SCW NEWSWATCH & VIDEO: “Saudis and Russia Open the Oil Taps While the Market Shrugs” – Bloomberg/ Elena Mazneva/ Annmarie Hordern/ Dina Khrennikova/ Grant Smith/ Jack Farchy

Oil Wells and Sunset

“Russia and Saudi Arabia are pumping an extra 1 million barrels a day of oil and could do even more. Yet the market [has had only a muted price reaction]. After their September meeting … spurred prices to a four-year high, the world’s two largest oil exporters sought … to ease … price worries of consumers, and the U.S. president. Russia is pumping record volumes of crude … Saudi Arabia is almost there ….

… Trump has been blaming [OPEC] for rising crude prices ever since he [ended] the [Iran] nuclear agreement … and reimpose[d] sanctions. Last month, the group appeared to rebuff his calls for a rapid production increase to offset the drop in Iranian shipments, prompting a surge in prices and even harsher rhetoric. … Russia … already broke its post-Soviet production record last month [and] could add another 200,000 to 300,000 barrels a day of supply within a ‘few months,’ according to Energy Minister Alexander Novak. The oil price is … probably ‘a bit too high,’ he said ….”

Click here for: “Saudis and Russia Open the Oil Taps While the Market Shrugs” – Bloomberg/ Elena Mazneva/ Annmarie Hordern/ Dina Khrennikova/ Grant Smith/ Jack Farchy










NEWSLINK: “Russia’s Oil Cuts Won’t Be So Easy If OPEC Deal Is Extended; Rosneft and Lukoil plan higher spending and more drilling” – Bloomberg

Oil Wells and Sunset

“For #Russian #oil companies, the historic agreement to boost prices by cutting output in conjunction with [#OPEC] was an easy win. Extending the deal will be less straightforward. Cuts so far this year came alongside the traditional seasonal stagnation in Russian production, meaning the country made relatively few sacrifices in exchange for an increase in crude prices of more than 10 percent. For the powerful Russian oil bosses who plan to discuss the OPEC accord with Energy Minister Alexander Novak this week, a decision by the government to extend the cuts beyond June would stymie plans to boost output, creating many more headaches than the initial agreement. …”