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2015-05-08 17:55:00

ALLAH OIL PRICE

ALLAH OIL PRICE

While analysts speculate just how low prices have to drop before Saudi Arabia cuts production longtime Saudi oil minister Ali al-Naimi said he has the answer: It's up to Allah.

In an interview with CNBC on Monday al-Naimi said there is no specific price point that would force Saudi Arabia to cut production.

"No one can set the price of oil – it's up to Allah," al-Naimi told CNBC.

The comments echo earlier statements from the oil minister supporting his country's decision to honor OPEC's 30 million barrel per day production target despite crude prices falling to six year lows.

"The production of OPEC is 30 percent of the market, 70 percent from non-OPEC...everybody is supposed to participate if we want to improve prices," Al-Naimi said in March.

Earlier this year King Salman pledged to keep production steady even as other OPEC members criticized the country for not doing enough to help crude prices recover.

"These tensions aren't new to the oil market, and we've dealt with them in the past with a solid will, with wisdom and experience," King Salman said.

In the interview Al-Naimi also touched on Iran's recent sanction ending nuclear agreement with western powers.

While news of the deal sent crude prices falling on fears that Iranian crude will exacerbate the current crude supply glut al-Naimi said he is "not worried at all" about the possibility.

Western sacntions have held Iran's crude exports at 1 million barrels per day although the oil rich country pumps about 3.5 million barrels per day, according to OPEC.

A recent report by OPEC pinned the fall in oil prices on speculators, likening the traders to "puppeteers" and predators. 

"Prowling the exchanges, they are quick to exploit any situation that can bring them the desired big pay day that feeds their burning ambition and bank balances. They can be unscrupulous, at times ruthless, especially when the stakes are high," OPEC said.

petroglobalnews.com

Tags: OIL, PRICE, SAUDI, OPEC

Chronicle:

ALLAH OIL PRICE
October, 20, 12:10:00

NORWAY'S PRODUCTION DOWN 171 TBD

NPD - Preliminary production figures for September 2017 show an average daily production of 1 772 000 barrels of oil, NGL and condensate, which is a decrease of 171 000 barrels per day compared to August.

ALLAH OIL PRICE
October, 20, 12:05:00

ЦЕНА URALS: $ $55,55881

Средняя цена на нефть Urals за период мониторинга с 15 сентября по 14 октября 2017 года составила $55,55881 за баррель, или $405,6 за тонну.

ALLAH OIL PRICE
October, 18, 19:10:00

OIL PRICE: ABOVE $58

Brent crude futures, the international benchmark for oil prices, were at $58.16 at 0643 GMT, up 28 cents, or 0.5 percent from their last close - and almost a third above mid-year levels. U.S. West Texas Intermediate (WTI) crude futures were at $52.03 per barrel, up 15 cents, or 0.3 percent, and almost a quarter above mid-June levels.

ALLAH OIL PRICE
October, 18, 19:05:00

РОССИЯ: БОЛЬШЕ НЕФТИ И ГАЗА

Александр Новак отметил рост основных показателей всех отраслей энергетики в прошлом году: «Мы имеем рекордные показатели за прошлый год по добыче нефти, угля. Идёт рост добычи и экспорту газа, в том числе в Европу на уровне 15 процентов. По углю мы наблюдаем рост добычи даже больше уровня прошлого рекордного года. Также отмечается рост производства электроэнергии на 2%, что говорит об оживлении экономики».

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