Saudis, Russia could agree OPEC policy at G-20, says Falih

13 Juin, 2019, 05:26 | Auteur: Auguste Feret
  • Saudi Minister of Energy Industry and Mineral Resources Khalid al-Falih

Traders said crude prices were rising following statements by OPEC's biggest producer Saudi Arabia on Friday that the group was close to agreeing extending supply cuts.

All eyes will be on the upcoming The Organization of the Petroleum Exporting Countries (OPEC) meeting during June 25-26, when it decides its output policy for the rest of the year.

U.S. President Donald Trump on Wednesday said he had a feeling that a trade deal could be reached, while again threatening to increase tariffs on Chinese goods if they do not make a deal.

Oil prices fell more than 2% on Wednesday, pressured by an unexpected rise in USA crude inventories and by a weaker outlook for global oil demand.

Having said all, we would like to note that Russian energy minister Alexander Novak acknowledged the risk of oversupply.

The US Energy Information Administration (EIA) cut its forecasts for 2019 world oil demand growth and US crude oil production in a monthly report released on Tuesday.

Russian Federation has been under pressure from its domestic oil firms to let them pump more.

Saudi Energy Minister Khalid Al-Falih has talked up the prospects for an agreement to extend, and said Monday that producer countries would strive to prevent a price slump below $40.

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Falih said he may have another opportunity this month to discuss the deal with Novak at a G20 meeting in Japan before the gathering with OPEC.

OPEC is close to reaching an agreement to extend the production cut deal beyond June, al-Falih said on Friday from Russian Federation, adding that the sticking point is now to calibrate the cuts with the non-OPEC group of producers led by Moscow.

Oil prices fell more than 1 percent on Wednesday, weighed down by a weaker oil demand outlook and a rise in U.S. crude inventories despite growing expectations of ongoing OPEC-led supply cuts.

The G-20 ministerial meeting on energy is scheduled for June 15-16 in Nagano, while the final leaders' summit will take place on June 28-29 in Osaka.

Stock markets rose on Monday after a deal between the United States and Mexico to combat illegal migration from Central America late last week removed the threat of USA tariffs on goods imported from Mexico.

OPEC and its partners will take the current "economic bearishness" into account when they meet in coming weeks, and are committed to keeping oil markets balanced this year and beyond, its Secretary-General, Mohammad Barkindo has said.

Novak also commented Monday on potential cooperation with Saudi Arabia over Sibur, saying the Russian company may build a plant in the Gulf kingdom.

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