SINGAPORE (BLOOMBERG) - Oil advanced towards US$43 a barrel in London on Monday (June 8) after Opec and its allies agreed on Sunday to extend historic output curbs by an extra month, promising stricter compliance to ensure members don't pump more than they pledged.. Read more at straitstimes.com.
SINGAPORE - Oil advanced towards US$43 a barrel in London on Monday after Opec and its allies agreed on Sunday to extend historic output curbs by an extra month, promising stricter compliance to ensure members don't pump more than they pledged.
The extension is a victory for Saudi Arabia and Russia, which were deadlocked in a brutal price war just two months ago. The de-facto leaders of Opec+ showed their commitment to shore up oil markets globally over the weekend, and even cajoled Iraq, Nigeria and other laggards to fulfill their promises to reduce production.
Opec+ agreed to cut output by 9.6 million barrels a day in July, 100,000 barrels a day less than this month as Mexico will end its supply constraints. Any member that doesn't implement 100 per cent of its curbs in May and June will make extra reductions from July to September to compensate. The cartel will meet again in the second half of June for another review of the oil market.
The steepest jump will hit July exports to Asia, state producer Saudi Aramco's largest regional market, according to a pricing list seen by Bloomberg. Overall, the increases for Saudi crude erase almost all of the discounts the kingdom made during its brief price war with Russia.
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