Jan 21, 2018

Saudi oil chief eyes longer-term cooperation with Russia

Putin and King Salman last year in Moscow. Photo: Mikhail Svetlov/Getty Images

Saudi Arabia’s oil minister suggested Sunday that OPEC and non-OPEC producers including Russia should extend cooperation beyond the end of 2018, when their production-cutting deal is slated to expire, according to reports from Oman in Reuters, the Wall Street Journal and elsewhere.

Why it matters: The comments signal that while the deal that took effect in early 2017 has helped to bolster prices that collapsed in 2014 amid a global supply glut, OPEC’s dominant producer believes more collaboration is needed as the cartel and Russia grapple with surging U.S. output, which analysts see surpassing 10 million barrels per day this year.

Quoted: Saudi energy minister Khalid al-Falih, speaking in Oman, said an extension would not necessarily mean simply extending the deal that curbed two-dozen countries joint output by 1.8 million barrels per day, Reuters reports.

  • “This doesn’t necessarily mean sticking barrel by barrel to the same limits or cuts, or production targets country by country that we signed up to in 2016, but assuring stakeholders, investors, consumers and the global community that this is something that is here to stay. And we are going to work together,” he said, according to the news service.

He spoke at a meeting of the Joint Ministerial Monitoring Committee overseeing the deal.

Big picture: Oil prices are currently around their highest level in three years. The International Energy Agency’s said in its latest monthly snapshot last week that “the market is clearly tightening,” and that oil stockpiles in OECD countries declined for the fifth consecutive month in December.

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Coronavirus dashboard

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  1. Global: Total confirmed cases as of 4 p.m. ET: 5,931,112 — Total deaths: 358,067 — Total recoveries — 2,388,172Map.
  2. U.S.: Total confirmed cases as of 4 p.m. ET: 1,711,313 — Total deaths: 101,129 — Total recoveries: 391,508 — Total tested: 15,192,481Map.
  3. States: New York to allow private businesses to deny entry to customers without masks.
  4. Public health: The mystery of coronavirus superspreaders.
  5. Congress: Pelosi slams McConnell on stimulus delay — Sen. Tim Kaine and wife test positive for coronavirus antibodies.
  6. 🏃‍♀️Boston Marathon: The race cancels its postponed event, asks runners to go virtual.
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World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

Turkey will lift restrictions on intercity travel and allow several public places to reopen June 1, President Tayyip Erdogan said on Thursday, per Reuters.

By the numbers: Nearly 6 million people have tested positive for COVID-19 and over 2.3 million have recovered from the virus. Over 357,000 people have died globally. The U.S. has reported the most cases in the world with over 1.6 million.