Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.

  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list

OPEC+ group will consider 'many factors' in oil cuts: Novak

Oil | Crude Oil | Coronavirus

US oil output returns but will be stunted by capex cuts into 2021


Platts Market Data – Oil

Capital Markets | Commodities | Oil | Crude Oil | Refined Products | Fuel Oil | Gasoline | Jet Fuel | Naphtha | Marine Fuels | Equities | Financial Services | Banking | Non-banks | Private Markets

North American Crude Oil Summit, 3rd annual

Oil | Crude Oil | Refined Products

Oil prices dip as demand outlooks dim ahead of OPEC+ production surge

OPEC+ group will consider 'many factors' in oil cuts: Novak

Jeddah, Saudi Arabia — While several key ministers have said they want to extend OPEC/non-OPEC oil production cuts beyond their June expiry, Russian counterpart Alexander Novak said Sunday the coalition should examine "many factors" before making any decisions.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

The Joint Ministerial Monitoring Committee will "discuss the situation of the market and develop proposals for our ministerial meeting in June," Novak told reporters on arrival in Jeddah, Saudi Arabia, where the committee will convene later Sunday.

The 24-country OPEC/non-OPEC coalition led by Russia and Saudi Arabia commits participants to 1.2 million b/d in output reductions through the first half of 2019.

Several key OPEC ministers, including from Saudi Arabia, the UAE and Kuwait, have said they favor extending the cuts, to address stubbornly high oil inventories, even with the US crackdown on sanctions on Iran and the summer peak demand season expected to tighten the market.

Non-OPEC Russia has been less eager to lock in further cuts, though President Vladimir Putin has said he sees political benefits to continuing engagement with OPEC.

Asked whether heightened tensions between Iran and Saudi Arabia were affecting the market, Novak said: "The market will look how the situation develops, which factors affect the balance of supply and demand and other factors."

Saudi Arabia has accused Iran of being behind last week's attacks on a key Saudi pipeline, following ship sabotage on four vessels off the eastern coast of the UAE. Iran denied it was involved, and has said Saudi Arabia was undermining OPEC unity by working with the US to manage global oil supply and take market share away from other members.

The Trump administration has pressured Saudi Arabia to offset any supply losses from Iran due to US sanctions.

The JMMC meeting is scheduled to start at 4 pm local time (1300 GMT), with a press briefing set for 9 pm (1800 GMT).

--Dania Saadi,

--Herman Wang,

--Rosemary Griffin,

--Edited by Claudia Carpenter,