• 6 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes Saudis Pull Hyperloop Funding As Branson Temporarily Cuts Ties With The Kingdom
  • 6 mins Trump vs. MbS
  • 5 hours WTI @ $75.75, headed for $64 - 67
  • 3 hours The Dirt on Clean Electric Cars
  • 9 hours Uber IPO Proposals Value Company at $120 Billion
  • 16 hours Saudi-Kuwaiti Talks on Shared Oil Stall Over Chevron
  • 15 mins Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 13 hours COLORADO FOCUS: Stocks to Watch Prior to Midterms
  • 4 hours Coal remains a major source of power in Europe.
  • 22 mins Poland signs 20-year deal on U.S. LNG supplies
  • 3 hours EU to Splash Billions on Battery Factories
  • 16 hours UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
  • 10 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 13 hours Nopec Sherman act legislation
Alt Text

U.S. Oil Companies Face $240 Billion Debt Mountain

U.S. oil producers are facing…

Alt Text

The Next Pillar Of Oil Demand Growth

Pundits continue to discuss peak…

Alt Text

Elon Musk Plans First Commercial Flights To Mars

Despite the headwinds he faced…

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:


x


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