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Saudi/Russia back exit from oil production deal, Libya supply disruptions

By A/S Global Risk Management.



Michael Poulson, Oil Risk Manager at A/S Global Risk Management. Image credit: A/S Global Risk Management


Updated on 15 Jun 2018 07:07 GMT

Oil prices dived slightly last night as Saudi Arabia and Russia stated that they "in principle" supported a gradual exit from the current oil production cut deal. The two parties met in Moscow - and the two nations also met in the first of the World Cup football matches in Russia. According to Saudi Arabia, the corporation between the two huge oil producers could continue beyond the current deal regarding the global oil markets. OPEC and a number of non-OPEC oil producers will meet in Vienna next week to discuss the oil market situation. According to Russia's Novak: "We in general support this... but specifics we will discuss with the ministers in a week."

In Libya, major ports Es Sider and Ras Lanuf were shut yesterday due to attacks - taking off 240,000 barrels of oil per day. The country has increased its oil production over the past two years, to more than 1 mio. barrels per day, but production remains fragile.

Tonight, the weekly oil rig count from Baker Hughes will be published. The past 3 weeks have shown increases in the number of active rigs in the U.S. and the number is now around a three-and-a-half-year high. Still some way from the 2014 peak of almost 1600 active rigs.

Turning to economic data, today sees Bank of Japan monetary policy statement and interest rate decision as well as Euro Zone inflation data.



A/S Global Risk Management is a provider of customised hedging solutions for the management of price risk on fuel expenses. The company has offices in Denmark and Singapore. For further details about its risk management products and services, please call +45 88 38 00 00 or email hedging@global-riskmanagement.com.






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