Russia’s Putin says no hard figures on possible oil output cuts

Russia’s Putin says no hard figures on possible oil output cuts

Russia’s Putin says no hard figures on possible oil output cuts

Reuters reported earlier this week citing sources taking part in the Russian minister's meeting with top managers of Russian oil companies, that Russia could agree to cutoil production under the OPEC+ deal in 2019 but was still discussing with Saudi Arabia possible terms and volumes.

WTI and Brent settled at 50.42 USA dollars and 58.8 dollars per barrel, respectively, at the end of the week.

Technical teams were working on the level of the cuts necessary and the reference baseline for the reduction, he said.

Trading action was also held in check ahead of weekend meetings of the Group of 20 in Argentina, where oil talks are expected take place on the sidelines, ahead of an official meeting on December 6 between OPEC and its allies. OPEC+ is an understanding between The Organization of the Petroleum Exporting Countries (OPEC) and Russian Federation to ensure a balance between oil supply and demand.

The dire predictions didn't come to pass. Saudi Arabia has promised to pump fewer barrels in December and throw its weight behind a proposal for OPEC to cut production by one million barrels per day, according to CNN, but even that announcement hasn't stopped the price slide.

Riyadh has suggested OPEC and its allies reduce output by 1 million barrels per day from January 2019 to stem the price falls. That's created a glut of oil in Alberta.

Those sanctions took full effect on November 5 but at the same time, Trump granted eight countries, including China, temporary waivers to continue buying Iranian oil, effectively erasing that threat to global supplies. "It's a bullish set up all around".

On January 1 this year, petrol went up with 5 cents per liter, while diesel went up with 12 cents, as part of a plan initiated by the government of François Hollande, and followed by Emmanuel Macron, in an attempt to encourage auto users to look for greener alternatives. US crude oil exports averaged 2.4 million barrels per day, up by 473,000 barrels per day from the previous week.

Putin said he had no concrete figures on the extent of the future output cuts. Accounting for less than 2 percent of total output, Qatar's exit is most significant for any potential impact on the group's cohesion.

To recap the event from over the week-end, the United States and China agreed not to impose additional trade tariffs for at least 90 days while the economic powerhouses hold talks to resolve existing trade disputes. "Moreover, demand-driven worries due to trade wars might subside, which should help lessen global growth concerns in the short term". Off-topic, inappropriate or insulting comments will be removed.

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