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December 2018
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Monday, 03 December 2018 15:00

Russia, Saudi Arabia to extend OPEC+ deal

Russia, Saudi Arabia to extend OPEC+ deal

Russia and Saudi Arabia agreed to extend into 2019 their deal to manage the oil market, known as OPEC+, although Moscow and Riyadh have yet to confirm any fresh output cuts, Caspian Energy News (www.caspianenergy.net) reports with reference to Bloomberg.

Russian President Vladimir Putin announced the extension after a meeting Saturday on the sidelines of the Group of 20 with Saudi Arabian Crown Prince Mohammed bin Salman. The comments open the door for a deal at the OPEC meeting next week in Vienna. OPEC delegates said the leaders have given their political blessing for an agreement, but plenty of work is left, including on the size of any potential output cut.

“There is no final decision on volumes, but together with Saudi Arabia we will do it,” Putin told reporters about extending the agreement in Buenos Aires. “And whatever number there will be based on this joint decision, we agreed that we will monitor the market situation and react to it quickly.”

On Sunday, OPEC’s president, U.A.E. Energy Minister Suhail Al Mazrouei, said he was optimistic OPEC+ will reach an agreement over a cut in production for 2019 when they meet in Vienna next week. Technical teams are working on the level of the cuts necessary and the reference baseline for the reduction, he said.

Saudi Arabia said through its state-owned press agency that Riyadh and Moscow had held talks in Buenos Aires about “rebalancing” the oil market. While both talked about progress and extension of the cooperation, neither the Russians nor Saudis made any formal declaration about output volumes.

More details: https://www.bloomberg.com/news/articles/2018-12-01/putin-says-russia-and-saudi-arabia-to-extend-opec-oil-pact

Person in charge of the newsline: Olga Nagiyeva 

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