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2015-01-11 14:10:00

U.A.E.: OIL OVERSUPPLY

U.A.E.: OIL OVERSUPPLY

Oversupply in crude markets could take months or even years to fix depending on when producers outside OPEC cut their output, Abu Dhabi-based The National reported, citing comments by U.A.E. Energy Minister Suhail Al Mazrouei.

"We are experiencing an obvious oversupply in the market that needs time to be absorbed," the newspaper reported Mazrouei as saying in e-mailed comments. The United Arab Emirates supported the November decision by the Organization of Petroleum Exporting Countries to maintain production, The National reported Mazrouei as saying.

Brent crude, a pricing benchmark for more than half of the world's oil, tumbled 48 percent last year, the most since 2008. OPEC decided Nov. 27 to maintain production instead of cutting output to eliminate a surplus left by increased supplies from the U.S. to Russia.

"Depending on the actual production growth from non-OPEC countries, this problem could take months or even years," the U.A.E.'s Mazrouei was quoted as saying in The National, referring to oversupply. "If they act rationally, we can see positive corrections during 2015."

Saudi Arabia won't cut its output, though producers outside the group are welcome to do so, Ali Al-Naimi, that country's oil minister, said at a conference in Abu Dhabi Dec. 21. OPEC would find it "difficult, if not impossible" to give up part of its share in global oil markets by cutting output, he said Dec. 19.

oilandgaseurasia.com

Tags: OIL, OPEC, U.A.E., SAUDI,

Chronicle:

U.A.E.: OIL OVERSUPPLY
2017, December, 15, 12:50:00

LUKOIL'S PLAN: $50

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U.A.E.: OIL OVERSUPPLY
2017, December, 15, 12:45:00

BP INVESTS TO SOLAR

BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.

U.A.E.: OIL OVERSUPPLY
2017, December, 13, 12:40:00

OIL PRICE: ABOVE $64 YET

REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.

U.A.E.: OIL OVERSUPPLY
2017, December, 13, 12:35:00

RUSSIAN-TURKISH NUCLEAR

ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.

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