WTI, Brent up 2.7% as Saudi Arabia signals deal extension

Saudi Minister of Energy Industry and Mineral Resources Khalid al-Falih

There is a risk that oil prices could drop to as low as $30 a barrel because OPEC and its Russia-led allies could produce more oil by the end of the year than market demand, said Russia's Energy Minister Alexander Novak.

President Vladimir Putin said last week that Russian Federation and the Organization of the Petroleum Exporting Countries (OPEC) disagreed over what constituted a fair price for oil, but that they would take a joint decision at the policy meeting. Novak was speaking at a joint briefing with Saudi Energy Minister Khalid al-Falih, who was in Russian Federation for meetings with Novak and Vladimir Putin, weeks before OPEC and its Russia-led partners are set to decide how to proceed with their oil market management policies in place since 2017. So, OPEC wants to extend the production quotas and we heard a few comments from Russian Federation and Saudi Arabia this morning regarding this.

FGE said global crude oil demand growth could drop below 1 million barrels per day (bpd) in 2019, down from previous expectations of 1.3 to 1.4 million bpd.

Al-Falih noted that he will have a chance to see Novak before the meeting in Vienna on July 3-4, as they both may be in Japan for the G20 meetings, in which case they will have an opportunity to further calibrate their positions.

Brent crude rose above $63 on Friday after Al-Falih and Novak suggested they would continue to manage the market, though they made no specific commitments on volumes. "I will wait for the Russian dynamics to work themselves out", Falih told TASS in an interview, according to Reuters.


Barclays bank, in a note, said its economists had revised down their GDP growth outlook for the United States, China, India and Brazil - countries that account for more than three-quarters of their oil demand growth assumptions for this year.

All eyes will be on the upcoming The Organization of the Petroleum Exporting Countries (OPEC) meeting during June 25-26, when it decides its output policy for the rest of the year.

On June 5, United States crude oil prices fell to its lowest level since January 14.

Russian companies could take part in the construction and reconstruction of sewage treatment plants in Saudi Arabia, he said.

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