Wednesday, 19 June, 2019


Oil extends gain on supply cut, weak economy strains outlook

Saudi Minister of Energy Khalid al-Falih Saudi Minister of Energy Khalid al-Falih
Conrad Doyle | 11 June, 2019, 12:45

Novak was speaking at a joint briefing with Saudi Energy Minister Khalid al-Falih, who was in Russian Federation for meetings with Novak and Vladimir Putin, weeks before OPEC and its Russia-led partners are set to decide how to proceed with their oil market management policies in place since 2017.

Addressing to Saudi energy minister's comment on OPEC+ output cut, an analyst at futures brokerage at FXTM, Han Tan said, "Brent futures continue rising. after the Saudi Arabian Energy Minister expressed confidence that OPEC+ producers will prolong their output cuts program through the second half of 2019".

OPEC is close to reaching an agreement to extend the production cut deal beyond June, al-Falih said on Friday from Russian Federation, adding that the sticking point is now to calibrate the cuts with the non-OPEC group of producers led by Moscow.

The Organization of the Petroleum Exporting Countries and some non-members, including Russian Federation, have withheld supplies since the start of the year to prop up prices.

Igor Sechin, chief executive of Rosneft, warned against extending the deal, saying it posed a strategic threat to Moscow by allowing the USA to take Russia's market share.

If he is unsuccessful in his mission on Monday, Falih might try to convince the Russians to back the deal later this month, during a G20 meeting in Japan.

"Indeed, there are big risks of over-production".

Many oil exporting countries have confirmed they are prepared to hold a policy meeting with OPEC in Vienna over July 2-4, instead of the scheduled date later this month, Novak said.

Al-Falih said the OPEC+ group was working to take "preventive" measures to avoid sharp oil price declines.

But Novak no doubt wants an agreement, saying he could not rule out a drop in oil prices to $30/bbl if the deal is not extended, citing a risk that oil producers pump out too much crude and prices fall sharply.

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