RUSSIA - SAUDI TALKS
REUTERS published, Russia, the world's top oil producer, is consulting with Saudi Arabia and other producers to achieve oil market stability, Energy Minister Alexander Novak said, adding that the door is still open for more discussions on freezing output levels if needed.
In an interview published on Monday Novak also told Saudi-owned newspaper Asharq al-Awsat that a complete return of market stability is only likely in 2017.
"With regard to the cooperation with Saudi Arabia, the dialogue between our two countries is developing in a tangible way, whether in the framework of a multi-party structure or on a bilateral level," Novak was quoted as saying.
"We are cooperating in the framework of consultations regarding the oil market with OPEC countries and producers from outside the organization, and are determined to continue dialogue to achieve market stability," he said.
"We are ready to achieve the widest possible level of coordination... and put in place joint measures to achieve oil market stability, with the condition that these measures will not be for a limited period of time."
Novak's comments come only days after Saudi Arabian Energy Minister Khalid al-Falih said his country would work with OPEC and non-OPEC members to help stabilize oil markets.
An informal meeting of major producing countries is scheduled in Algeria late next month.
Members of the Organization of the Petroleum Exporting Countries (OPEC) will meet on the sidelines of the International Energy Forum (IEF), which groups producers and consumers, in Algeria from Sept. 26-28.
Oil prices extended gains after Falih's remarks on Thursday, which indicated that Saudi Arabia, OPEC's largest producer, is worried that oil prices could fall toward $40 per barrel or lower due to oversupply.
Talks on a global oil production level freeze collapsed in April. OPEC member Iran has been the main opponent of a freeze as it looks to raise its output to levels seen before the imposition of now-ended Western sanctions.
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
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.