Putin says Russia disagrees with OPEC on fair oil price - Reuters:
President Vladimir Putin said on Thursday Russia had differences with OPEC over what constituted a fair price for oil, but that Moscow would take a joint decision on output with OPEC colleagues at a policy meeting in the coming weeks.
Putin’s comments have set a stage for tough talks between Russia and its partners over their policy on the global oil market, which are expected to take place within a month.
The Organization of the Petroleum Exporting Countries and large oil producers led by Russia are due to meet in Vienna in the end of June or early July to decide on their policy for the next half of the year as the current deal expires.
Thursday 6 June 2019
Russia, #SaudiArabia discuss more balancing of oil markets: Russia's Novak - Reuters
Russia, Saudi Arabia discuss more balancing of oil markets: Russia's Novak - Reuters:
Russian Energy Minister Alexander Novak said on Thursday that he and Saudi Energy Minister Khalid al Falih discussed how the countries could further balance oil markets.
“We have discussed (the) situation on the market and agreed that we will cooperate further with the aim of balancing the market,” he said.The two also talked about moving the next scheduled meeting of the Organization of the Petroleum Exporting Countries (OPEC) to July 4 from its currently scheduled date on June 25, Novak said. Russia is not a member of OPEC, but has been part of two production-cutting pacts in the last three years.
Russian Energy Minister Alexander Novak said on Thursday that he and Saudi Energy Minister Khalid al Falih discussed how the countries could further balance oil markets.
“We have discussed (the) situation on the market and agreed that we will cooperate further with the aim of balancing the market,” he said.The two also talked about moving the next scheduled meeting of the Organization of the Petroleum Exporting Countries (OPEC) to July 4 from its currently scheduled date on June 25, Novak said. Russia is not a member of OPEC, but has been part of two production-cutting pacts in the last three years.
Oil jumps 2% as possible delay of U.S. tariffs on Mexico boosts equities - Reuters
Oil jumps 2% as possible delay of U.S. tariffs on Mexico boosts equities - Reuters:
Oil prices jumped more than 2% on Thursday, reversing course after falling to near five-month lows in the previous session, following a report that the United States could postpone tariffs on Mexico.
Brent crude futures settled at $61.67 a barrel, gaining $1.04, or 1.7%. U.S. West Texas Intermediate crude futures settled at $52.59 a barrel, up 91 cents, or 1.8%. The benchmarks both rallied more than 2% in post-settlement trade.
U.S. stocks, which oil prices tend to follow, spiked after Bloomberg News reported the United States is considering a delay in the tariffs as talks continue.
Oil prices jumped more than 2% on Thursday, reversing course after falling to near five-month lows in the previous session, following a report that the United States could postpone tariffs on Mexico.
Brent crude futures settled at $61.67 a barrel, gaining $1.04, or 1.7%. U.S. West Texas Intermediate crude futures settled at $52.59 a barrel, up 91 cents, or 1.8%. The benchmarks both rallied more than 2% in post-settlement trade.
U.S. stocks, which oil prices tend to follow, spiked after Bloomberg News reported the United States is considering a delay in the tariffs as talks continue.
Top oil trader befuddled by ‘complicated’ demand outlook | Financial Times
Top oil trader befuddled by ‘complicated’ demand outlook | Financial Times:
The top trader at Merchant Commodity Fund, a London-based hedge fund, has warned that oil prices are likely to remain volatile, describing the outlook for the market as “the most complicated” in years.
Doug King, who has led the commodity-focused hedge fund to a 16.1 per cent gain this year through a series of profitable bets, told the Financial Times there was still great uncertainty over the prospects for prices. Brent crude has slid 20 per cent over the last five weeks, after rallying 50 per cent between January and April, from $50 a barrel to $75.
“The oil market is as complicated as I’ve seen it in a very long time,” Mr King said.
The top trader at Merchant Commodity Fund, a London-based hedge fund, has warned that oil prices are likely to remain volatile, describing the outlook for the market as “the most complicated” in years.
Doug King, who has led the commodity-focused hedge fund to a 16.1 per cent gain this year through a series of profitable bets, told the Financial Times there was still great uncertainty over the prospects for prices. Brent crude has slid 20 per cent over the last five weeks, after rallying 50 per cent between January and April, from $50 a barrel to $75.
“The oil market is as complicated as I’ve seen it in a very long time,” Mr King said.
Saudis, Russia Meet With Future of OPEC+ Cuts Unresolved - Bloomberg
Saudis, Russia Meet With Future of OPEC+ Cuts Unresolved - Bloomberg:
A year ago, in the enduring twilight of one of St. Petersburg’s famous “white nights” of summer, Saudi Arabia and Russia reached an agreement that set a new direction for the oil market.
This week, when Energy Ministers Alexander Novak and Khalid Al-Falih meet again in the northerly city that’s President Vladimir Putin’s hometown, resolving differences may not be so easy for the two architects of the OPEC+ agreement. The Saudis clearly want to extend the group’s production curbs beyond their expiry at the end of this month, but Russia has been at best non-committal.
Right now, they can’t even persuade the rest of the group to agree on a date for the group’s usual mid-year meeting in Vienna.
A year ago, in the enduring twilight of one of St. Petersburg’s famous “white nights” of summer, Saudi Arabia and Russia reached an agreement that set a new direction for the oil market.
This week, when Energy Ministers Alexander Novak and Khalid Al-Falih meet again in the northerly city that’s President Vladimir Putin’s hometown, resolving differences may not be so easy for the two architects of the OPEC+ agreement. The Saudis clearly want to extend the group’s production curbs beyond their expiry at the end of this month, but Russia has been at best non-committal.
Right now, they can’t even persuade the rest of the group to agree on a date for the group’s usual mid-year meeting in Vienna.
#SaudiArabia, Russia fund ‘to invest over $2bln this year’ | ZAWYA MENA Edition
Saudi Arabia, Russia fund ‘to invest over $2bln this year’ | ZAWYA MENA Edition:
The head of Russia’s sovereign wealth fund says it plans more than $2 billion of investments with Saudi Arabia this year.
Kirill Dmitriev, head of the Russian Direct Investment Fund (RDIF), also said it expects to conclude a deal with Saudi Aramco to acquire a stake in Novomet, the oil equipment manufacturer.
“Overall, RDIF and Saudi partners are looking at 25 new projects and are planning to invest over $2 billion this year, and expect to conclude the deal for Novomet,” he told the Argaam news outlet.
The head of Russia’s sovereign wealth fund says it plans more than $2 billion of investments with Saudi Arabia this year.
Kirill Dmitriev, head of the Russian Direct Investment Fund (RDIF), also said it expects to conclude a deal with Saudi Aramco to acquire a stake in Novomet, the oil equipment manufacturer.
“Overall, RDIF and Saudi partners are looking at 25 new projects and are planning to invest over $2 billion this year, and expect to conclude the deal for Novomet,” he told the Argaam news outlet.
Oil prices firm above January lows but concerns grow about demand | ZAWYA MENA Edition
Oil prices firm above January lows but concerns grow about demand | ZAWYA MENA Edition:
Oil prices rose on Thursday after falling to near five-month lows in the previous session, but sentiment stayed weak due to rising U.S. supply and a stalling global economy.
Front-month Brent crude futures were at $61.23 a barrel at 1046 GMT, up 60 cents or 1%. U.S. West Texas Intermediate crude futures CLc1 fetched $51.86, up 18 cents or 0.35%.
A day earlier the two benchmarks hit their lowest levels since mid-January at $59.45 and $50.60, respectively, amid a surge in U.S. crude inventories and record production.
Oil prices rose on Thursday after falling to near five-month lows in the previous session, but sentiment stayed weak due to rising U.S. supply and a stalling global economy.
Front-month Brent crude futures were at $61.23 a barrel at 1046 GMT, up 60 cents or 1%. U.S. West Texas Intermediate crude futures CLc1 fetched $51.86, up 18 cents or 0.35%.
A day earlier the two benchmarks hit their lowest levels since mid-January at $59.45 and $50.60, respectively, amid a surge in U.S. crude inventories and record production.
Russia's Lukoil backs extending global oil cuts to end of 2019 - Reuters
Russia's Lukoil backs extending global oil cuts to end of 2019 - Reuters:
Lukoil, Russia’s second-biggest oil producer, plans to propose that Moscow extend its participation in a global oil production-cutting deal at existing terms to the end of this year, its chief executive Vagit Alekperov told Reuters.
Lukoil CEO sees tainted oil compensation at no more than $15/bbl
Russia and some other non-OPEC members along with OPEC countries plan to meet in June or July to discuss whether to extend or change the deal, under which Moscow has pledged to cut its oil production by 228,000 barrels per day (bpd).
“I believe that the level of 228,000 bpd is a relatively small amount and we saw the effect we got,” Alekperov said, referring to an increase in oil prices.
Lukoil, Russia’s second-biggest oil producer, plans to propose that Moscow extend its participation in a global oil production-cutting deal at existing terms to the end of this year, its chief executive Vagit Alekperov told Reuters.
Lukoil CEO sees tainted oil compensation at no more than $15/bbl
Russia and some other non-OPEC members along with OPEC countries plan to meet in June or July to discuss whether to extend or change the deal, under which Moscow has pledged to cut its oil production by 228,000 barrels per day (bpd).
“I believe that the level of 228,000 bpd is a relatively small amount and we saw the effect we got,” Alekperov said, referring to an increase in oil prices.
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