A meeting by major oil producers on Sunday will lack the element of surprise, two months after an unexpected decision to implement deeper production cuts.
A meeting by major oil producers on Sunday will lack the element of surprise, two months after an unexpected decision to implement deeper production cuts led to a temporary rally in U.S. prices to their highest level of the year.
It is “not clear yet” what decision may be made at the meeting in Vienna, said Jim Burkhard, vice president and head of research for oil markets, energy & mobility, at S&P Global Commodity Insights. “The uncertain macroeconomic environment adds complexity to the decision-making process.
The gains proved to be short lived, with U.S. prices on Tuesday ending below $70 for the first time in nearly four weeks. For the month of May, WTI oil futures lost more than 11%, and Brent oil dropped nearly 9%. Saudi Arabia-Russia tensions Prince Abdulaziz bin Salman, Saudi Arabia’s energy minister, reportedly delivered a warning to traders betting on falling oil prices while speaking at an economic forum in Doha on May 23.However, Reuters reported that Russia Deputy Prime Minister Alexander Novak told the Izvestia newspaper that he didn’t expect any additional measures to be announced at the gathering.
Russian oil production continues to “defy expectations of a collapse,” but it’s “hard to make the case that Moscow’s best energy days are ahead and that it will be easy for them to maintain their current production given the sanctions headwinds,” said Croft. At the same time, it’s not likely that other producers will want to “endanger their economic positions to try to bring Russia in line at this stage.
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