Russian Federation not yet on board with OPEC production deal extension

Russian Federation not yet on board with OPEC production deal extension

"Indeed, there are big risks of over-production".

"Indeed, comments from Novak yesterday that Russian Federation is anxious about oversupply and potentially $40/bbl oil in the second half of the year has further strengthened our view that OPEC+ will agree on an extension to their production cuts".

EIA forecast Brent spot prices will average 67 dollars per barrel in 2019, 3 dollars per barrel lower than the forecast in last month's STEO, and remain at 67 dollars per barrel in 2020.

The Organisation of the Petroleum Exporting Countries (OPEC) and some allies including Russian Federation, known collectively as OPEC+, have been withholding supplies since the start of the year to prop up prices.

Saudi Energy Minister Khalid Al-Falih has talked up the prospects for an agreement to extend, and said Monday that producer countries would strive to prevent a price slump below $40. "I will wait for the Russian dynamics to work themselves out", Falih told TASS in an interview, according to Reuters.

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The G-20 ministerial meeting on energy is scheduled for June 15-16 in Nagano, while the final leaders' summit will take place on June 28-29 in Osaka.

Morgan Stanley has said that demand by major consumers including the United States, China, Japan, Australia, South Korea, Brazil, India, and Thailand has been notably weak-and those eight countries represent 48 percent of global oil demand.

World shares rallied with USA equity markets trading higher on the back of easing trade tensions with Mexico and signs of more fiscal stimulus in China.

"With China slowing, the European Union sickly and the US data starting to wobble, an economic downturn remains a clear and present danger", said Stephen Innes, managing partner at Vanguard Markets.

Oil prices overnight were displaying ranges below recent their ATR as traders and investors weighed the uncertainties surrounding a supply decision from OPEC+ ahead of supply data yesterday and form later today. President Vladimir Putin has shown he's reluctant to walk away from the agreement, which also ensures his political partnership with Saudi Arabia as economic ties tighten. The comments, along with remarks from Saudi Arabia, bolstered expectations the deal will be renewed.

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