• 4 minutes "Natural Gas Trading Picks Up Considerably Amid High Volatility" by Charles Kennedy - ...And is U.S. NatGas Futures dramatically overbought at the $6.35 range?
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days "The Calm Before The Storm In Oil Markets" by Tom Kool of OILPRICE and seen at YahooFinance
  • 2 hours Revisiting: "The U.S. Grid Isn’t Ready For A Major Shift To Renewables" from March 2021 by Irina Slav at OILPRICE
  • 5 hours How cheap Chinese tires might explain Russia's 'stalled' 40-mile-long military convoy in Ukraine
  • 4 days "Russia will stop 'in a moment' if Ukraine meets terms - Kremlin" by Reuters via Yahoo News...but Reuters suddenly cut out the balanced part of the story.
  • 4 days Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Is Tesla Oversold?

Is Tesla Oversold?

Tesla shares have contracted during…

OPEC Cuts Global Oil Demand Growth Forecast, Again

OPEC Cuts Global Oil Demand Growth Forecast, Again

Slower global economic growth, China’s…

Russian Oil Boss: OPEC+ Won't Decide On Output Cuts Before 2020

Vagit Alekperov, the chief executive of the second-biggest Russian oil producer, Lukoil, expects OPEC and its Russia-led non-OPEC partners to decide next March whether to roll over the production cuts through the rest of 2020.

“It is going to be decided in March,” Alekperov told reporters on Wednesday, as carried by Reuters, referring to the ongoing production cuts which currently expire in March 2020.

OPEC and its non-OPEC allies are set to meet in the first week of December to discuss the state of the global oil market and possible additional moves to rebalance supply and demand.

Despite reports and speculation that the OPEC+ coalition could consider deeper cuts when energy ministers meet in Vienna on December 5 and 6, the partners may not make a decision on the ongoing cuts and leave such discussions for March, when the restrictions are currently set to expire.  

Going into the December meeting, the Saudis are reportedly pressuring non-compliant cartel members to fall in line with their quotas, instead of pushing aggressively for a deeper overall cut. Russia is still non-committal, as it has been ahead of all previous such meetings, before agreeing to rollover of the deal.  

OPEC and its partners could decide in December to wait and see how global oil demand growth will hold up in the coming months, and only decide how to proceed with the cuts in March next year.

Separately, Kirill Dmitriev, chief executive at the Russian Direct Investment Fund (RDIF), said on Wednesday that oil demand growth could accelerate if trade wars abate.

“Of course, the committee will look at demand in the oil markets,” Dmitriev told Reuters, asked about his expectations from the December meeting.

“But we see that the situation with demand may improve as the United States reduces pressure on China in trade wars,” Dmitriev noted.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News