Wednesday, 23 October, 2019

Relief on the cards for motorists as Saudi Arabia changes strategy

Relief on the cards for motorists as Saudi Arabia changes strategy Relief on the cards for motorists as Saudi Arabia changes strategy
Russell Knight | 28 May, 2018, 14:21

The energy ministers of Russian Federation and Saudi Arabia met in St. Petersburg to review the terms of a global oil supply pact that has been in place for 17 months, ahead of a key OPEC meeting in Vienna next month.

"Speaking at the St. Petersburg International Economic Forum in Russia, Al Falih said: "I think in the near future there will be time to release supply" smoothly to avoid shocking the market".

Oil prices plummeted over $2 per barrel on Friday after Saudi Arabia and Russian Federation discussed the possibility of reducing OPEC's production cuts that have been largely responsible for pushing crude prices to their highest levels since 2014.

Oil prices fell sharply on Friday after influential energy ministers said a group of two dozen producer nations could soon begin easing the production limits they put in place a year ago to drain a global crude glut.

"Oil prices are now starting to drift a little", said Greg McKenna, chief market strategist at futures brokerage AxiTrader, adding that this was due to OPEC's and Russia's "moves toward an increase in production" at a meeting scheduled for next month.

Novak said OPEC and non-OPEC countries now plan to keep in place their deal to cut global oil output, the news agency reported.

Opec and its allies will gather in Vienna for a policy meeting on 22 June to hammer out a deal.

US oil exports hit a new record at 2.6 million barrels per day two weeks ago, said Oilprice.com.

"We pride ourselves as a friend of the United States", he said, Reuters reported.

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Falih said that "all options are on the table" regarding targets for output cuts.

Increased oil production and lower prices could reduce profits for energy companies.

Novak said a production increase is called for because OPEC member Venezuela has fallen far short of its production targetby almost 1 million barrels a day recently.

The Trump decision to renew United States sanctions on Iran could cut as much as half a million barrels a day from Iranian oil exports.

Oil prices fell back more than 3 per cent yesterday to just over $76 a barrel as the Opec cartel and other leading producers confirmed that they were considering increasing their output.

"Secretary General Barkindo's tweet gives President Trump bragging rights for pushing OPEC to open the taps", Robert McNally, former National Security Council adviser to President George W. Bush, told the Post.

Novak met with his Saudi counterpart to discuss the agreement in light of declining Venezuelan output and renewed USA sanctions on Iran.

"Oil prices will soften in the near term, as a outcome of Opec easing supply curbs", said Ashley Kelty at Cantor Fitzgerald.

Barkindo also said it was not unusual for the United States to put pressure on OPEC as some USA energy secretaries had asked the producer group to help lower prices in the past.

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