Wednesday, 16 October, 2019

Oil rises as Saudi sees producers sticking with ongoing supply cuts

Russia's Energy Minister Alexander Novak Russia's Energy Minister Alexander Novak
Russell Knight | 11 June, 2019, 12:43

Russian Federation is the only party of an OPEC oil cuts agreement to be holding off on an extension, Saudi Arabia has said.

The Organisation of the Petroleum Exporting Countries (OPEC) and some non-members, including Russian Federation, known collectively as OPEC+, have withheld supplies since the start of the year to prop up prices.

Even Hedge Funds have increased selling of Oil considering the global scenario and the overextended Bull Run in prices over the supply cuts by OPEC.

"With a production cut extension now sounding more likely than not, it should be incredibly supportive for oil prices", said Stephen Innes, Managing Partner at Vanguard Markets. The deal is due to expire this month.

China's crude oil imports slipped to around 40.23 million tonnes (9.47 million barrels per day), down from an all-time peak of 43.73 million tonnes in April, customs data showed on Monday, as the world's top importer of the commodity curbed shipments from Iran amid tightening USA sanctions on that country.

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Separately, Russian Finance Minister Anton Siluanov said oil prices could fall as low as $30 per barrel if OPEC and others did not extend the curbs.

"The revisions imply a 300,000 barrel per day reduction in our current global oil demand outlook of 1.3 million barrels per day year-on-year for this year", the British bank said.

Novak said there were big risks of oversupply on the market and that Moscow needed to monitor the oil market more in order to be able to take a balanced decision in July.

In the United States, crude production has surged, rising to a weekly record at 12.4 million barrels per day, while crude stockpiles have climbed close to two-year highs, according to the Energy Information Administration's data last week.

Russian President Vladimir Putin said last week that there were disagreements on the issue, with Moscow - which is also a major gas producer - in a better position to weather lower oil prices.

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