Russia Says Agrees With Saudi Arabia to Extend OPEC+ Oil Production Cuts

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  • #21119
    TradersCom
    Keymaster

    Russian President Putin said that ahead of the…

    [article]1584[/article]

    #21133
    MoneyNeverSleeps
    Participant

    OPEC Barkindo says today’s oil price slide is an anomaly

    We don’t anticipate recession in global economy
    OPEC more optimistic on oil market than other agencies
    OPEC+ cooperation charter is not a treaty, it is for eternity
    OPEC statute is supreme to OPEC+ cooperation charter

    WTI trades down 59-cents to $58.49 Brent down 71-cents to $64.37 att he time of comments

    #21134
    MoneyNeverSleeps
    Participant

    OPEC has agreed on draft cooperation charter with OPEC+ Saudi oil minister, Khalid Al-Falih

    Inventory overhang is 240 million barrels when measured against 2010-2014 average
    Says 9-month extension is to prevent 100 mil barrels build-up
    Says that all countries have promised to improve on compliance to cuts
    Says OPEC+ still working on which inventory metric to be used in the charter

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