According to media reports, Russia and Saudi Arabia are discussing the issue of oil production cuts in 2019. After the news was released, international oil prices rose rapidly and Brent crude oil returned to $73.
The Tass news agency quoted sources as saying that Russia and Saudi Arabia have started bilateral negotiations on possible cuts in 2019.
Russian Energy Minister Novak said on Wednesday that the global oil market is very balanced. It also said that the Russian Ministry of Petroleum will hold consultations with Russian oil producers before the OPEC and non-OPEC oil country supervision committee meeting later this month. ‘’
Petromatrix analyst Olivier Jakob said of possible supply restrictions: "I think this is a verbal intervention, trying to get some speculative funds back to the market."
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