• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 2 hours China's Blueprint For Global Power
  • 8 hours Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 6 hours IMO 2020:
  • 2 hours Here's your favourite girl, Tom!
  • 8 hours Brexit agreement
  • 3 hours The Problem Is The Economy, Not The Climate
  • 4 hours Idiotic Environmental Predictions
  • 3 hours The Ultimate Heresy: Technology Can't Fix What's Broken
  • 7 hours Australian Hydroelectric Plant Cost Overruns
  • 1 day World Stocks Drop And Futures Tread Water After China Reports Worst GDP Growth In 30 Years
  • 1 day Deepwater GOM Project Claims Industry First
  • 10 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
Alt Text

Tesla's 5 Most Inspiring Inventions

While Elon Musk garners most…

Alt Text

The Only Hope For Oil Markets

While WTI was trending higher…

Alt Text

The Oil Stocks To Bet On In Times Of Uncertainty

Crude oil’s volatility has wreaked…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Russia Now Ready To Consider More Oil Output Cuts If Needed

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:




Download The Free Oilprice App Today

Back to homepage



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
Download on the App Store Get it on Google Play