Opec cut its forecast for global oil demand on Thursday, a move that should help build the case for continuing oil supply curbs from some of the world’s biggest producers in the second half of 2019.
Members of the Organization of the Petroleum Exporting Countries are close to reaching an agreement on extending production cuts, the energy minister of the United Arab Emirates said on Tuesday.
Saudi Energy Minister Khalid al-Falih said Russia was the only remaining oil exporter still undecided on the need to extend the global output deal between OPEC and its allies until the end of the year, TASS news agency reported on Monday.
Oil prices rose on Monday after Saudi Arabia said producer club OPEC and Russia were likely to keep withholding supplies, and in relief that the United States and Mexico averted a trade war that would have damaged the global economy.
Iran has no plans to leave the Organization of the Petroleum Exporting Countries, Oil Minister Bijan Zanganeh said in an interview published by the Iranian parliament news site ICANA on Saturday.
WTI crude oil prices are down nearly 24 percent since the last week of April. The shocking downturn came at a time when everyone was expecting Brent to move to $90 as the US ended Iran sanction waivers.
Oil prices rose more than 1% on Friday, climbing further away from five-month lows hit earlier in the week after a report that Washington could postpone trade tariffs on Mexico and amid signs that OPEC
Oil prices fell on Tuesday amid a global economic slowdown that is starting to hit oil demand, triggering calls in producer club OPEC for supply cuts to be extended.
Saudi Energy Minister Khalid al-Falih said consensus was emerging among the OPEC+ group of oil producers to continue working towards oil market stability in the second half of the year, the Saudi-owned Arab News newspaper reported on Monday.
Has OPEC reached the point where the benefit of bringing in outsiders to achieve its goals is outweighed by the difficulty of managing the expanded group? It certainly seems so.