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Globe/wire say Husky, rivals hear oil demand uncertain

2019-06-25 07:08 ET - In the News

See In the News (C-HSE) Husky Energy Inc

The Globe and Mail reports in its Tuesday, June 25, edition that uncertainty over global oil demand in the second half of this year, including the effect of United States sanctions, will affect whether Russia backs extending a deal on oil output cuts, Russian Energy Minister Alexander Novak said Monday. A Reuters dispatch to The Globe reports that the Organization of the Petroleum Exporting Countries (OPEC) and other leading oil producers have an agreement to cut their combined oil output, but it expires at the end of June. Talks on whether to extend the pact are scheduled for July 1-2 in Vienna. Mr. Novak said it was too early to say if extending the deal between OPEC and non-OPEC oil producers was possible. The Group of 20 heads of state meet in Osaka, Japan, later this week. Asked what factors were proving hard to predict when weighing the future of the output cut deal, Mr. Novak said: "The consumption of oil in the third and fourth quarters, the pace of growth of the world economy, the world's biggest economies. Also the influence of sanctions restrictions on the world market. We need to clearly understand what that will influence, and how, and what the consequences will be."

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