Saudi Arabia, Russia should cut 'at least 1 mil b/d instantly': OPEC delegate

Saudi Arabia and Russia, both of whom have boosted their crude output in recent months, were responsible for a $15/b drop in the price of oil and "should cut at least 1 million b/d instantly", an OPEC delegate told S&P Global Platts.

The comments come as Saudi Arabia and Russia were reportedly discussing a production cut in 2019, Russian news agency Tass reported earlier Wednesday.

Saudi officials could not be reached for comment.

ICE Brent futures were trading at $73.03/b at 1307 GMT Wednesday, after hitting a four-year high October 3 at $86.29/b.

A six-country OPEC/non-OPEC Joint Ministerial Monitoring Committee co-chaired by Saudi Arabia and Russia meets Sunday in Abu Dhabi to assess market conditions. The next full OPEC meeting is December 6 in Vienna.

The coalition on June 23 agreed to raise production by a combined 1 million b/d from May levels by reducing overcompliance with production cuts, in order to offset expected losses by sanctions-hit Iran and Venezuela.

Saudi energy minister Khalid al-Falih said last month the kingdom was producing about 10.7 million b/d, near its record high and almost 700,000 b/d more than it was producing in May.

Russia, meanwhile, reported Friday that it hit an all-time high of 11.41 million b/d, up about 440,000 b/d from May.

News No: 2528
Date: 2018/11/07 - 19:11
News Source: S & P Global Platts

Saudi Arabia  Russia  OPEC  ICE Brent 


Leave a Comment:


Russia: MMK Steel Doubled Steel Shipments to Vietnam in CY18

As per sources, one of the world's largest steel producer and a leading Russian metal company Magnitogorsk Iron and Steel (MMK) has doubled its metal shipments to Vietnam in CY18 as compared to CY17.

Vietnam Mills Books 30,000 MT HRC from Russia

Imported HRC offers to Vietnam inched up this week following uptrend in export offers from China. On weekly basis imported HRC offer to Vietnam inch up by USD 5/MT from China.

Kuwait Says May Back Extension of OPEC-Led Cuts

Kuwait will back an extension of OPEC-led production cuts beyond June if it's clear supply and demand factors warrant it, Haitham al-Ghais, Kuwait Petroleum Corp's manager for market research and the country's OPEC governor, said Wednesday.

India Delays May Order for Iran Oil

Indian refiners are holding back from ordering Iranian oil for loading in May pending clarity on whether Washington will extend a waiver from US sanctions against the OPEC-member, four sources said.

Russia Signals OPEC, Allies Should Raise Output

One of the key Russian officials to foster a supply pact with OPEC, Kirill Dmitriev, signaled on Monday Russia wanted to raise oil output when it meets with OPEC in June because of improving market conditions and falling stockpiles.

Oil Climbs to 5-Month High Amid OPEC Cuts

Oil prices rose to their highest level since November 2018 on Monday, driven upwards by OPEC’s ongoing supply cuts, US sanctions against Iran and Venezuela, fighting in Libya as well as strong US jobs data.
Upcoming Events
 Mines & Metals

Mine & Business Today

 Scrap & Recycling


Our partners