Economy

No objection among OPEC nations for extending cuts: Zanganeh

No objection among OPEC nations for extending cuts: Zanganeh”

Russia, which relies on energy for more than a third of its budget revenue, reached a historic accord past year with the Organization of Petroleum Exporting Countries to cut production, hoping to eliminate a global oversupply.

"Everyone is interested in a stable market".

"Market participants are making a comparison between OPEC's cuts matching how much the USA can technically export", said Miswin Mahesh, an oil analyst at consultancy Energy Aspects. "If we speak about a possible extension, then of course, it should be at least until the end of 2018".

Putin's comments have raised the prospect of a longer extension than others have mentioned.

OPEC and its partners, including Russian Federation, need to extend their oil-production cuts for at least three more months to keep crude prices at current levels, according to UBS Group AG.

"The highlight from today's EIA report isn't the larger-than-expected draw to stocks, but the reported cause of this draw", said Troy Vincent, oil analyst with Clipper Data. Oil, which began to slide from more than $100 in mid-2014 due to excess supply, was trading just below $56 on Wednesday. Russian Federation has said it is premature to talk of extending the pact.

Brent may climb as high as $60 this quarter as a result of rising demand and political risks, including tensions in Iraq, U.S. President Donald Trump's dissatisfaction with the Iran nuclear deal and social upheaval in Venezuela, Schnider said.

OPEC and its allies have already discussed prolonging their deal well into the second half of 2018, people familiar with the matter said last month.

"Putin and Salman will most likely reach, but not announce, an agreement to extend the OPEC/non-OPEC production deal, though with a commitment to taper the cuts", said Eurasia Group.

"It depends on a collective decision and consensus within OPEC, but I think there is no objection against this proposal", Iranian Oil Minister Bijan Zanganeh told Reuters when asked whether there were talks on deepening or extending the cut.

Asked to specify whether he meant no objection to deeper cuts, he replied: "Yes".

Such a move would require the support of OPEC's de facto leader Saudi Arabia and Russian Federation, the largest deal participant outside the organisation. Del Pino said an extra 10 to 12 producing countries in South America and Africa had been invited to participate.



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