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
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Gold loses some luster after Trump’s decisive win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Families gather at South African mine shaft where hundreds are feared stuck underground
Higher silver supply to reduce global deficit by 4% in 2024
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
