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ReutersMOSCOW, May 15 (Reuters) - The Russian rouble strengthened by around 1 percent against the dollar on Monday as Saudi Arabia and Russia, the world's two largest oil producers, agreed to extend a crude production cut. [nL4N1IH0FS] The final decision is set to be made in Vienna on May 25, and the upcoming summer season suggests oil prices will get extra support, BCS brokerage said in a note. [nR4N1I600N] The rouble also enjoyed support from usual month-end tax payments that kick in this week. For rouble poll data see reuters://realtime/verb=Open/url=cpurl://apps.cp./Apps/fx-polls?RIC=RUB= For Russian equities guide see For Russian treasury bonds see <0#RUTSY=MM> Russia in graphics: http://link.reuters.com/dun63s (Reporting by Polina Nikolskaya; Editing by Andrey Ostroukh) ((Polina.Nikolskaya@thomsonreuters.com;)) Keywords: RUSSIA MARKETS/ The dollar-denominated RTS index <.IRTS> was up 1.3 percent to 1,114.1 points, while the rouble-based MICEX <.MCX> added 0.15 percent to 1,997.6 points.
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Russia and Saudi Arabia heavily depend on oil revenues. Last year they agreed the first joint output cuts in 15 years despite major political differences, including their support for opposite sides in the Syrian war. So far, OPEC producers have not yet debated whether to deepen the cuts from July, OPEC sources told Reuters. "I feel optimism because our main partner in this process, and our main partner without doubt is Saudi Arabia, has fully implemented all the agreements that took place up to now, and secondly, Saudi Arabia wants to maintain stable and fair prices for oil," Putin said. Saudi, the de facto leader of OPEC, and Russia, the world's biggest producer, together control a fifth of global supplies.
Read: Here's why OPEC might just let the deal on oil output cuts collapseStill, energy analysts say global oil demand — especially in Asia — has a rosy future. The latest OPEC production data indicated that stockpiles remain elevated, even as.participants have complied with the output quotas. Through April, China's crude production fell 6% from the same period in 2016, a downtrend that is likely to persist as in-production oil fields there dry up. Crude oil futures jumped to a two-week high on Monday after Saudi Arabian and Russian energy ministers in a joint statement said they back a nine-month extension to the current production cuts led by the Organization of the Petroleum Exporting Countries. Rising output stateside, said CMC Markets chief analyst Michael McCarthy, will reinforce investors' doubt on OPEC's ability to be the world's oil cartel.
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ReutersMOSCOW, May 15 (Reuters) - The Russian rouble strengthened by around 1 percent against the dollar on Monday as Saudi Arabia and Russia, the world's two largest oil producers, agreed to extend a crude production cut. [nL4N1IH0FS] The final decision is set to be made in Vienna on May 25, and the upcoming summer season suggests oil prices will get extra support, BCS brokerage said in a note. [nR4N1I600N] The rouble also enjoyed support from usual month-end tax payments that kick in this week. For rouble poll data see reuters://realtime/verb=Open/url=cpurl://apps.cp./Apps/fx-polls?RIC=RUB= For Russian equities guide see
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Saudi Arabia, Russia push to extend oil output cut until March 2018
Russia and Saudi Arabia heavily depend on oil revenues. Last year they agreed the first joint output cuts in 15 years despite major political differences, including their support for opposite sides in the Syrian war. So far, OPEC producers have not yet debated whether to deepen the cuts from July, OPEC sources told Reuters. "I feel optimism because our main partner in this process, and our main partner without doubt is Saudi Arabia, has fully implemented all the agreements that took place up to now, and secondly, Saudi Arabia wants to maintain stable and fair prices for oil," Putin said. Saudi, the de facto leader of OPEC, and Russia, the world's biggest producer, together control a fifth of global supplies.
Read: Here's why OPEC might just let the deal on oil output cuts collapseStill, energy analysts say global oil demand — especially in Asia — has a rosy future. The latest OPEC production data indicated that stockpiles remain elevated, even as.participants have complied with the output quotas. Through April, China's crude production fell 6% from the same period in 2016, a downtrend that is likely to persist as in-production oil fields there dry up. Crude oil futures jumped to a two-week high on Monday after Saudi Arabian and Russian energy ministers in a joint statement said they back a nine-month extension to the current production cuts led by the Organization of the Petroleum Exporting Countries. Rising output stateside, said CMC Markets chief analyst Michael McCarthy, will reinforce investors' doubt on OPEC's ability to be the world's oil cartel.
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