Russia: Production Cuts Are Needed To Stabilize Oil Markets
01 December, 2018, 06:29 | Author: Shawna Walton
Oil prices edged lower on Friday due to concerns of oversupply but losses were limited by expectations that the Organization of the Petroleum Exporting Countries (OPEC) and Russian Federation would agree some form of production cut next week. "As Saudi Arabia we can not do it alone, we will not do it alone", Saudi Energy Minister Khalid al-Falih said on Wednesday. Saudi Arabia is pumping as much as 11.2 million barrels a day, though it has said it supports a drop in output and has pledged to reduce monthly exports by 500,000 barrels a day in December. Yemi Osinbajo, prior to the briefing. Another meeting with Russian oil companies was held on Tuesday.
Kachikwu stated that the two countries shared their refining experiences in order to appreciate how his guest's country accomplished its present feat in refinery.
Moscow, however, has repeatedly said that its cooperation with OPEC should and will continue.
The market now expects that a cut of 1 million barrels per day would be possible from OPEC and its allies, said John Kilduff, partner at Again Capital in NY.
In his comments, Al-Falih commended the Nigerian government for its effort and said that Nigeria remained a force to reckon with in the African region.
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The price of a barrel of WTI crude oil fell below $ 50, falling to the lowest level since September 2017.
However, one of the most important determinants of oil prices is OPEC.
Saudi Arabia's Al-Falih visited Nigeria this week and Baghdad earlier in November.
The kingdom can ill-afford another slump in oil revenues so soon after the last one, which suggests it will have to cut production, while trying to cajole other OPEC and non-OPEC countries to share the burden.
He was also reported to have said that Russia's 2019 oil output is expected at the same level as this year but could be adjusted, depending on a deal between OPEC and non-OPEC members.
Saudi Arabia faces a familiar but uncomfortable choice: cut production to defend prices or allow prices to fall to protect market share.
On Wednesday, Putin said Russian Federation was in touch with OPEC but Moscow would be satisfied with an oil price of $60 a barrel.
Saudi Arabia dampened hopes of production cuts by OPEC and its allies by saying on Wednesday that it would not act alone and Nigeria stopped short of committing to a new push to curb supplies.
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