Novak Says too Soon to Discuss Oil-Cut Options: OPEC+ Update

(Bloomberg) -- Oil producers meeting in Jeddah, Saudi Arabia, must assess the situation in the market before considering possible action such as extending output cuts, Russia’s Energy Minister Alexander Novak told reporters in the Red Sea city.

Members of the OPEC+ coalition need to study their progress in cutting oil production over the past four months, he said. Novak said he plans to meet for one-on-one talks with his Saudi counterpart, Khalid Al-Falih.

Kazakhstan Sees Decision on Oil-Cut Deal in June (12:04 p.m.)

Kazakhstan expects OPEC+ to make a decision on whether to continue or adjust oil output curbs in June, the country’s Deputy Energy Minister Magzum Mirzagaliyev told reporters in Jeddah, Saudi Arabia.

The group will monitor the market and inventory levels over the next month, Mirzagaliyev said. Global crude stockpiles are declining slower than expected despite the deeper-than-agreed cuts by OPEC+ producers, he said.

OPEC, Allies Convene in Saudi Arabia to Talk Oil (11.45 a.m.)

Oil ministers from OPEC and its allies are in the Saudi Arabian city of Jeddah to discuss how their collective production cuts are impacting the market. The meeting starts Sunday at 4 p.m. local time.

OPEC, Allies Get Back on Track With Oil Cuts

Producers in the so-called OPEC+ alliance pumped less crude in April than their agreed limit for the first time in 16 months. With output cuts expiring at the end of June, talks are likely to focus on events that could affect global oil supplies, such as U.S. sanctions on Iran, unrest in Venezuela, inventories and recent attacks on Saudi tankers and a pipeline.

OPEC+ Job Isn’t Done With Oil Inventory Rising (2:40 a.m.)

Efforts by the Organization of Petroleum Exporting Countries and its allies to balance the global supply and demand of oil aren’t complete because crude inventories continue to rise, according to United Arab Emirates Oil Minister Suhail Mohammed Al Mazrouei.

OPEC will fill any supply gaps that may emerge from tighter sanctions on Iran, Al Mazrouei said. “If there is a need to attend to any shortage in the market we will do it, but we don’t see that.”

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