{"id":5635,"date":"2023-05-25T13:15:44","date_gmt":"2023-05-25T13:15:44","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=5635"},"modified":"2023-05-25T13:17:34","modified_gmt":"2023-05-25T13:17:34","slug":"oil-eases-as-russia-downplays-additional-opec-cuts","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/5635\/","title":{"rendered":"Oil eases as Russia downplays additional OPEC+ cuts"},"content":{"rendered":"
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Oil prices fell on Thursday after Russian Deputy Prime Minister Alexander Novak played down the prospect of further OPEC+ production cuts at its meeting next week.<\/p>\n\n\n\n

Brent crude futures was down 41 cents, or 0.5%, to $77.95 a barrel at 0815 GMT. U.S. West Texas Intermediate crude (WTI) fell 51 cents, or 0.7%, to $73.83.<\/p>\n\n\n\n

“I don’t think that there will be any new steps, because just a month ago certain decisions were made regarding the voluntary reduction of oil production by some countries…” Novak was\u00a0quoted\u00a0as saying by Izvestia newspaper.<\/p>\n\n\n\n

In the previous session, oil prices were supported by a\u00a0warning\u00a0from Saudi Arabia’s energy minister that short-sellers betting oil prices will fall should “watch out” for pain.<\/p>\n\n\n\n

Some investors took that as a signal that the Organization of Petroleum Exporting Countries (OPEC) and allies including Russia, together called OPEC+, could consider further output cuts at a meeting on June 4.<\/p>\n\n\n\n

“The obvious reading is that the Kingdom may either unilaterally cut oil production or orchestrate a wider OPEC+ reduction …thereby supporting prices and stinging speculators that are shorting oil,” analysts at bank MUFG said.<\/p>\n\n\n\n

Uncertainty over U.S. debt also weighed on prices.<\/p>\n\n\n\n

Some progress had been made but\u00a0several issues remained unresolved\u00a0in U.S. debt ceiling negotiations, House Speaker Kevin McCarthy said on Thursday, as the deadline ticked closer to raise the federal government’s $31.4 trillion borrowing limit or risk default.<\/p>\n\n\n\n

Negotiators for Democratic President Joe Biden and top congressional Republican Kevin McCarthy reconvened Wednesday at the White House to try to close a deal.<\/p>\n\n\n\n

Meanwhile, price declines were limited by an\u00a0unexpected, massive fall\u00a0in U.S. crude oil inventories in the week to May 19 reported by the Energy Information Administration on Wednesday.<\/p>\n\n\n\n

U.S. crude inventories fell by 12.5 million barrels to 455.2 million barrels as imports declined. Analysts had expected an 800,000-barrel rise.<\/p>\n\n\n\n

Gasoline inventories dropped by 2.1 million barrels in the week to 216.3 million barrels, the EIA said, while distillate stockpiles fell by 600,000 barrels to 105.7 million barrels.<\/p>\n

Updated on