James Thew/Adobe Stock
Oil prices slipped nearly 1% on Monday, extending last week’s decline, on lack of confirmation that OPEC will extend output cuts until the end of 2017 and as Russia indicated it can lift output if the deal on curbs lapses.
Russian oil output could climb to its highest rate in 30 years if the Organization of the Petroleum Exporting Countries and non-OPEC producers do not extend a six-month supply reduction deal beyond June 30, according to comments by Russian officials and details of investment plans released by oil companies.
Freeport Gets Copper Export License
Freeport-McMoran Inc. has secured a permit to resume copper exports from Indonesia on Friday after a hiatus of more than three months, hours after a state visit by U.S. Vice President Mike Pence, who discussed the copper miner’s dispute with Jakarta.
Indonesia’s trade ministry issued Freeport with a permit to export 1.1 million metric tons of copper concentrate up to February next year, although it was unclear how long shipments would last.