Page 4 - Repi Opec News Today

Iraq does not expect OPEC+ to make further cuts to oil output at its next meeting in June, its oil minister Hayan Abdel-Ghani said, in the first indication from an OPEC minister about a potential decision as oil prices slide.

The United Arab Emirates' energy minister Suhail al-Mazrouei said on Tuesday that additional voluntary output cuts by the OPEC+ producer group were implemented to balance the oil market.

The Abu Dhabi National Oil Company (ADNOC) has informed at least three buyers in Asia that it will supply full contractual volumes of crude in July, steady from the previous month, trade sources said on Friday.

OPEC oil output fell in April due to a halt in some of Iraq's exports and delays to Nigerian shipments, a Reuters survey found on Tuesday, adding to the impact of strong adherence by top producers to a supply cut deal by the wider OPEC+ alliance.

Iraq produced 3.938 million barrels per day (bpd) of crude in April, down 262,000 bpd from March, a source at state-owned crude marketer SOMO told Reuters on Tuesday.

Top oil exporter Saudi Arabia may cut the price for its flagship Arab Light crude to Asia in June despite an extra output cut from OPEC+, as refiners hit by sliding fuel prices consider reducing output and China and India snap up cheap Russian crude.

Russian Deputy Prime Alexander Novak said on Thursday the OPEC+ group of leading oil producers saw no need for further output cuts despite lower-than-expected Chinese demand, but that the organisation can always adjust policy if necessary.

OPEC Secretary General Haitham Al Ghais said on Thursday the International Energy Agency (IEA) should be "very careful" about discouraging investment in the oil industry, which was vital for global economic growth.

As Middle East crude exporters cut output and raise prices, India's refiners are successfully switching to Russian oil and enjoying the double bonus of cheaper cargoes and higher margins for exported refined products.

OPEC's share of India's oil imports fell at the fastest pace in 2022/23 to the lowest in at least 22 years, as intake of cheaper Russian oil surged, data obtained from industry sources show, and the major producers' share could shrink further this year.