Здравствуйте. Вся информация этого сайта бесплатна. Вы можете сделать пожертвование и поддержать наше развитие. Спасибо.

Hello. All information of this site is free of charge. You can make a donation and support our development. Thank you.

2015-04-16 19:45:00

RUSSIA SEEKS HIGHER

RUSSIA  SEEKS  HIGHER

Russia has been holding active, "unprecedented" consultations with the Organization of Petroleum Exporting Countries, a senior official said on Wednesday, a clear signal of Moscow's strive for higher oil prices.

Russia has stepped up contacts with OPEC after oil prices plunged last year, however it has dismissed any suggestion it might cut output to prop up prices, saying it is technically impossible to idle production due to the harsh climate in Siberia, the heartland of Russian oil production.

Russia, one of the world's top oil producers, expects its economy to shrink by 3 percent this year, following an almost 50 percent drop in oil prices since their $115 per barrel peak in last June.

The fall in price of oil, which together with natural gas account for over a half of Russia's state budget revenue, has been compounded by a refusal by OPEC and its kingpin Saudi Arabia to cut output.

"The Russian Energy Ministry has been in consultations with OPEC and Latin America countries, the recent consultations have been unprecedentedly active. This work should continue," Deputy Prime Minister Arkady Dvorkovich told a meeting at the energy ministry.

Alexander Novak, Russia's energy minister, told reporters he had spoken to OPEC Secretary General Abdulla al-Badri several days ago.

"On the whole, we are in a dialogue, it has been formalised. As you know, we meet twice a year, discuss the perspectives for oil market development. We discuss various issues, local (issues), the ones which relate to shale oil production, oil refining, tax changes in different countries," he said.

But an OPEC delegate from a Gulf oil producer poured cold water on Moscow's statements on cooperation.

"The Russian comment does not mean a joint cut in production it just means that there is concern over price, but in the end, there might be no action taken," the official said.

Another Gulf delegate dismissed the idea of a joint cut.

Last month, Russia's Novak told Reuters he would meet OPEC in June to discuss the impact of shale oil on global markets, days before the group decides whether its policy of high output is sufficient to stifle the U.S. energy boom.

Saudi state news agency SPA reported on Tuesday that Saudi Arabian oil minister Ali al-Naimi discussed oil markets with Russia's ambassador to Riyadh, Oleg Ozerov.

OPEC's headquarters in Vienna had no comment on Wednesday.

In November, Russia said after meeting with a number of OPEC ministers that it would not cut output even if prices fell below $40 per barrel. Novak said the current oil price of $60 per barrel was comfortable for Russian producers.

OPEC has been annoyed by the Russian position and has said it will not cut its production unless non-OPEC producers make similar moves first.

reuters.com

Tags: RUSSIA, OPEC, OIL, PRICES,

Chronicle:

RUSSIA  SEEKS  HIGHER
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

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.

RUSSIA  SEEKS  HIGHER
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

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.

RUSSIA  SEEKS  HIGHER
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

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.

RUSSIA  SEEKS  HIGHER
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

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.

All Publications »