- Russia and Saudi Arabia are clashing over oil output ahead of tomorrow's OPEC meeting, with the Saudis seeking production cuts extended through year-end 2018 while Russia wants flexibility.
- The Saudis want OPEC, Russia and other big producers to keep withholding ~2% of global oil production for all of 2018, while Russia wants a shorter deal that could be changed if oil prices continue to rise and allow U.S. shale producers to ramp up, WSJ reports.
- But a shorter agreement holds “significant risk” of sending oil prices lower because the Saudis have built up expectations by talking for months about an extension for all of 2018, ING analysts say.
- The differences are among the final hurdles as oil ministers gather in Vienna; a committee led by Russia and Kuwait will deliver a recommendation today, and oil ministers from OPEC’s 14 nations and a dozen or so others will meet Thursday to make a final decision.
- At last check, WTI crude -0.1% at $57.93/bbl and Brent -0.1% at $63.55/bbl.
- ETFs: USO, XLE, OIL, UWT, UCO, VDE, DWT, ERX, XOP, SCO, OIH, BNO, DBO, ERY, DIG, DTO, BGR, USL, FENY, DUG, IYE, GUSH, IEO, DRIP, FIF, DNO, PXE, NDP, OLO, RYE, SZO, PXJ, FXN, OLEM, CRAK, DDG, NANR, OILK, WTIU, OILX, WTID, USOI, JHME, ERYY, FTXN, ERGF
- Now read: Energy Recap: Your Thoughts On The Upcoming OPEC Meeting
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WSJ: Russia, Saudi still trying to hammer out differences over oil production
Published 11/29/2017, 08:12 AM
WSJ: Russia, Saudi still trying to hammer out differences over oil production
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