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2014-09-23 18:05:00

OPEC NOT AGREED

OPEC NOT AGREED

OPEC nations have yet to decide to cut their collective oil-production target, the United Arab Emirates' energy minister said, days after the group's chief suggested its 12 members may lower the ceiling in 2015.

"It's not a one-man decision," Suhail Al Mazrouei told reporters today in Abu Dhabi. "It's a decision by all the ministers when we meet."

The Organization of Petroleum Exporting Countries, supplier of about 40 percent of the world's oil, will review its target of 30 million barrels a day when it meets next on Nov. 27 at its Vienna headquarters. The group may reduce its official daily limit by 500,000 barrels to 29.5 million next year, OPEC Secretary-General Abdalla El-Badri said Sept. 16.

OPEC's monthly report on Sept. 10 showed demand for its oil will decline to 29.2 million barrels a day in 2015 from 29.5 million this year. Brent crude, a global benchmark, has dropped 10 percent this year and was at $97.23 a barrel at 7:02 a.m. today in London.

"We still have almost two months before the next meeting," Al Mazrouei said. "We will make sure that our supply meets demand." The group's decision "will be made based on what's required from OPEC," he said, emphasizing that suppliers outside the group also "have a responsibility" to help balance the market.

OPEC's members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.

bloomberg.com

Tags: OPEC, OIL, BRENT

Chronicle:

OPEC NOT AGREED
September, 22, 08:50:00

RUSSIA - KURDISTAN INVESTMENT

Instead, with the planned referendum just days away, Russian state oil giant Rosneft announced its latest investment last week, to help Iraqi Kurdistan develop its natural gas industry, for domestic supplies and eventual export.

OPEC NOT AGREED
September, 22, 08:45:00

IRAN'S GAS EXPORT: ABOVE 5 BCM

Iran exported over 5 billion cubic meters (bcm) of natural gas during the first five months of the current Iranian calendar year (March 21-August 22), Dispatching director of National Iranian Gas Company (NIGC) announced.

OPEC NOT AGREED
September, 22, 08:40:00

IRAQI OIL TO U.S.

Gazprom Neft has shipped its second and largest cargo of Iraqi crude to the US since the Badra field, its flagship overseas oil project, came on stream in 2014, the Russian oil company said Tuesday.

OPEC NOT AGREED
September, 22, 08:35:00

QATAR - TURKEY LNG

Qatargas has agreed to sell 1.5 million tpy of LNG to Turkey’s BOTAŞ Petroleum Pipeline Corporation (BOTAŞ) over a period of three years

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