NEWS
Oil  

Saudis Sure of OPEC+ Cuts Extension With Russia Coop.

Saudi Arabia’s top oil official said he was sure that OPEC+ will extend production cuts into the second half of the year after holding talks with Russia.

Ministers from the countries voiced similar concerns about the impact of a slowing global economy on oil prices and talked up the benefits of cooperation, Bloomberg reported. 

The unified front presented on Friday appeared to resolve signs of division visible in the previous days.

Still, the two leaders of the coalition between the Organization of Petroleum Exporting Countries and several non-members stopped short of any specific commitments on production volumes after the current output deal expires at the end of this month. They were also unable to fix a date for a meeting to discuss the matter with fellow ministers.

“I don’t think the question is at all whether we will extend or not,” Saudi Energy Minister Khalid Al-Falih said after a panel at the St. Petersburg International Economic Forum chaired by Bloomberg TV. 

“A rollover is almost in the bag for OPEC. The question is to calibrate with non-OPEC if there needs to be an adjustment from the first half.”

Diverging interests and surging market volatility are making the ministers’ decisions more difficult. Oil is torn between the bearish influence of US-instigated trade wars and the bullish threat of supply disruptions from Iran to Venezuela.

“I do not think there will be a need to deepen the cut, but whether we need to scale it back a little bit will depend on what happens in Iran, Venezuela, other countries,” Al-Falih said.

News No: 4780
Date: 2019/06/09 - 23:19
News Source: SteelMint

Saudi Arabia  OPEC  Russia  Venezuela  US 

Comments:

Leave a Comment:

   
   
   
 

Chinese Crude Steel Output Hits Record High in May’19

As per the recent data released by NBS (National Bureau of Statistics), Chinese crude steel output records new high in May’19 at 89.09 MnT.
 

Turkey: Imported Scrap Prices Drop to 1-Month Low in Recent Deals

SteelMint learned from industry participants that Turkish steel mills have continued fresh deep sea cargo bookings to take advantage of low global offers. Prices have moved down further by USD 5-6/MT against that of reported in the beginning of this week.
 

Russia’s Gazprom Delivers First Batch of Needle Coke to the Country’s Domestic Manufacturers

As per the latest updates, Russia’s only needle coke manufacturer, Gazprom Neft Omsk Refinery has finally produced and supplied its first batch of needle coke to the domestic manufacturers.
 

South Korea: Hyundai Steel Cuts Bid for Japanese Scrap; Books US Bulk Cargo

South Korean leading EAF steelmaker, Hyundai Steel has reportedly lowered the bids for Japanese scrap purchase by JPY 1,000/MT (USD 9) today.
 

Pakistan Budget FY20 : What Does it Mean for Steel Sector ?

SteelMint learned in recent conversations with industry participants that Pakistan’s government has declared its fiscal year 2020 budget yesterday.
 

Turkey: Imported Scrap Prices Drop in Recent Deals from US

SteelMint learned from industry participants that Turkish steel mills have observed fresh deals as US suppliers returned into the market after short pause towards the closing last week. Activities remained very limited on public Eid holidays during last week while imported scrap prices moved down USD 5-6/MT on W-o-W basis as global sentiments remained dull.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners