Economy

Iran sees no objection within OPEC to deepening or extending oil cut

Iran sees no objection within OPEC to deepening or extending oil cut

"Everyone is interested in a stable market".

The fundamental mutual interests of Moscow and Washington, including fighting terrorism, will help to improve their relations, Russian President Vladimir Putin said on Wednesday. "We think they're going to stick to the pact and over the coming months they are likely to extend it - hopefully for six months and not three months". "But on the whole, if speaking about a possible extension, this should be at least until the end of 2018".

Putin's comments have raised the prospect of a longer extension than others have mentioned.

"What we've done at OPEC serves the entire global economy well", Putin told an energy forum in Moscow, suggesting the deal could be extended again.

The participants in the output deal are showing more confidence that the supply cuts, which began in January, are starting to erode a glut.

When Hurricane Harvey hit U.S. Gulf Coast refineries in late August, Brent crude futures neared their highest in almost two years close to $60 a barrel, while prices for key North Sea grades hit multi-month, or even multi-year highs.

Gerrard tells Liverpool fans: Stop worrying and believe in Klopp!
Former captain Gerrard, however, believes that it is too soon to accept criticism and that the manager will turn things around. The Merseyside outfit have only managed to win one of their last seven games in all competitions to heap pressure on Klopp.

The increase followed a widening of the discount for USA crude against Brent WTCLc1-LCOc1, making US oil attractive on world markets. Oil, which began to slide from more than $100 in mid-2014 due to excess supply, was trading just below $56 on Wednesday.

For Russia, "price gains are more valuable than volume gains - how much can you really pump more from last year's peak production level?" he said. He said that major producers' production cut deal, which would expire in March 2018, should be extended until December 2018. He met ministers from Venezuela, Qatar and Iran.

Following a meeting in Vienna in September, OPEC and Russian Federation said they were about halfway toward clearing the global glut and urged fellow producers to stay focused and finish the job, while stopping short of announcing additional action.

Asked to specify if he meant no objection to deeper cuts, he replied: "Yes".

Such a move would require the support of OPEC's de facto leader Saudi Arabia and Russian Federation, the largest deal participant outside the organisation.

"Another move upward in crude production to within a hair of its 2015 highs shows the considerable challenge US producers are laying down to OPEC", said Edward Bell, an analyst at Dubai-based Emirates NBD Bank. Del Pino said an extra 10 to 12 producing countries in South America and Africa had been invited to participate.


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