Russia Considers Extending Oil Output Cut
Russia will carefully consider extending its oil output reduction agreement with the Organization of the Petroleum Exporting Countries and other producers, Russian First Deputy Prime Minister Anton Siluanov told Reuters on Wednesday.
Moscow will weigh, in particular, the deal’s positive effect on oil prices against losses in market share to United States companies, he said.
“There are many arguments both in favor of the extension and against it,” Siluanov said on the sidelines of a conference in Kazakhstan.
“Of course, we need price stability and predictability, this is good,” he said. “But we see that all these deals with OPEC result in our American partners boosting shale oil output and grabbing new markets.”
Russia’s Energy Ministry and government will determine their stance on the pact’s extension after weighing these pros and cons and the longevity of current market trends, Siluanov said.
OPEC, Russia and other producers agreed to cut output by 1.2 million barrels per day from January for six months to boost oil prices by reducing global inventories.
OPEC and the other producers involved in the supply agreement, an alliance known as OPEC+, are scheduled to meet to discuss extending the pact in Vienna during an OPEC meeting scheduled for June 25 and 26.
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
Aluminum price falls to one-month low in wider commodity slump
Skeena advances Eskay Creek permitting, unlocks Orion funding
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
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
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
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
