SAUDI'S OIL POLICIES
According to REUTERS, Saudi Arabia, the world's largest oil exporter, may return to its role of balancing oil supply and demand after the recovery of the global market, the country's energy minister said on Wednesday.
"Despite the surplus in global oil production and lower prices, the focus of attention remains on countries such as Saudi Arabia which, due to its strategic importance, will be expected to balance supply and demand once market conditions recover," Energy Minister Khalid al-Falih was quoted as saying by state oil company Saudi Aramco.
"The Kingdom's oil policies are rooted in responsibility, and Saudi Arabia is seeking to maintain that balance while also giving heed to moderate prices for producers and consumers," Falih said in the statement on Aramco's website. He made the comments in the United States where he is accompanying Saudi Deputy Crown Prince Mohammed bin Salman.
Saudi Arabia, OPEC's de-facto leader, effectively abandoned its swing producer role in 2014 when it led OPEC's policy shift by refusing to cut production to support oil prices and allow the market to balance itself without interference.
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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.
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.
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.
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.