Oil: UAE Energy Minister says OPEC close to reaching agreement on extending production cuts

  
Analysis, Crude

United Arab Emirates Oil Minister Al-Mazroui

  • OPEC members close to reaching agreement on extending production cuts
  • Says current oil inventories suggest curbs should remain in place
  • OPEC’s production deal should remain or be extended ‘at least until the end of the year’

OPEC meeting coming up on  June 25 and 26. Some what to expects:

  • Goldman Sachs on oil, OPEC, Russia, Saudi. Hard road ahead for extension of output pact
  • Russia’s Siluanov: If OPEC+ doesn’t reach an agreement, oil price may fall to $40
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