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2016-08-11 18:35:00

SAUDI - IRAN COMPETITION

SAUDI - IRAN COMPETITION

 

SAUDI IRAN OIL GAS DEPOSITS

 

WORLD OIL PRODUCTION

 

SAUDI BUDGET 2012 - 2016

 

BOE wrote, Saudi Arabia and Iran are showing no let up in their market share war, just days after OPEC announced an informal meting to discuss ways to stabilize falling prices.

The Organization of Petroleum Exporting Countries announced on Monday it will hold informal talks on the sidelines of a conference in the Algerian capital next month. Saudi Arabia, the world's largest crude exporter, told OPEC that it boosted oil output to a record 10.67 million barrels a day in July, two people with knowledge of the data said. Iran's output is up to 3.85 million barrels a day, Fars news agency reported, citing Oil Minister Bijan Namdar Zanganeh. That's the highest since 2008.

"It only gives one signal to the markets that the Saudis are not here to scale back, especially in the face of Iranians bringing more oil to the market," Abhishek Deshpande, an analyst at Natixis SA in London, said in a Bloomberg television interview. "I doubt there's going to be any concrete agreement despite there being talks."

Saudi Arabia typically pumps more oil in the summer to meet higher domestic energy demand from air conditioning. The kingdom is also engaged in a battle for market share with rival Iran and has cut prices to its customers in Asia, the biggest market for both exporters. Kuwait on Wednesday also cut its pricing to Asia, widening the discount to $2.65 a barrel for September from $1.70 a barrel in August.

OPEC's smaller producers, which have driven calls to cap the group's output, can only look on as prices tumbled more than 50 percent since mid 2014. The last effort to freeze output in April, which also included non-OPEC producer Russia, collapsed after Saudi Arabia demanded that Iran be part of the deal. Iran still opposes any limits on its production, with the country seeking to reclaim its pre-sanctions share of OPEC's total output before contributing to any production freeze, according to an OPEC delegate who asked not to be identified.

OPEC nations aren't pushing to revive the aborted April proposal, two delegates from the group said last week, and analysts don't expect any deal to be reached.

"These planned OPEC discussions may be viewed by some as a cheap possibility to try and stabilize the market," said Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfurt. "It's more likely to be a way of further destroying the market's confidence in OPEC, as the organization cries wolf once again."

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Earlier:

SAUDI: 

SAUDI'S OIL PRODUCTION: 10.67 MBD 

DEMAND UP TO 1.4 MBD 

OPEC STILL HAVEN'T 

PRICE'S TALKS: NO NEED 

SAUDI'S PRICE DOWN

 

IRAN: 

IRANIAN OIL UP TO 2.5 MBPD 

IRAN - INDONESIA COOPERATION 

IRAN-PAKISTAN GAS PIPELINE 

IRAN & AZERBAIJAN COOPERATION 

NEW IRAN'S CONDITIONS

 

Tags: SAUDI, IRAN, OIL, PRODUCTION, PRICES, OPEC

Chronicle:

SAUDI - IRAN COMPETITION
2017, December, 15, 12:50:00

LUKOIL'S PLAN: $50

LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.

SAUDI - IRAN COMPETITION
2017, December, 15, 12:45:00

BP INVESTS TO SOLAR

BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.

SAUDI - IRAN COMPETITION
2017, December, 13, 12:40:00

OIL PRICE: ABOVE $64 YET

REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.

SAUDI - IRAN COMPETITION
2017, December, 13, 12:35:00

RUSSIAN-TURKISH NUCLEAR

ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.

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