X

Sign Up To Our Free Newsletter

Join Now

Thanks for subscribing to our free newsletter!

ERROR

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

  • 3 minutes Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Scientists Warn That Filling The Sahara With Solar Panels Is A Bad Idea
  • 11 minutes United States LNG Exports Reach Third Place
  • 15 minutes Joe Biden's Presidency
  • 8 hours America Makes Plans to Produce Needed Rare Earth Minerals Domestically
  • 1 hour IS SAUDI ARABIA SENDING A MESSAGE TO BIDEN
  • 8 hours U.S. Presidential Elections Status - Electoral Votes
  • 2 days Texas forced to have rolling black outs, primarily because of large declines in output from fossil fuel power plants
  • 2 days Former BP Exec "Biden not in war against oil" . . Really ?
  • 2 days Texas Supply Chain Massacre
  • 2 days Here we go - again: plug-in hybrids cost motorists more than what they were told
  • 4 hours Top Conservative Lawyer Says Trump Can Stand Trial
  • 5 hours “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 2 days An exciting development in EV Aviation: Volocopter
Oil Markets On Edge Ahead Of OPEC+ Meeting

Oil Markets On Edge Ahead Of OPEC+ Meeting

Oil prices pared gains at…

Russia: U.S. Shale Decline Can’t Count As ‘Output Cut’

Production declines across the U.S. shale patch as companies reduce drilling and spending cannot be viewed as a voluntary U.S. cut aimed at supporting oil prices, Vladimir Putin’s Press Secretary Dmitry Peskov said on Wednesday.

The comments suggest that Russia may insist on a collective cut from the United States when major oil producers sit down to discuss a global production reduction later this week.

“These are totally different types of cuts,” Peskov told reporters in Moscow on Wednesday, as carried by Russian news agency RIA Novosti.  

“You compare total reduction in demand with cuts aimed at stabilizing the global markets. It’s like comparing apples and oranges. There is a difference,” the Kremlin spokesman said. 

Asked whether the natural decline in U.S. oil production can be viewed as the U.S. participating in a deal to stabilize markets and prices, Peskov told reporters to wait for the upcoming talks—“let’s wait until tomorrow and the day after tomorrow,” he said.

OPEC, Russia, and producers outside of the OPEC+ format are poised to discuss the possibility of a massive collective global cut, potentially of 10 million bpd, in a video conference on Thursday.

Earlier this week, U.S. President Donald Trump said that he believes American oil production output cuts would happen automatically thanks to the nature of the free market.

OPEC hasn’t asked President Trump to find a way to ask U.S. oil companies to collectively cut production, the President said on Monday.  

“I think it’s happening automatically, but nobody’s asked me that question yet, so we’ll see what happens,” President Trump said at a press briefing, referring to U.S. oil production. 

Russia, as well as OPEC’s leader Saudi Arabia, are signaling that they are ready to talk but are pointing out that any massive cut, 10 million bpd-15 million bpd, as touted by President Trump, should involve the United States, too.  

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