• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 3 hours Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 4 hours Tesla Launches Faster Third Generation Supercharger
  • 6 hours Passerby doused with flammable liquid and set on fire by peaceful protesters
  • 1 hour EU has already lost the Trump vs. EU Trade War
  • 8 hours Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
  • 4 hours China's Renewables Boom Hits the Wall
  • 20 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 14 hours Climate Change Consensus Shifts in Wind, But Gas Is Still the Right Move
  • 21 hours Atty General Barr likely subpeona so called whistleblower and "leaker" Eric Ciaramella
  • 19 hours Does .001 of Atmosphere Control Earth's Climate?!
  • 25 mins ''Err ... but Trump ...?'' #Humph
  • 19 hours Trump Interview On Farage's Radio Show #classy

Breaking News:

Lithium Under Fire As EV Sales Slump

The World’s Newest Oil Benchmark

The World’s Newest Oil Benchmark

The world’s newest crude oil…

Russia: OPEC+ Deal Will Not Be Revised

OPEC

OPEC and its Russia-led non-OPEC partners in the production cut pact are currently not discussing changing the terms of their agreement, Russian Energy Minister Alexander Novak said on Monday.  

The OPEC+ allies are not currently considering changing the deal, Novak told reporters on the sidelines of a Saudi-Russian investment forum in Riyadh, which is part of a landmark visit of Russian President Vladimir Putin to Saudi Arabia.

Putin and Saudi Arabia’s King Salman bin Abdulaziz Al Saud are discussing today, among other things, coordination of “measures to stabilize oil prices,” the Kremlin said.  

Putin is also holding today a separate meeting with Saudi Crown Prince Mohammed bin Salman.

Over the past few years, the meetings between Putin and the crown prince at various international events have served as a kind of pre-approval of the next moves of the OPEC+ coalition.

Asked if the OPEC+ deal is under consideration for revision, Novak told reporters that it is not and that the Saudis and Russians plan to sign on Monday a long-term charter of cooperation.

While Russia and Saudi Arabia reiterate their cooperation, including on the oil market, those leaders of the OPEC+ pact are not yet publicly expressing views that the coalition may need to deepen the cuts that currently expire in March 2020, in view of flagging global oil demand and weakening economies.

Related: Is This The Next $170 Billion Energy Industry In The US?

OPEC Secretary General Mohammad Barkindo is not ruling out the possibility of a deeper cut that could be discussed and/or decided at the end of this year.

All options are on the table, including a deeper cut from OPEC and its allies in December, Barkindo said last week.

“The conference will take appropriate, strong, positive decisions that will set us on the path of heightened and sustained stability for 2020,” OPEC’s chief said at the Oil & Money Conference in London. 

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play