SAUDI NEED COOPERATION
REUTERS wrote, Saudi Arabia, the world's top oil exporter, plans to discuss energy cooperation agreements with China and Japan, the Saudi cabinet said on Monday.
"The cabinet has approved to delegate a number of ministers to discuss with the Chinese side the following projects: a memorandum of understanding (MOU) to cooperate in the energy sector; an initial cooperation memorandum in the field of crude storage," a cabinet statement on state news agency SPA said.
Discussions with Japan for an MOU for cooperating in the energy sector were also approved by the cabinet, SPA said.
Saudi Arabia has traditionally accounted for most of the crude imports by Asia, the world's biggest oil-consuming region.
But recently OPEC's top producer has lost ground in a number of major markets including Russia and China, and faces a further threat from Iran, which is ramping up exports after the removal of Western sanctions.
The kingdom, however, has responded by pumping and shipping more oil, and with knockdown prices in Asia from state oil giant Saudi Aramco.
In 2015, Asia accounted for 65 percent of Saudi Aramco's oil exports; an increase from 62.3 percent a year earlier.
Aramco has been in talks with China's CNPC and Sinopec for investment opportunities in refining, marketing and petrochemicals, Saudi Energy Minister Khalid al-Falih said earlier this year.
Saudi and Japanese officials had discussed in June possible Japanese investments into the planned initial public offering (IPO) of Aramco.
Saudi Arabia's deputy crown prince, Mohammed bin Salman, unveiled ambitious plans earlier this year aimed at ending the country's "addiction" to oil and transforming it into a global investment power. An IPO of less than 5 percent of state-run Aramco is a centerpiece of that effort.
So big is Aramco given its rights to the crude reserves of Saudi Arabia, that selling even 1 percent of it would create the world's biggest IPO, Prince Mohammed has said. He expects the IPO will value Aramco at least at $2 trillion.
|November, 17, 19:55:00|
|November, 17, 19:50:00|
|November, 17, 19:45:00|
|November, 17, 19:40:00|
|November, 17, 19:35:00|
|November, 17, 19:30:00|
REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.