Algeria floats idea of larger OPEC+ oil cut, rollover still likely

Algeria floats idea of larger OPEC+ oil cut, rollover still likely

Algeria floats idea of larger OPEC+ oil cut, rollover still likely

-China trade tensions continued to threaten demand for crude and as major producers Saudi Arabia and Russian Federation had yet to agree on extending an output-cutting deal.

President Vladimir Putin said last week that Russian Federation and the Organization of the Petroleum Exporting Countries disagreed over what constituted a fair price for oil, but that they would take a joint decision at the policy meeting.

"It is just thinking aloud about what to do in case trade tensions are exacerbated with potentially huge adverse impacts on the world economy, and thus oil demand", said one of the sources familiar with the matter.

"The market has seen pressure over the last couple of weeks due to the significant rise in crude and product inventories here in the USA that has pressured prices as the market now awaits the outcome of the upcoming OPEC and non-OPEC producers' meeting", said Andrew Lipow of Lipow Oil Associates in Houston.

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Russian Federation has been under pressure from its domestic oil firms to let them pump more. With the current output deal expiring in June, it is likely that the OPEC will extend the production cut till end of the year.

"The fact that this surplus has been mounting during the past couple of months despite a near record pace of exports in recent weeks is not only suggesting weak demand from the refiners but also a much stronger pace of imports than we had anticipated", Jim Ritterbusch of Ritterbusch and Associates said in a note. The market is still looking to hear a clear cut answer on a production cut.

Crude oil prices were little changed Tuesday, continuing to be negatively impacted by concerns about a global economic slowdown that could lower crude demand, but supported by expectations Opec+ will extend its supply curbs, Kallanish Energy reports. Yet crude has since dropped more than 10% as the U.S.

The two ministers yesterday discussed postponing the next OPEC meeting to 4 July, instead of 25 June, according to Novak. 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. "Saudi Arabia also may be interested in taking a stake in Russian petrochemical producer Sibur Holding", he said. They include the Arctic LNG 2 gas project - in which Aramco is still willing to buy a stake - and others with Gazprom PJSC and Rosneft PJSC, he said.

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