Putin suggests Russia and US could work together to regulate oil prices

as informed in Russian President Vladimir Putin suggested that Moscow and Washington could cooperate to soothe volatility in the oil market that has roiled the industry in recent years. Russia has partnered with OPEC and other producer nations since 2017 to manage nearly half of the world's oil supply. The United States, where drillers compete in a free market, is not part of the deal. Still, Putin suggested that some form of cooperation is possible during a press conference with U.S. President Donald Trump in Helskinki on Monday. Led by Saudi Arabia and Russia, the two dozen producer nations last month agreed to hike output to offset falling output in Venezuela and looming U.S. sanctions on Iran, the world's fifth largest oil producer.

South Africans to get a fuel price breather as oil prices stabilise: AA

The Automobile Association said on Friday that a better exchange rate and stable oil prices spelt "virtually unchanged fuel prices in August". The prediction threw South Africans into a panic‚ sparking sporadic protests and a nationwide call on government to address the record prices. "Over the same period‚ international oil prices showed a slight average decrease which almost exactly cancelled the rand's losses. After several successive fuel price increases‚ motorists and other fuel users are due a breather‚ and the general stability of the fuel price during July will come as a relief to many. "2018 has been a year of volatility in the fuel price‚ and the see-sawing rand and oil price suggest that caution should be the watchword‚" said the AA.

Russia: Iranian sanctions already factored into oil prices

as declared in July 27 (UPI) -- Russian Energy Minister Alexander Novak said Friday the market has probably taken into account the potential loss of Iranian oil by November already. The U.S. departure from the Joint Comprehensive Plan of Action in May means some sanctions are reintroduced on Iran next month. Speaking Friday, Novak said the price for Brent crude oil, at around $74 per barrel, already reflects the risk from U.S. sanctions on the market. Novak said Russia could add about 175,000 barrels of oil per day in the second half of the year. On Friday, the Central Bank of Russia said it left its perception on volatility in the price of oil unchanged at a moderate risk level.

collected by :Frank Ithan