No Talks to Change Global Oil Output Deal
Russian Energy Minister Alexander Novak said on Monday there were no talks underway to change the global output deal under which OPEC and non-OPEC oil-producing countries have curbed output in order to support prices.
Moscow is fully committed to the deal, Novak told reporters while visiting Saudi Arabia for a Russian-Saudi investment event, Reuters reported.
OPEC member countries and allies, a grouping known as OPEC+, are showing a high level of commitment to the current deal, Saudi Arabia’s energy minister said in the same event as he called for concentrating on stability of the oil market rather than prices.
“Fair price is stable price,” Saudi minister, Abdulaziz bin Salman, said.
South Sudan, a member of OPEC+, will announce in the coming days its adherence to the production cuts, the minister said. Gabon has also said it will fully comply.
The deal between OPEC, Russia and other non-OPEC producers calls for reducing output by 1.2 million barrels per day until March 2020 amid forecasts of excess supply next year.
source: Financial Tribune
Top News
Five last month
Two last year
US Energy Dept finalizes $2.26bn loan for Lithium Americas’ Nevada mine
Abandoned copper mines embraced as fast track to boost output
Glencore posts lower metals output for first nine months, reiterates outlook
Mercuria eyes equity in African assets, new metals boss says
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Traders see gold as a surefire bet as coin-toss election looms
Gold price surge adds glitter to tarnished miners
Environmentalists sue over US approval of ioneer’s Nevada lithium mine
Gold price shows little reaction to jobs data
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
Liberty Gold advances Black Pine project permitting
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years