Monday, 19 August, 2019

Oil edges above $62 as OPEC cuts counter growth concerns

Al-Falih assesses OPEC+ deal perspectives Third Weekly Loss for Crude Despite OPEC Nearing Agreement to Extend Cuts
Jean Garcia | 13 June, 2019, 05:23

Falih said he may meet Novak again at the G20 meeting in Japan on June 28-29, "to further calibrate our positions".Despite Russia's wavering on its cuts, both sides said they remain committed to continuing cooperation on managing the oil market.

The Organization of the Petroleum Exporting Countries (OPEC) and some non-members, including Russian Federation, known collectively as "OPEC+", have withheld supplies since the start of the year to prop up prices.

U.S. President Donald Trump said he was ready to impose another round of punitive tariffs on Chinese imports if he does not reach a trade deal with China's president at a Group of 20 summit later this month.

However, traders said concerns about the health of the global economy and the impact on fuel demand were still weighing on oil market sentiment.

Russian Energy Minister Alexander Novak made the announcement during a meeting of the World Economic Forum in Strasbourg, France, which witnessed the participation of Saudi Energy Minister Khalid Al-Falih and Robert Dudley, group Chief Executive of BP.

While Saudi Arabia has wanted for some time to prolong the cuts, Russian Federation has been less resolute, saying it's better placed to withstand lower prices than its Gulf ally. Saudi Arabia is now hurrying to extend the ongoing production cuts, which are due to expire in June.

SA captain du Plessis
South African captain Faf du Plessis bats during the match against West Indies at the Rose Bowl on Monday. So far, they have failed with the challenges posed by England , Bangladesh and India.

Despite this, MacPherson said "there is a limit to how much longer it (OPEC+) can continue to avoid addressing the serious challenge of being squeezed out by growing United States production".

At 485.5 million barrels, US commercial stocks were at their highest since July 2017 and about 8% above the five-year average for this time of year, the EIA said.

Oil prices climbed 35% in the first four months of the year as OPEC reined in output while countries from Iran to Venezuela suffered involuntary cutbacks in supply. Much will depend on the situation on the oil market in the second half of this year in the third quarter on trade wars, as well as on sanctions, Novak said. OPEC originally scheduled its regular semi-annual meeting for June 25 in Vienna, with non-OPEC partners to join the talks the following day.

Brent crude futures, the global benchmark for oil prices, fell $1.33, or 2.1%, to $60.96 a barrel by 1:09 p.m. EDT (1709 GMT).

Falih told TASS in an interview Saudi Aramco was also studying Russian energy giants Rosneft and Gazprom's LNG projects and that Saudi Arabia might be interested in investing in Russian petrochemical company Sibur.

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