Oil jumps on Riyadh-Moscow output deal, as Opec gathersOpec and its oil-producer allies decided in December to trim daily crude output by 1.2 million barrelsVIENNA: Oil prices jumped Monday after Opec kingpin Saudi Arabia and non-member Russia agreed to keep daily oil output caps, but Iran warned the move risks killing off the cartel that pumps a third of global supplies. "If Opec wants to be alive, we should take decisions inside Opec and not receive decisions from outside Opec," warned Iranian Oil Minister Bijan Namdar Zanganeh upon arrival in Vienna. The reduction contributed to oil prices soaring by almost one-third in the first quarter of 2019, boosting revenues for Opec and non-Opec members alike. Worries over the global crude demand backdrop persist, particularly from the US-China trade war despite a truce agreed at the G20. Russia, the second biggest oil producer followed by number three Saudi Arabia, decided three years ago to hook up with Opec to counter slumping oil prices.

Source: Bangkok Post July 01, 2019 10:02 UTC