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


⋙ Historic Senate vote sets stage for ending US role in Yemen

⋙ Trump ‘orders‘ full US troop withdrawal from Syria, in blow to Kurdish allies

⋙ US announces withdrawal from Syria as Trump declares Islamic State defeated

⋙ In Review: 2018 Was Best Year for Saudi Women

⋙ After Bashir, Iraqi President Barham Salih ‘to visit Syria‘

Videos - Photos

⋙ Viral Video of U.S. Student Attacking Hijabi Girl in Pittsburgh School Toilet

⋙ Houthi forces launch big counter-offensive in Yemen’s Al-Jawf province (video)

⋙ PHOTOS: Protesters block road over electricity shortages in Kurdistan town


ISIS News

⋙ Viral Video of U.S. Student Attacking Hijabi Girl in Pittsburgh School Toilet

⋙ Houthi forces launch big counter-offensive in Yemen’s Al-Jawf province (video)

⋙ Belgium in Political Crisis Over UN Migration Pact

⋙ Arizona man found guilty of helping fellow American join ISIS in Syria

⋙ Can these Kurdish fighters help the U.S. out of a crisis in Syria?

⋙ Three civilians killed by ISIS at west Mosul

⋙ Yezidi mothers with children from ISIS fathers