope this does not happen in the end - but theoretically speaking, we have agreements under OPEC+,” as quoted by Reuters.

“We have not received any information from our Saudi partners or anyone else, any OPEC members, indicating they are ready to quit the agreements,” the Russian president added.

Saudi Arabia said it was ready to start producing more oil should it be needed after the U.S. announced it would not be extending any Iranian oil import waivers after their May 1 expiry date. However, Khalid al-Falih also said at the time Riyadh will not rush into reversing the cuts, and will first wait and see how the market reacts to the end of waivers.

So far, the market reaction has been a little confusing. After an initial jump that was only to be expected, prices began sliding back down, and even a sizeable decline in drilling rigs in the U.S. two weeks ago failed to arrest the slide. Brent crude, after briefly touching US$75 a barrel, is now back at around US$71 and West Texas Intermediate has fallen from the US$65 highs it hit earlier this month.

The preparedness of Saudi Arabia and the UAE to step in to compensate for lost Iranian supply is certainly one reason for the price dynamics. Another continues to be rising production in the U.S., and a third could be the certainty that Iran will still find a way to ship its oil abroad despite the end of the sanction waivers.

The sentiment was last echoed by none other than Rosneft, Russia’s top oil producer. “No, we do not see such threats,” CEO Igor Sechin told Reuters in response to a question about whether the “maximum pressure” applied by Washington on Iran’s oil industry could result in a global oil deficit.

By Irina Slav 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