Saudi Arabia: Deal To Gradually Ease Cuts Is +IBg-Inevitable+IBk-

+ADw-div+AD4APA-img src+AD0AIg-https://d32r1sh890xpii.cloudfront.net/article/718×300/a319a01f709690f0ae95aab5c4c9d9ae.jpg+ACI class+AD0AIg-ff-og-image-inserted+ACI /+AD4APA-/div+AD4APA-p+AD4-It is +IBw-inevitable+IB0 that OPEC and partners will agree next week to gradually roll back some of the production cuts that have been in place since January 2017, Saudi Arabia+IBk-s Energy Minister Khalid al-Falih said on Thursday in Moscow.+ADw-/p+AD4
+ADw-p+AD4-Speaking to reporters after a meeting with Russia+IBk-s Energy Minister Alexander Novak, the minister of OPEC+IBk-s biggest producer Saudi Arabia, +ADw-a href+AD0AIg-https://www.platts.com/latest-news/oil/moscow/we-will-be-easing-our-ceilings-back-saudi-energy-26973927+ACIAPg-said+ADw-/a+AD4, +IBw-I think it+IBk-s inevitable.+IB0APA-/p+AD4
+ADw-p+AD4gHA-I think it will be a reasonable, moderate agreement. It+IBk-s not going to be anything outlandish. We will be easing our ceilings back,+IB0 al-Falih said, as quoted by Platts.+ADw-/p+AD4
+ADw-p+AD4-Asked about what he thinks the outcome of the much-anticipated meeting will be, al-Falih +ADw-a href+AD0AIg-https://www.bloombergquint.com/markets/2018/06/14/saudi-oil-min-deal-to-gradually-boost-opec-output-inevitable+ACIAPg-said+ADw-/a+AD4:+ADw-/p+AD4
+ADw-p+AD4gHA-I think we+IBk-ll come to an agreement that satisfies most importantly the market.+IB0APA-/p+AD4
+ADw-p+AD4-Russia and Saudi Arabia are leading a campaign to justify rolling back some of the OPEC/NOPEC production cuts, and are facing opposition from a bloc within OPEC consisting of Iran, Venezuela, and Iraq who oppose boosting production, also because those three don+IBk-t have the spare capacity to lift production, unlike Russia and the Saudis.+ADw-/p+AD4
+ADw-p+AD4-Russia+IBk-s Novak, for his part, said today that the ministers of the OPEC and non-OPEC producers could consider gradually reversing up to 1.5 million bpd of combined production.+ADw-/p+AD4
+ADw-p+AD4-Novak met with al-Falih in Moscow ahead of the Russia-vs-Saudi Arabia opening match of the World Cup and discussed a gradual exit from the cuts. +ADw-span+AD4APA-strong class+AD0AIg-related+ACIAPgA8-a href+AD0AIg-https://oilprice.com/Geopolitics/International/Can-Saudi-Arabia-Prevent-The-Next-Oil-Shock.html+ACIAPg-Related:+AKA-Can Saudi Arabia Prevent The Next Oil Shock?+ADw-/a+AD4APA-/strong+AD4APA-/span+AD4APA-/p+AD4
+ADw-p+AD4gHA-We in general support this… but specifics we will discuss with the ministers in a week,+IB0 Novak +ADw-a href+AD0AIg-https://www.reuters.com/article/us-oil-opec-russia-saudi-novak/russias-novak-opec-can-consider-returning-up-to-1-5-million-bpd-to-market-gradually-idUSKBN1JA1XT+ACIAPg-told reporters+ADw-/a+AD4 today.+ADw-/p+AD4
+ADw-p+AD4-A week before the Vienna meeting and a day before the latest Russian-Saudi discussions on the cuts, U.S. President Donald Trump +ADw-a href+AD0AIg-https://oilprice.com/Latest-Energy-News/World-News/Trump-Blames-OPEC-For-Too-High-Oil-Prices-Again.html+ACIAPg-attacked+ADw-/a+AD4 OPEC again with a succinct +ADw-a href+AD0AIg-https://twitter.com/realDonaldTrump/status/1006866982833131520+ACIAPg-tweet+ADw-/a+AD4, +IBw-Oil prices are too high, OPEC is at it again. Not good+ACEgHQA8-/p+AD4
+ADw-p+AD4-OPEC and its Russia-led non-OPEC allies are up for a very heated meeting next week, but it looks like the leaders of the two groups+IBQ-Saudi Arabia and Russia+IBQ-believe that they will persuade dissenters to agree to some sort of a production boost.+ADw-/p+AD4
+ADw-p+AD4-By Tsvetana Paraskova for Oilprice.com+ADw-/p+AD4
+ADw-p+AD4APA-strong+AD4-More Top Reads From Oilprice.com:+ADw-/strong+AD4APA-/p+AD4

+ADw-br /+AD4-

Click here to Read from the source

Shares
%d bloggers like this: