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Oil stability, Russia and Saudi want closer ties on oil production

2019-07-16 09:04 am | Resource: News | No Views : 44

 Oil stability, Russia and Saudi want closer ties on oil production

Oil prices stabilized after falling yesterday as producers began to recover some of the production that stopped at the platforms in Mexico's oil Gulf due to Hurricane Bari.

Russia and Saudi Arabia want closer ties on oil production

Iran and Russia are studying ways to work more closely together to control global oil production, Energy Intelligence said in a report published on Tuesday.

The new agreement is supposed to go beyond OPEC +, the format in which countries are already cooperating on cutting output. The OPEC Charter for Cooperation was issued at the beginning of July and is still subject to the approval of each signed government. Russia and Saudi Arabia have been playing a key role in the oil market regulation since the start of the agreed cuts in December 2016.

OPEC has already set another nine months of production cuts as the Organization of Petroleum Exporting Countries (OPEC) has confirmed earlier reports it will continue to cut production in the next nine months. After today's meeting, OPEC President Manuel Salvador Kevedo said the negotiations had been successful and that the countries present had agreed to continue their cooperation in the same cooperative spirit.

Iranian Vice President: The EU needs to pressure the United States, not Iran

On Iranian tensions, Iranian Vice President Isahak Jahangiri said on Tuesday that European parties to the comprehensive joint action plan, also known as the Iranian nuclear deal, needed pressure on the United States, not Iran.

Jahangiri said Tehran would begin to comply with the 2015 deal "within hours" once all other parties had complied. He insisted that the EU needed to insist that Washington stop its "arbitrary sanctions" against Iran. The Vice-President said that Iran's decision to limit compliance with its obligations under the Comprehensive Plan of Action against Terrorism was in line with articles 26 and 36 of the Treaty.

The United States withdrew from the Iranian nuclear deal in May 2018 and imposed sanctions on Iran. Tehran blames the European Union for failing to circumvent US sanctions.
 
Oil trading
  •  Brent crude for September delivery settled at $ 66.5 a barrel at 9:00 am CET, after falling 0.4% yesterday.
  • US crude for August delivery settled at $ 59.59 a barrel, after falling yesterday to $ 59.5 a barrel.


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