Traders said crude prices were rising following statements by OPEC's biggest producer Saudi Arabia on Friday that the group was close to agreeing extending supply cuts. There is a debate obviously within the country about the exact volume that Russian Federation should be producing in the second half."The coalition has yet to decide when it will meet to address the supply accord".
"It is just thinking aloud about what to do in case trade tensions are exacerbated with potentially huge adverse impacts on the world economy, and thus oil demand", said one of the sources familiar with the matter.
Oil has tumbled from a 2019 peak above $75 a barrel in April to $61 a barrel now on concerns about weakening demand due to a U.S.
While Saudi Arabia has wanted for some time to prolong the cuts, Russian Federation has been less resolute, saying it's better placed to withstand lower prices than its Gulf ally.
Brent crude futures, the worldwide benchmark for oil prices, fell $1.36, or 2.2%, to $60.93 a barrel by 11 a.m. EDT (1500 GMT).
There is nearly unanimous agreement in OPEC to extend oil-production cuts, and holdout Russian Federation could come on board before the deal's expiry at the end of June, according to Saudi Arabia. "We are working to take preventative steps to avoid the scenario that was discussed", Falih said regarding the prospects of prices falling to $30 a barrel, in translated comments.
"We work to prevent such a decline in prices, which could negatively affect the interests of both consumers and producers", Al-Falih said at a joint press conference with Russian Energy Minister Alexander Novak. Yet crude has since dropped more than 10% as the U.S.
The G-20 ministerial meeting on energy is scheduled for June 15-16 in Nagano, while the final leaders' summit will take place on June 28-29 in Osaka.
Crude oil prices were little changed Tuesday, continuing to be negatively impacted by concerns about a global economic slowdown that could lower crude demand, but supported by expectations Opec+ will extend its supply curbs, Kallanish Energy reports. Much will depend on the situation on the oil market in the second half of this year in the third quarter on trade wars, as well as on sanctions, Novak said.
President Vladimir Putin has shown he is reluctant to walk away from the agreement, which also ensures his political partnership with Saudi Arabia as economic ties tighten.
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