Oil extends gain on supply cut, weak economy strains outlook

Oil stable as market eyes ongoing supply cuts amid downturn

Oil prices rose on Monday after Saudi Arabia said producer club OPEC and Russian Federation were likely to keep withholding supplies, and in relief that the United States and Mexico averted a trade war that would have damaged the global economy.

Oil prices climbed on Tuesday in Asia as market sentiment remained remained firm while expectations that producer cartel OPEC will extend supply cuts underpinned prices.

Falik made the comment as he visited Alexander Novak in Moscow, as Saudi Arabia looks to shore up support for another extension on oil production, in a bid to stabilise lagging prices. "A lot depends on the market in the third quarter, on the supply and demand balance", he said, citing the effect of US-led trade wars and sanctions.

Trade and investment cooperation corresponds to the interests of both countries and contributes to developing bilateral ties, Al-Falih said.

As for Russia's decision, according to Al-Falih, he will wait for the Russian dynamics to work themselves out.

The G-20 ministerial meeting on energy is scheduled for June 15-16 in Nagano, while the final leaders' summit will take place on June 28-29 in Osaka.

More news: Amitabh Bachchan's Twitter account gets hacked; Twitterati have hilarious reactions

The Organisation of the Petroleum Exporting Countries (OPEC) and some non-members, including Russian Federation, known collectively as OPEC+, have withheld supplies since the start of the year to prop up prices.

Barclays bank, in a note, said its economists had revised down their GDP growth outlook for the United States, China, India and Brazil - countries that account for more than three-quarters of their oil demand growth assumptions for this year.

"There's no doubt that the current situation on the global oil markets, which has begun to show volatility once again, makes Saudi-Russian cooperation more important", Al-Falih said Monday.

Saudi Arabia's Minister of Energy noted that he is fairly confident that from the OPEC side nearly everyone agrees that they need to extend the Declaration of Cooperation. They include the Arctic LNG 2 gas project - in which Aramco is still willing to buy a stake - and others with Gazprom PJSC and Rosneft PJSC, he said.

Russian companies could take part in the construction and reconstruction of sewage treatment plants in Saudi Arabia, he said.

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