Saudis Seek to Keep Oil-Market Control With OPEC Deal Fudge

When Iran’s oil minister stormed out of an OPEC confab on Thursday night, the alliance of producers led by Saudi Arabia and Russia was in danger of losing control of the market.

Less than 24 hours later, they had reasserted their authority-- for now. Prices that had breached $80 a barrel in the run-up to the meeting, prompting public admonishment from U.S. President Donald Trump, traded back at $75.

Friday’s agreement was a fudge in the time-honored tradition of OPEC, committing to boost output without saying which countries would increase or by how much. It gives Saudi Arabia the flexibility to respond to disruptions at a time when U.S. sanctions on Iran and Venezuela threaten to throw the oil market into turmoil.

ADNOC to sign deal on Monday for stake in Indian refinery- govt source

Abu Dhabi National Oil Co (ADNOC) will sign an agreement with Saudi Aramco and Indian companies on Monday for an up to 25 percent stake in a planned $44 billion refinery and petrochemical project in India, a government source said.

Major oil producers are targeting Asia, where fuel demand is growing, as a stable outlet for their oil.

India, the world's third biggest oil importer and consumer, aims to expand its refining capacity by 77 percent to 8.8 million barrel per day (bpd) by 2030. 

OPEC meets Russia and allies to agree oil output boost

OPEC meets Russia and other allies on Saturday to clinch a new deal raising oil output, a day after agreeing a production hike within the group itself but confusing the market as to how much more oil it will pump.

The Organization of the Petroleum Exporting Countries announced its OPEC-only agreement on Friday, but gave no clear output targets. Russia and other non-OPEC oil producers will now meet OPEC in a bid to secure their participation in the pact.

Benchmark Brent oil rose by $2.5 or 3.4 percent on Friday to $75.55 a barrel.