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.
|January, 19, 12:45:00|
|January, 19, 12:40:00|
|January, 19, 12:35:00|
|January, 19, 12:30:00|
|January, 19, 12:25:00|
|January, 19, 12:20:00|
PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.
AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.
WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.
REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.