Monday, July 1, 2019

Russia Agrees to Extend Oil Production Limits

President Putin and Saudi Crown Prince MBS
Ahead of the OPEC+ meeting later this week in Vienna, oil prices are climbing on news that Russia and Saudi Arabia have agreed to extend their oil production agreement for at least another six months.

Russian President Vladimir Putin said he supported the extension of the agreement between Russia and Saudi Arabia “at the amount approved earlier”, saying this could be for as long as nine months.

At the Vienna meeting this week, members are now expected to extend the agreement to continue to cap production at  1.2m barrels a day below what could be sold to markets.

Memo to President Trump: The oil price is not going down.

More coverage in the EPJ Daily Alert.


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