Summer best time to back out of OPEC deal, Russia says

30 Sep 2017   OPEC, Russia

It’s best to draw out of the OPEC-led effort to balance the market with production cuts during the summer when demand is high, Russia’s energy minister said. Russia is a member of a committee monitoring the effort to drain the surplus on the five-year average of global crude oil inventories and the largest contributor among parties that aren’t a member of the Organization of Petroleum Exporting Countries. Russian news agency Tass reported Monday it was told by “a high-ranking source” within OPEC the consensus so far was mixed on extending the arrangement by possibly another six months, which make be the expiration date into September 2018. Russian Energy Minister Alexander Novak told Austria’s Die Presse newspaper it would […]

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