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Iraq Has No Intention of Restarting Kurdish Oil Pipeline

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Baghdad is repairing the Kirkuk-Ceyhan…

Gasoline Bombs Found At G-20 Protest Site In Buenos Aires

Argentina’s police have found and secured eight gasoline bombs made of bottles and cloth wicks at a site of a protest six miles away from where the G-20 summit in Buenos Aires was held this weekend.

Security Minister Patricia Bullrich said at the start of the summit on Friday that despite the explosives found, a “day of peace” and without violence was expected.

There were no incidents surrounding the G-20 summit this weekend, where leaders, despite earlier skepticism, reached some tentative agreements that could influence global trade and economic growth, global oil demand growth, and oil prices.

The leaders of Russia and Saudi Arabia, President Vladimir Putin and Crown Prince Mohammed bin Salman, respectively, greeted each other enthusiastically with a high-five, despite being sidelined by many of the other leaders at the G-20 summit.

MBS and Putin—the ultimate decision makers of OPEC’s de facto leader Saudi Arabia and the leader of the non-OPEC participants in the production cut deal—held a meeting at which they discussed the Saudi-Russia cooperation in managing the oil market.

Speaking to reporters at the G-20 summit, Putin said, commenting on the meeting he held with the Crown Prince of Saudi Arabia:

“Now, about the price of oil and our agreements. Yes, we have an agreement to extend our deal. There is no final decision on volumes, not yet. But we, together with Saudi Arabia, will do this, and whatever final figure we will decide upon, we agreed that we will monitor the market situation and promptly respond to it.”

Later this week, on December 6 and 7, OPEC and the Russia-led non-OPEC partners in the deal will discuss a production cut, with the market expecting some kind of reduction to be announced.

Putin’s comments on Russia’s continued cooperation with Saudi Arabia sent oil prices rallying on Monday, on the expectation that a deal will be made, after more than a month of speculation.

Another major catalyst to Monday’s rising oil prices also came from the G-20 summit: the U.S. and China agreed to call a truce on their trade war.

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By Tsvetana Paraskova for Oilprice.com

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