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Jakarta Post

Headlines from Vienna to determine oil price trend

  • Mriganka Jaipuriyar
    Mriganka Jaipuriyar

    Associate editorial director, Asia & Middle East Oil News & Analysis, S&P Global Platts

Singapore   /   Mon, June 18, 2018   /  12:27 pm
Headlines from Vienna to determine oil price trend Concerns around oil supply disruptions may have eased after Saudi Arabia and Russia raised the possibility of releasing more oil into the market. (Shutterstock/File)

Concerns around oil supply disruptions may have eased after Saudi Arabia and Russia raised the possibility of releasing more oil into the market. But it is headlines from the upcoming June 22 meeting between OPEC and non-OPEC suppliers that will truly determine the near- to medium-term price trend. 

International oil prices, which hit 3 and a half-year highs in the aftermath of the United States announcing sanctions against Iran, eased back after Saudi energy minister Khalid al-Falih and his Russian counterpart Alexander Novak said at the St. Petersburg International Economic Forum in late May that they could start reducing output cuts in the second half of 2018.

OPEC and 10 non-OPEC producers, led by Russia, were expected to maintain the 1.8 million b/d supply cut through to the end of 2018.

The front-month ICE Brent crude futures contra...

Disclaimer: The opinions expressed in this article are those of the author and do not reflect the official stance of The Jakarta Post.