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Russia's oil minister Novak comments that a gradual easing of oil production cuts is possible from July 1. He will discuss with Saudi's Falih the gradual exit from the global oil production cut deal. Russian oil companies have been out and loud about their ability to raise production quickly.

Russia Novak

The Saudis and Russians have been sending signals that they will raise production. However they have taken a more subtle approach since the first musings sent oil down around $7 in a matter of days.

The options envisaging returning up to 1.5 million barrels per day to market by OPEC plus deal members are under consideration he said.  Novak said that he and Falih in general support the idea of smooth exi.

The two will discuss specifics next week at the Vienna OPEC conference. He noted that there are oil-producing countries struggling to increase oil production quickly. This would fall back on countries that can produce quickly, such as Russia.

Source: Reuters

From The TradersCommunity News Desk

 

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