Russia says still a risk of excessive oil output, sharp price fall

MOSCOW (Reuters) – There is a still a risk that oil producers pump out too much crude and prices fall sharply, Russia’s energy minister said on Monday, suggesting Moscow might support an extension of output cuts at a meeting of leading oil producing countries next month. The Organization of the Petroleum Exporting Countries and some non-members including Russia, known collectively as OPEC+, have curbed supplies since January to prop up prices. Earlier on Monday, Saudi Energy Minister Khalid al-Falih said Russia was the only oil exporter still undecided on the need to extend the curbs – due to expire this month – until the end of the year, according to TASS news agency. Separately, Russian Finance Minister Anton Siluanov said oil prices could fall as low as $30 per barrel if OPEC and its allies did not extend the curbs. “As far as such a scenario is concerned, this is not ruled out. A lot depends, of course, on the market situation in the second half of the year, in the third quarter, on the supply and demand balance,” Russian energy minister Alexander Novak told a media briefing, sitting alongside al-Falih. He also cited trade wars and sanctions as influencing… continue reading

Continue reading Russia says still a risk of excessive oil output, sharp price fall. This article appeared first on CTRM Center.

Source: CTRM Center

Related Posts

Leave a reply