Russia Wants Oil Output Deal Extended
Eastern Europe News

Russia Wants Oil Output Deal Extended

Russia said today that it is open to extending the oil output deal with OPEC that has resulted in the price of crude on international markets stabilizing with a $60 handle for Brent. However, Moscow is wary of another collapse in prices when the production cuts are removed in the future.

Russian Energy Minister Alexander Novak said that Russia would discuss the details of an extension of the global deal on Nov. 30, but made no mention of how long this should last beyond its March expiry. “We see that 50 percent of oil stockpiles have been removed, the oil price has reached its balance,” reported Reuters.

“However, the targets on rebalancing the market have not been reached. Everyone supports the extension, so that the targets are finally reached,” Novak said, adding that “different options are under consideration”.

Kazakhstan Wants Out Of Oil Production Cut Deal With OPEC

The Kremlin, along with Saudi Arabia, are pushing for a 9 month extension to October of 2018.

Russia Says We Can Live On $40 Oil Forever

The problem for OPEC and Moscow is that American production is not bound by any agreement and has rebounded to record levels as prices have risen. In other words, America has benefited and gained market share as OPEC has reduced its production levels. Middle Eastern nations no longer have the ability to threaten Western consumers with boycotts or price increases. The United States may once again regain the lead as the world’s biggest producer of oil.

Related posts

Ukraine Confirms Javelin Missiles Delivered, Starts New Joint Forces Operation In Donbass

L Todd Wood

Croatia Defeats Russia In Penalty Kicks At World Cup

Tsarizm Staff

Update On U.S. Air National Guard Pilot Killed In Ukrainian Fighter Jet Crash

L Todd Wood

Five Best Underground Bands In The Former Soviet Union

3rd Party Article - See Author Below

US And Russia To Once Again Discuss UN Peacekeepers In Donbass

L Todd Wood

US Diplomats In Albania Flout Disloyalty To Trump

L Todd Wood