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2016-10-20 18:35:00

SOLIDARITY WITH OPEC

SOLIDARITY WITH OPEC

BOE wrote, many nations are willing to join OPEC in cutting production to secure a continued improvement in oil prices, said Saudi Arabia's Minister of Energy and Industry Khalid Al-Falih.
Oil producing countries can secure a "healthy" price gain with a small percentage output cut, Al-Falih said at the Oil and Money conference in London Wednesday. Both the Organization of Petroleum Exporting Countries and producers outside the group are aiming for a deal by the end of November, he said.

Crude futures extended gains after the minister's comment, with West Texas Intermediate advancing 1.4 percent to $51 on the New York Mercantile exchange at 9:52 a.m. London time.

The Saudi Minister painted an upbeat view of the oil market, saying the industry was finally at the end of a considerable downturn. Although the recovery took longer than expected, U.S. crude inventories are declining and supply and demand clearly are coming back into balance, he said.

Oil has fluctuated near $50 a barrel amid uncertainty about whether OPEC will be able to implement an accord to reduce supply when they gather at an official meeting in November. A committee will meet later this month to try and resolve differences in the group over how much individual members should pump.

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Earlier: 

SAUDI'S DIFFICULT DECICIONS  

OPEC AGREED  

SAUDI - IRAN COMPROMISE  

OPEC WILL UP 200,000  

OPEC PRODUCTION UP TO 33.7 MBD

 

 

Tags: SAUDI, OPEC, OIL, PRICES

Chronicle:

SOLIDARITY WITH OPEC
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.

SOLIDARITY WITH OPEC
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.

SOLIDARITY WITH OPEC
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.

SOLIDARITY WITH OPEC
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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