Kirill Dmitriev, one of Russia's top oil negotiators who also heads the sovereign wealth fund, says a deal is imminent, a month after oil prices tumbled due to the coronavirus pandemic and a price war between Russia and Saudi Arabia.
Oil prices have dropped by about two-thirds this year as the pandemic crushes demand and as major producers Russia and Saudi Arabia boost output in a war over market share.
The sources, from oil majors and refiners which process crude in Europe, said Saudi state oil company Aramco told them it would supply all requested additional volumes in April.
Delegates of OPEC and other oil producers including Russia – together known as OPEC+ – have been in a "joint technical committee" meeting in Vienna this week to discuss cutting production, amid fears of the coronavirus situation.
In the US, gasoline prices jumped after crude oil futures spiked nearly 15 percent following weekend attacks on Saudi Arabian oil facilities.
The current deal to support prices reduced production by 1.2 million barrels per day starting from January 1 for six months, and will now run into next year with the extension.
The 14-member Organization of the Petroleum Exporting Countries pumped 30.17 million barrels per day (bpd) in May, the survey showed, down 60,000 bpd from April and the lowest OPEC total since 2015, Reuters survey shows.
Premature statements about an 'untapped' oil field did more damage than the actual failure to find oil and gas reserves in country’s offshore Indus delta.
Brent crude oil prices on Thursday hit their highest so far this year, pushed up by ongoing supply cuts led by OPEC and by US sanctions against Venezuela and Iran.
Many countries, including US allies in Europe as well as China and India oppose the sanctions, but the US government said it wants as many countries as possible to stop buying Iranian oil.
Many of the players — and institutions — in Pakistan's elections have come into question before the polls, but the only way to strengthen Pakistan's democracy is for voters to stand up and be counted.
Plan to set up 1,000 mosques using renewable energy, source water and food sustainably, recycle waste and teach about environment.
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