Russia’s Oil Production Cuts To Take Months To Implement
Saturday, 8 December 2018 () After Russia agreed on Friday to cut its oil production as part of the non-OPEC group tasked with cutting 400,000 bpd of oil production, Energy Minister Alexander Novak said it would take Russia “months” to get down to its requested level. While there were no specific figures or targets released to the public for each individual member of the OPEC and non-OPEC groups to hit, non-OPEC was saddled with a 400,000 bpd burden, while OPEC itself agreed to cut 800,000 bpd. Unofficial sources, according to Tass, has Russia’s portion of…
According to Reuters, Saudi Energy Minister Khalid al-Falih met with U.S. special representative for Iran Brian Hook in Vienna on Wednesday. Hook met with Falih a day ahead of an OPEC meeting in Vienna which is due to debate oil production cuts. U.S. President Donald Trump has urged Saudi Arabia to...
According to Reuters, oil prices rallied after OPEC agreed to reduce output.
On the day, Brent crude oil rose almost $3 to $63.00 a barrel, while West Texas Intermediate gained $2.20, rising to $53.69..
According to Reuters, OPEC and its Russia-led allies moved closer on Friday to clinching a deal that would cut oil production by more than the market had expected. The producer club will curb output by..
According to Business Insider, OPEC+ and Russia have agreed to cut production by 1.2 million barrels, reducing tensions around crude oil prices after two days of fractious discussion in Vienna. Brent..
After two days of talks in Vienna, Saudi energy minister Khalid Al-Falih said he isn’t confident of an agreement when the OPEC meets again with its allies... WorldNews - Front PageAlso reported by •The Age •New Zealand Herald •Bangkok Post •OilPrice.com
The Western Canadian province of Alberta this week announced mandated temporary oil production cuts, a rare move aimed at bolstering sagging crude prices caused... Reuters India - BusinessAlso reported by •New Zealand Herald •Seattle Times