• 3 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 8 minutes Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 11 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 15 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 30 mins The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 10 hours Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 14 hours As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 9 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 18 hours Middle East on brink: Oil tankers attacked off Oman
  • 12 hours Never Knew Gasoline Prices were this important!
  • 10 hours Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .
  • 22 mins Plants are Dying
  • 7 hours We Are Better Than This
  • 1 day Emmissions up, renewables nowhere
  • 1 day Middle East Attack Jolts Oil-Import Dependent Asia
  • 11 hours (Un)expectedly: UK Court Sets Assange U.S. Extradition Hearing For February 2020
  • 11 hours The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
Alt Text

Smart Money Turns Increasingly Bearish On Oil

Over the past month, hedge…

Alt Text

Have Canadian Oil Prices Hit The Sweet Spot?

Canadian oil prices have recovered…

Alt Text

Oil Resilient Despite Trade Talk Failure

Oil prices fell and quickly…

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

Trending Discussions

Russia Sends Mix Signals To Oil Markets After Saudi Meeting

Russia is still not sure whether it will freeze or cut its crude oil output, said Energy Minister Alexander Novak after his weekend meeting with his Saudi counterpart Khalid al-Falih. Al-Falih was even less precise, telling media after the meeting that, “We have managed today... through a common meeting to reach a common notion to what we can reach in November.”

The comments coming from both officials, vague and lacking in any real significance as they are, raise doubts about how motivated Russia is to cut or eve freeze its output. The doubts become especially evident in light of Novak’s earlier comments that Russia could raise its total output by 4.02 billion barrels next year, all the while verbally toeing the company line over Moscow’s support for OPEC’s freeze.

What’s more, just days ago, Rosneft’s head Igor Sechin said at the 5th Eurasian forum in Italy that Russia could expand its daily production by another 4 million barrels, “if the market needs it.” That comes within the context of Sechin’s prediction that the global oil market will return to balance by mid-2017—very likely thanks to the very freeze that Russian government officials are supporting, but without saying anything specific.

Saudi Arabia also took its time after it became the country that initiated this latest round of negotiations after the Doha talks, proposed by Russia in the spring, fell through.

Saudi Arabia was so intent on agreeing to a freeze that it basically exempted Nigeria, Libya, and Iran from the new, lower quotas that are being negotiated on the grounds that all three countries have suffered a serious market share decline, so they are not on an equal footing with the rest of OPEC.

Meanwhile, Iraq’s Oil Minister said on Sunday the country wishes to join these three OPEC members. Jabber al-Luaibi said, “We are with OPEC policy and OPEC unity,” Al-Luaibi said. “But this should not be at our expense.”

In early afternoon trade in Asia, Brent crude was down 0.5 percent to US$51.54 a barrel, and WTI was down 0.6 percent to US$50.55 on Comex.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment
  • Kr55 on October 24 2016 said:
    It's like a clown show watching all this posturing leading to the Nov meeting. "We can add 4M per day!", "We can add more than 4M and get to 9M per day!".

    Once again it's all up to the Saudi's to drag all their stupid and shortsighted counterparts in OPEC through the mud.

Leave a comment





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