USA: DEMAND WILL ABSORB
A possible move by the U.S. to relax its federal laws banning crude-oil exports won't cause a supply glut as demand growth will absorb any additional crude, the oil minister of top oil exporter Saudi Arabia said Thursday.
"We will be very happy to see different producers increasing their production and going into the international market," Ali al-Naimi told reporters on the sidelines of an energy meeting in Moscow. "Remember the world consumes every year over 30 billion barrels of oil and somebody has to replace that so the more oil produced the more is replaced."
Top Obama administration officials are considering relaxing federal laws banning crude-oil exports, a move that would upend a decades-old policy. U.S. Energy Secretary Ernest Moniz said Tuesday that some of the fast-growing supply of domestically produced oil isn't suitable for refining locally, which could warrant re-examining a nearly 40-year-old law that bans exports of most crude.
Mr. Naimi also said the kingdom and the Organization of the Petroleum Exporting Countries, which provides about 40% of the world's oil, aren't worried about additional crude coming from Iran and Iraq.
"I don't know why everybody is talking about threats. Everybody has their customers. Customers know reliability and they go for that," Mr. Naimi said.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.