OPEC Keen to Extend Cut, Russia Is Circumspect: Reality Check - Bloomberg

OPEC Keen to Extend Cut, Russia Is Circumspect: Reality Check - Bloomberg:

For an OPEC+ meeting in which the key decision over an output-cut extension is supposedly “in the bag,” according to Saudi Arabia’s Energy Minister Khalid Al-Falih, Monday’s gathering in Vienna could be as closely watched as any during the three-year coalition.

The Organization of Petroleum Exporting Countries and its allies convene next week to discuss extending a 1.2 million barrel-a-day cut into the second half. While the cartel’s three biggest members – Saudi Arabia, Iraq and the United Arab Emirates – are all willing to continue the policy of reduced production, Russia remains circumspect, prompting questions over potential changes to policy.

Meanwhile, myriad uncertainties cloud the oil market outlook. An ongoing U.S. and China trade spat is stoking fears over demand growth, while escalating tension between the U.S. and Iran has heightened geopolitical risk in the world’s biggest oil-producing region.