Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Russia Says OPEC+ Could Boost Supply More Than 1 Million Barrels

Published 13/07/2018, 08:23 pm
© Reuters.  Russia Says OPEC+ Could Boost Supply More Than 1 Million Barrels
CL
-

(Bloomberg) -- OPEC and its allies could boost oil production by more than the 1 million barrels a day agreed last month if needed, Russia’s Energy Minister Alexander Novak said.

“I can’t rule out that if there is a need for more than 1 million barrels we will be able to quickly discuss it all together and make all necessary decisions,” Novak told reporters in Moscow. OPEC+ has “all needed tools,” if necessary, he said.

Oil prices have remained near their highest in more than three years despite pledges by Russia, Saudi Arabia and their allies last month to boost production. Supplies are being strained by deepening losses in Venezuela, erratic flows from Libya and the prospect of renewed U.S. sanctions on Iran.

Novak didn’t comment on whether he discussed the option of raising supply by more than agreed amount with his Saudi Arabian counterpart Khalid Al-Falih during their phone conversation earlier this month.

The question of how much supply will be increased by remains a contentious topic in the coalition of producers often referred to as OPEC+.

Iran, facing the loss of customers scared off by U.S. penalties, disputes that the Organization of Petroleum Exporting Countries agreed to any significant output increases at its meeting in late June. Output limits assigned in late 2016 still apply, and any country that exceeds these is betraying the organization, it has said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.