• 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 13 minutes Could Venezuela become a net oil importer?
  • 18 minutes Oil prices going Up? NO!
  • 24 mins The Tony Seba report
  • 9 mins Harley-Davidson "Made in EU"
  • 28 mins Could Venezuela become a net oil importer?
  • 5 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 2 hours Time Of Recession - China and Europe Are Warning That A Trade War Could Trigger A Global Recession
  • 5 hours Erdogan After Erdogan: New Presidential Mandate After Yesterday's Elections
  • 9 hours LNG Shortage on the Way
  • 5 hours The U.S. Will Soon Give North Korea a Timeline of 'Specific Asks
  • 15 hours Are Electric Vehicles Really Better For The Environment?
  • 15 hours Kenya Eyes 200+ Oil Wells
  • 13 mins China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 7 hours Sell out now or hold on?
  • 1 hour Could oil demand collapse rapidly? Yup, sure could.
  • 15 hours OPEC soap opera daily update
  • 2 hours Oil prices going Up? NO!
  • 3 hours Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
Alt Text

Uncertainty Looms Large Over Latin American Oil

While Venezuela is grabbing a…

Alt Text

Did OPEC Need To Cut Oil Output At All?

Global oil demand continues to…

Alt Text

Permian Bottlenecks Begin To Bite

The pipeline bottlenecks in the…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

Russia Now Ready To Consider More Oil Output Cuts If Needed

pipelines

Just a day after Russia’s Energy Minister Alexander Novak said that the OPEC/non-OPEC production cut pact was working and that there was no need to make immediate additional moves, an energy minister official told Russian reporters on Friday that Moscow was ready to review proposals from partners in the deal, including changes to production cuts.

On Thursday, Minister Novak told Reuters in an interview that the output cut deal was working to reduce global oversupply and price volatility, and there was no need to make immediate additional moves to lift the price of oil.

“We believe that it is necessary to move within the framework of the agreed decisions and that new, snap decisions are not necessary,” Novak told Reuters.

The minister was echoing the words of four Russian government officials who told Bloomberg on Wednesday that Russia would oppose any attempts to deepen the oil production cuts currently in effect in OPEC and 11 other oil producers.

But today, Russian media quoted an official from the energy ministry who told reporters that at the July 24 meeting of the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) in St. Petersburg, that Russia would be ready to consider any proposals by its partners regarding the parameters of the production cut deal, if the need arises. Related: ‘’U.S. Rig Count Must Drop 150 For Oil Markets To Balance’’

Some analysts have suggested that oil prices could plunge to US$30 a barrel in 2018 and maintain that low price level for some two years, should OPEC fail to make steeper output cuts.

Although Iran’s Oil Minister Bijan Zanganeh was quoted as saying last month that OPEC producers were holding discussions on potentially deepening the cuts, OPEC delegates and sources told Reuters last week that the cartel would not be hurrying to make steeper cuts.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment
  • Dan Foster on July 07 2017 said:
    Trump/ Putin. Real leaders.

Leave a comment




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