Pleasant future is ahead as Russia and Saudi Arabia agreed to extend their cooperation to balance the oil market into 2019, but left the details of any supply cuts to be resolved in the coming days as OPEC and its allies prepare for their meetings in Vienna.
While the two countries haven’t officially confirmed fresh output cuts yet, the comments lay the groundwork for a deal at the Organization of Petroleum Exporting Countries (OPEC) meeting this week. The OPEC advisory committee recommended a cut of 1.3 million barrels a day last week, but since then the group got an unexpected hand from Canada’s 325,000 barrels a day reduction. Last month the cartel held its production steady as record oil output from Saudi Arabia helped offset losses due to U.S. sanctions on Iran.
Following are the latest positions of most of OPEC, plus non-members Russia and Kazakhstan. The respective shares of supply are based on October output.
Estimates for the price each member needs to balance its 2018 budget are from the International Monetary Fund, unless otherwise specified.
