Russia signals Saudi agreed to slow output rise

Economy | Politics | Markets 6/14/2018, 10:20 AM
Russia signals Saudi agreed to slow output rise

The Kremlin indicated on Thursday that its officials and their counterparts from Saudi Arabia want the global oil output pact to be changed so that volumes increase gradually. The caps agreed by the Organization of the Petroleum Exporting Countries and a bloc of producers led by Russia expire at the end of the year. The group is meeting in Vienna on June 22.

The government in Moscow claims exploitation levels and the schedule for a potential rise are still under discussion. Earlier, Iran's Shana news agency reported that it learned from high-ranking sources how the country's Ministry of Petroleum is opposed to Saudi demands to boost quotas. The balance in the world market is being closely examined by investors, who are concerned prices may rally abruptly on declines in production in Venezuela and Nigeria, while Iran's crude deliveries may be impacted by sanctions imposed by the United States.

West Texas Intermediate oil for settlement next month were flat at $66.64 for one barrel at 10:07 am CET at ICE Futures Europe. Brent for shipment in August was 0.46% lower, selling for $76.39 per barrel.

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