Minister Says Russia Open to Relaxing OPEC+ Cuts
From easing the limits to ending the extreme throttling-back that has seen some countries exceed original cutback targets, Russia sees a range of options that would allow OPEC+ to continue output cooperation until the yearend.
"One of the options we discussed is removing the over-compliance, a return to the parameters of the current agreement," Russian Energy Minister Alexander Novak said in an interview with Bloomberg TV in Jeddah, Saudi Arabia, after a producer group meeting.
OPEC+ may need "to tweak the parameters to a certain extent" if monitoring shows full compliance is not enough to prevent a market deficit, he said.
As OPEC and its allies gathered over the weekend to discuss the future of the output-cuts pact, Russia was the only member of the group that did not rule out a relaxation of the cuts.
Most other nations including the de facto leader, Saudi Arabia, have signaled they prefer extending the current deal until year-end.
If Russia’s support to ease the restrictions strengthens over the next several weeks, OPEC+ may find it difficult to reach a consensus over extending the agreement at the ministerial meeting in June when the current deal expires.
Continuing the OPEC+ pact into the second half of the year with full compliance of all member states would allow for production increases.
In April, the group’s total average conformity with the deal reached 168%. Saudi Arabia alone could ramp production up by about 500,000 bpd without breaching its cap, as it has cut output deeper than required.
source: Financial Tribune
Top News
Glencore in talks to sell Philippine copper smelting unit
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
India’s record gold import said to be due to calculation error
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Norge Mining acquires Europe’s largest natural graphite producer
Mercuria partners with Zambia on metals trading venture
Iron ore price weakens as Australia flags return to sub-$100 prices
Skeena advances Eskay Creek permitting, unlocks Orion funding
Tiny but vital metal markets rush to adjust to Chinese clampdown
Petra Diamonds cuts forecasts, jobs amid market weakness
El Salvador president proposes bill to overturn metals mining ban
China’s 2025 steel demand to fall 1.5% on year, state research institute says
Lure of Anglo’s copper mines could test BHP’s spending resolve
Copper giant Peru foresees another production plateau in 2025
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Tiny but vital metal markets rush to adjust to Chinese clampdown
Petra Diamonds cuts forecasts, jobs amid market weakness
El Salvador president proposes bill to overturn metals mining ban
China’s 2025 steel demand to fall 1.5% on year, state research institute says
Lure of Anglo’s copper mines could test BHP’s spending resolve
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project