MOSCOW/VIENNA - Russia expects a constructive meeting with OPEC producers this week, its energy minister said on Tuesday, as OPEC leader Saudi Arabia presses members and allies such as Russia to deepen output cuts to avoid a new glut next year.
“We are still finalising our position,” Russian Energy Minister Alexander Novak said when asked about Moscow’s stance before the talks. “Let’s wait ... But I think the meeting, as usual, will be of a constructive nature,” he told reporters in Moscow. A sticking point for Russia this time is how its output is being measured – it includes gas condensate in its figures, while other producers do not.
Novak said Russia’s average cut was 195,000 bpd in November but by excluding condensate its output cut could be about 225,000-230,000 bpd in December. Moscow has typically taken a tough stance before OPEC+ meetings before approving the policy.Two sources told Reuters on Monday that OPEC+ was considering deepening the cuts by at least 400,000 bpd.
Saudi Arabia is also pressing Iraq and Nigeria to improve their compliance with their output quotas as a condition for Saudi cutting more output. Goldman Sachs analysts said OPEC+ was likely to extend output curbs until June, but said three extra months would provide little support for prices, which they expect to trade around $60 in 2020.
Very sad that oil usage is down
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