6/23/2018, 2:55 PM (Source: TeleTrader)
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OPEC strikes production deal with Russian bloc

Khalid al-Falih (pictured right), Saudi Arabia's minister of energy, said that the group of major producers of crude would gradually increase production by as much as one million barrels per day from the current levels. Speaking on Saturday with his Russian counterpart Alexander Novak (left) in Vienna, he noted the output caps were lately 983,000 barrels per day higher than supply and that an inventory drawdown of 182 million barrels more than planned was registered in the last year and a half around the world.

Suhail al-Mazroui, president of the Organization of the Petroleum Exporting Countries conference, said its fifteen members and the group of producers led by Russia decided they would in the next half of the year get conformity with the current global supply deal back to 100%.

Venezuela has suffered a huge drop in output, together with a fall in Nigeria and the potential damage in Iran due to sanctions imposed by the United States, so the level has recently reached 152%. The government in Washington has pressed its allies in the cartel to make up for the gap to halt the surge in prices. Al-Mazroui today vowed to "not overdo it."

Breaking the News / IT