Addressing to Saudi energy minister's comment on OPEC+ output cut, an analyst at futures brokerage at FXTM, Han Tan said, "Brent futures continue rising. after the Saudi Arabian Energy Minister expressed confidence that OPEC+ producers will prolong their output cuts program through the second half of 2019". Looks like everyone is focusing on the upcoming meeting of the Organization of Petroleum Exporting Countries (OPEC) which is due on 25-26 July.
Concern about slowing demand and economic growth has had a large impact on sentiment amid a trade war between the US and China.
"The market has seen pressure over the last couple of weeks due to the significant rise in crude and product inventories here in the US that has pressured prices as the market now awaits the outcome of the upcoming OPEC and non-OPEC producers' meeting", said Andrew Lipow of Lipow Oil Associates in Houston.
"As U.S. -China tariff concerns heighten, we see more downward adjustments to world oil demand both across this year and next in providing a limiter on occasional price advances", Jim Ritterbusch of Ritterbusch and Associates said in a note.
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.
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However, falling oil prices for the past month have not taken the strength out of the forward curves, which still suggest tight physical crude oil markets. While the expectations that producer cartel OPEC and Russian Federation would like to extend supply output cuts in support of low prices.
China's crude oil imports slipped to around 40.23 million tonnes in May, from an all-time high of 43.73 million tonnes in April, customs data showed, due to a drop in Iranian imports caused by us sanctions and refinery maintenance. It was scheduled for June 25-26 but Russian Federation proposed moving it to early July, an idea opposed by Iran and others.
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.
State oil giant Saudi Aramco is looking at "multiple" projects in Russia, Al-Falih told Tass.
The minister also said Saudi Aramco had extended its offer to join Russian gas producer Novatek's Arctic LNG 2 project and that he hoped Novatek would agree to it, TASS news agency reported.