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The situation on the world oil market has improved since the OPEC + meeting last month, Russian Deputy Prime Minister Alexander Novak said on Thursday at the opening of the OPEC + ministerial meeting of this month. this month, while Saudi Arabia again called for a cautious approach to soften production cuts.
There are still many uncertainties in the global oil market, especially in Europe, said Russia’s top oil diplomat.
Still, there is currently a 2 million barrels per day (b / d) deficit in the market, Novak said at the start of the OPEC + meeting, which was open to media.
According to the Russian minister, it is now essential not to overheat or under-supply the oil market.
Ahead of the meeting, Russia is reportedly in favor of postponing cuts in the alliance’s oil production, but is seeking a small increase for itself to meet higher seasonal demand.
Saudi Arabia is reportedly ready to extend current OPEC + production cuts in May and June and continue to unilaterally cut oil production by 1 million bpd, according to an anonymous source who spoke with Reuters.
Saudi Arabia, however, expressed a more cautious stance on recovering demand for oil at the start of today’s OPEC + meeting.
“As long as the evidence of the recovery is not clear, we must maintain this cautious attitude,” Saudi Energy Minister Prince Abdulaziz bin Salman said, said in his opening speech, in which analysts speculated that the first producer and de facto OPEC chief would push for a postponement of the cuts.
“Last month we called for a cautious and restrained approach and, unfortunately, we got the better of subsequent developments,” Prince Abdulaziz bin Salman said.
“In today’s uncertain environment, forging a rigid path to recovery is unwise. The reality remains that the overall picture is far from uniform and that the recovery is far from complete, ”said the Minister.
As of this writing, just after 3 p.m. Vienna time, the closed-door OPEC + meeting had just started.
By Tsvetana Paraskova for OilUSD
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