Arabic | Kurdish



Russia to discuss possible exit from OPEC deal

2018/01/13 | 16:45

(Iraq Now News)-

Date: 2018/01/13 - 2:58 PM

WAAR-DUHOK:

Russia may be on its way out of the OPEC output reduction deal, according to the country’s Energy Minister, Alexander Novak.

Reuters reports that Novak might discuss the country’s potential exit from the pact in Oman next week.

Russia had vowed to cut output by 300,000 barrels per day under the agreement as part of a group of non-OPEC producers who elected to coordinate the bloc’s market stabilization initiative.

“We see that the market is becoming balanced.

We see that the market surplus is decreasing, but the market is not completely balanced yet and, of course, we need to continue monitoring the situation,” Novak said.

Russian oil majors have been complaining about the deal and how it is creating stumbling blocks on the road towards the industry’s expansion plans.

Brent barrel prices are currently approaching $70 a barrel, suggesting crude markets are rebalancing as we approach June, when the deal is set for “review” – a process with little description in the full text of the OPEC deal’s renewal, which was agreed upon in November.

Note: The post (Russia to discuss possible exit from OPEC deal) appeared first on (Waar Media) and do not necessarily reflect the position of IraqNow.news.
You can read the original text from the source (Waar Media).










Trending Now


⋙ The Ahvaz terror attack in Iran may drag the US into a larger war

⋙ Giuliani calls for new Iranian ‘revolution‘ at anti-government rally

⋙ 4 Russian reconnaissance planes spotted north of Alaska

⋙ Daesh leader Baghdadi, world's 'most wanted', sought in Syria offensive

⋙ The Ahwaz terror attack in Iran may drag the US into a larger war

Videos - Photos

⋙ Scores of Turkish-backed rebels killed by YPG forces in Afrin (video)

⋙ Iranian President says Trump will fail like Saddam if he invades Iran (video)

⋙ ‘Happy Birthday Hnena‘, Nawal Al Kuwaitiyeh Celebrates Daughter‘s Birthday With a Photoshoot


ISIS News

⋙ Scores of Turkish-backed rebels killed by YPG forces in Afrin (video)

⋙ Iranian President says Trump will fail like Saddam if he invades Iran (video)

⋙ Syrian gov’t accuses US Coalition of evacuating ISIS from Deir ez-Zor

⋙ ISIS claims responsibility for deadly terrorist attack in Ahvaz, Iran

⋙ Syrian Army liberates new areas in ISIS-held Al-Safa region

⋙ ISIS leader Baghdadi, world‘s ‘most wanted‘, sought in Syria offensive

⋙ US-Turkey crisis: Mixing foreign policy with financial threats is a mistake