• 5 minutes USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 10 minutes Venezuela continues to sink in misery
  • 13 minutes U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 16 minutes IEA Sees Global Oil Supply Tightening More Quickly In 2019
  • 3 mins Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 3 hours Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 2 hours $867 billion farm bill passed
  • 22 hours OPEC Cuts Deep to Save Cartel
  • 2 hours Has Global Peak Diesel Arrived?
  • 18 hours Sleeping Hydrocarbon Giant
  • 15 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 20 hours What will the future hold for nations dependent on high oil prices.
  • 21 hours Air-to-Fuels Energy and Cost Calculation
  • 23 hours And the War on LNG is Now On
  • 18 hours Could Tesla Buy GM?
  • 21 hours Global Economy-Bad Days Are coming
Alt Text

Morgan Stanley Slashes Oil Price Forecast For 2019

Investment bank Morgan Stanley has…

Alt Text

Asian Oil Futures Point To Higher Crude Prices

Asian Crude and LNG futures…

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 Inclined To Extend Output Cut Deal With OPEC

Russia is ready to extend the oil cut deal with OPEC and is inclined to believe that an extension is reasonable, TASS news agency quoted Russian Energy Minister Alexander Novak as saying on Thursday.

Now we are holding final negotiations on this topic with our partners and are inclined to think that extension is reasonable,” Novak said, as carried in English by TASS.

The surplus of commercial reserves is being reduced at a fairly good rate, and reserves in floating storage facilities have been reduced by about half, Novak noted, as quoted by TASS.

The Russian minister praised the signatories to the agreement for their high level of commitment and compliance to the cuts, and noted that oil demand growth was healthy.

Under the deal between OPEC and 11 non-OPEC producers, Russia had to cut output by 300,000 bpd by the end of the first half. Just yesterday, sources from the Energy Ministry told media that Russia had exceeded its assigned quota for crude oil production cuts by 790 barrels a day. Russia hit the 300,000 bpd cut shortly before the end of April.

So far Russia had given its principal support of an extension, but Alexander Novak had not gone into any details besides saying that the support is conditional on consensus within OPEC.

Last week, Saudi Oil Minister Khalid al-Falih said that he would discuss a possible extension with Novak within the next two weeks.

“There seems to be a consensus in that direction, but we’re not 100 percent there,” al-Falih told reporters while on a visit to Azerbaijan, as quoted by Bloomberg. Related: Trump Flirting With The Idea Of A Federal Gasoline Tax Increase

“We still need to talk to all countries. A very important country to talk to, of course, is Russia, the biggest non-OPEC exporter,” al-Falih noted.

Many OPEC countries have hinted that the cuts need to be extended beyond June, and analysts are mostly expecting a rollover until the end of the year.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment
  • Scott Leach on May 04 2017 said:
    Must be Jawbone Thursday! More BS from the over producing side to slow the fall.

    The cut was never a cut - that's why it didn't work.

    This is the definition of FAKE NEWS....when it is published purely to influence speculation and nothing more.
  • James on May 04 2017 said:
    Russia inclined to continue cuts! They just declared that they reached their quota per the agreement. It's the 5th month and now finally compliant. They continue to manipulate these countries and reap the benefits.

Leave a comment




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