Opec, Russia discuss extending oil cuts for 1-2 months

02 Juin, 2020, 03:51 | Auteur: Auguste Feret
  • OPEC Russia discussing to roll over curbs by one to two months

OPEC, Russia discussing to roll over curbs by one to two months.

Oil prices were steady on Monday, helped by reports that the Organisation of the Petroleum Exporting Countries (OPEC) and Russian Federation were closer to a deal on extending output cuts but held back by renewed tension between the United States and China.

Where it stands: U.S. West Texas Intermediate crude prices have remained above $35 a barrel, while global benchmark Brent crude prices are around $38 a barrel. United States crude CLc1 dipped $0.27, or 0.8%, at $35.22 a barrel.

On Friday a monthly survey by Reuters showed that OPEC's oil output hit its lowest level in two decades in May as Saudi Arabia and other members delivered record supply cuts.

The Opec+ group is likely to hold an online meeting on June 4 to discuss output policy, after Algeria, which now holds the presidency of the Organization of the Petroleum Exporting Countries (Opec), proposed a meeting planned for June 9-10 be brought forward.

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"The fact that crude ... prices have not reacted much to the news of the potential cut extension can be seen as a sign that the market has already priced in a lot of optimism", JBC Energy analysts said in a note.

Tension between China and the United States was also encouraging some caution after Beijing warned it will retaliate on USA moves over Hong Kong.

China has asked its state-owned firms to halt purchases of soybeans and pork from the United States, two people familiar with the matter said, after Washington said it would eliminate special US treatment for Hong Kong to punish Beijing.

"The possibility of heightened tensions does pose a risk for the recent rally in oil prices", said Harry Tchilinguirian, head of commodity research at BNP Paribas.

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