Oil, Riad-Moscow meeting on production cuts

In the face of steady increase in oil stocks, Saudi Arabia seeks to tighten the ranks to continue production cuts: within two weeks, the Minister of Petroleum Khalid Al Falih plans on going to Moscow to meet his Russian counterpart Alexander Novak and look for to win its resistance.

He himself revealed this news during a visit to Azerbaijan, that earned him the Baku agreement, another non-Opec producer, for a prolongation of the intervention.

“There seems to be a consensus to go that way, but we have not yet reached 100%,” said Al Falih. “We still need to talk to all the countries and a very important country that we need to speak to is of course Russia”.

Venezuela and Algeria have also resumed diplomatic negotiations to encourage continued cuts.

Emergency is growing, in the face of US statistics, which in the past few days  have confirmed the difficulty of re-balancing the market.

Raw material stocks fell by 3.6 million barrels for the third week according to the EIA.

But again, fuel stocks went up: +3.4 mb for gasoline, back to high levels of a year ago and +2.7 mb for distillates.

The refineries worked at 94.1% of capacity, a record since November 2015.

But refined products consumption does not shine: 19.5 mbg in the last 4 weeks is down 2.2% compared to last year.

 

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