Russia, Saudi Arabia agree to strengthen trade, investment ties

Sukhoi Super Jet 100 aircraft

On the production side, Russian Federation said on Monday it might support an extension of supply cuts that have been in place since January, warning oil prices could fall as low as $30 per barrel if producers supply too much crude. U.S. West Texas Intermediate (WTI) crude lost 73 cents, or 1.4%, to end at $53.26 a barrel. On Monday's (June 10th) market, crude rally was nearly entirely goaded by a signal of OPEC-kingpin Saudi Arabia, that the club of oil producers including Russian Federation would restrict supply to current level beyond June in order to balance a stormy crude oil market amid an intransigent U.S. inventory rise. "A lot depends on the market in the third quarter, on the supply and demand balance", he said, citing the effect of US-led trade wars and sanctions.

The Organization of the Petroleum Exporting Countries (OPEC) and some non-members, including Russian Federation, known collectively as "OPEC+", have withheld supplies since the start of the year to prop up prices.

Al-Falih said he may have another opportunity to talk to Novak at a G20 meeting in Japan beforehand.

U.S. President Donald Trump said he was ready to impose another round of punitive tariffs on Chinese imports if he does not reach a trade deal with China's president at a Group of 20 summit later this month.

The OPEC+ managed to boost crude prices by more than 40% this year through late April through a deal to jointly cut at least 1.2 million barrels per day over a six-month period.

Despite this, MacPherson said "there is a limit to how much longer it (OPEC+) can continue to avoid addressing the serious challenge of being squeezed out by growing USA production".

Barclays bank, in a note, said its economists had revised down their GDP growth outlook for the United States, China, India and Brazil - countries that account for more than three-quarters of their oil demand growth assumptions for this year. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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