MARKET ISN'T FAVORITABLE
Shana wrote, Iranian Minister of Petroleum Bijan Zangeneh says the upcoming informal meeting of the member states of the Organization of Petroleum Exporting Countries (OPEC) in Algeria on Wednesday is not expected to be anything more than a "consultative gathering" of crude oil suppliers.
Speaking to Shana while departing Tehran for Algiers to attend the International Energy Forum (IEF) to be held Tuesday and Wednesday in Algiers, Zangeneh said the current market conditions are not favorable for crude oil producers and consumers in the mid- and long terms.
He said reduction of investment in oil industry will hurt consumers in the long run, but added that "the ground is being paved for market stabilization."
"The informal OPEC meeting on the sidelines of the IEF is aimed by the participants as a consultative gathering and should not be expected to be anything more than that," he said.
He further said the negotiations during the meeting will be used as a warm-up for the November OPEC assembly in Vienna.
The top Iranian energy official also said that he will meet the CEOs of several leading energy companies during his stay in Algiers including Total CEO Patrick Pouyanné.
The informal OPEC meeting on Wednesday, in Algiers, is being held in a bid to reach a consensual agreement to stabilize oil market by major oil producers.
Organized on the sidelines of the 15th International Energy Forum (IEF) to be held Tuesday and Wednesday in Algiers, the meeting is meant to bring closer the views of OPEC member countries to find a solution and support crude prices, with the hope of getting non-OPEC producers to adhere to a possible decision of rebalancing the market.
|March, 19, 08:19:00|
|March, 19, 08:15:00|
|March, 19, 08:10:00|
|March, 19, 08:05:00|
|March, 19, 08:00:00|
|March, 18, 11:45:00|
PENNENERGY - The Trump administration accused Russia on Thursday of a concerted, ongoing operation to hack and spy on the U.S. energy grid and other critical infrastructure, and separately imposed sanctions on Russian officials for alleged high-tech interference in the 2016 American presidential election.
IAEA - IAEA Director General Yukiya Amano commended efforts by Pakistan to increase nuclear safety and security as the country works to triple its nuclear power capacity. Prime Minister Shahid Khaqan Abbasi commended the IAEA for the support provided to Pakistan in the use of peaceful nuclear applications. Pakistan “was ready to further strengthen its partnership with the IAEA and contribute towards the achievement of the Sustainable Development Goals worldwide,” the Prime Minister said.
PLATTS - "The increase in competition induced new practices in the market that resulted in imports returning to normal," Petrobras' Jorge Celestino said during a presentation of the company's 2017 financial results.
PLATTS - The objective of this program is to increase its domestic refinery utilization rates to 90% from current levels of 10-20%, Kragha said speaking to Platts in Cape Town on the sidelines of the African Refiner Association conference.