OPEC Monthly Oil Market Report June 2019

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    Bloomberg reports OPEC proposes meeting on 8-12 July, await responses

    – proposed to ministers to meet on 8-12 July in Vienna and is currently awaiting responses from members about the proposal.
    – OPEC conference on 11 July with the OPEC+ meeting set for 12 July.


    Putin Ahead of Meeting With Saudi Crown Prince Mohammed bin Salman in Osaka

    This is the transcript of a conversation between Vladimir Putin, Russian president, Lionel Barber, Financial Times editor, and Henry Foy, the FT’s Moscow bureau chief, which took place on Wednesday 26 June in the Kremlin. Mr Putin’s quotes are translated from the Russian.

    LB: You will have a meeting with [Saudi Crown Prince] Mohammed bin Salman in Osaka. Can we expect an extension of the current agreement on oil production? Limitations?

    VP: As you know, Russia is not an Opec member, even though it is among the world’s largest producers. Our daily production is estimated at 11.3m barrels, I believe. The United States has surged ahead of us, though. However, we believe that our production stabilisation agreements with Saudi Arabia and Opec in general have had a positive effect on market stabilisation and forecasting.

    I believe both energy producers, in this case, oil producing countries, and consumers are interested in this, because stability is definitely in short supply at present. And our agreements with Saudi Arabia and other Opec members undoubtedly strengthen stability.

    As for whether we will extend the agreement, you will find out in the next few days. I had a meeting on this issue with the top executives of our largest oil companies and government members right before this interview.

    LB: They are a little bit frustrated. They would like to produce more. Is that correct?

    VP: They have a smart policy. It is not about increasing production, although that is a major component in the work of large oil companies. It is about the market situation. They take a comprehensive view of the situation, as well as of their revenues and expenses. Of course, they are also thinking about boosting the industry, timely investments, ways to attract and use modern technology, as well as about making this vital industry more attractive for investors.

    However, dramatic price hikes or slumps will not contribute to market stability and will not encourage investment. This is why we discussed all these issues in their totality today.


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