Здравствуйте. Вся информация этого сайта бесплатна. Вы можете сделать пожертвование и поддержать наше развитие. Спасибо.

Hello. All information of this site is free of charge. You can make a donation and support our development. Thank you.

2017-10-20 12:35:00

OPEC AND RUSSIA CUTTING

OPEC AND RUSSIA CUTTING

FTRussia's readiness to back an extension of the supply cuts agreement between Opec and its allies until the end of 2018 has prompted oil ministers to seek widespread support for the proposal, Opec's secretary-general said on Thursday.

Mohammad Barkindo said Saudi Arabia's energy minister Khalid al-Falih and his Russian counterpart Alexander Novak were taking their "cue" from Russia's president Vladimir Putin and "engaging" the other participating countries.

The latest remarks are the strongest indication yet that the production cuts, which came into effect in January and were enacted with the support of the highest authorities in Russia and Saudi Arabia, could be extended until the end of 2018.

"He gave a very pointed answer, which we are taking very seriously — this was the president talking," said Mr Barkindo about the Russian president's comments this month.

When asked how long a potential extension could be, Mr Putin had said: "If we are talking about timeframes, then until the end of 2018 as a minimum."

Speaking to reporters on the sidelines of the Oil & Money conference in London, Mr Barkindo said Mr Falih was on a tour of Opec member countries "to build consensus" while Mr Novak was speaking with nations outside of the cartel.

Oil ministers will meet next month in Vienna.

Saudi Arabia and Russia, countries that produce roughly a fifth of global oil supplies, reaffirmed their pledge to shrink a global oil glut when the leaders of the two energy superpowers met in Moscow early in October.

Mr Barkindo said the supply curbs, alongside robust demand for crude, were helping to reduce global excess oil inventories. "There has been a massive drainage of oil tanks across all regions, in terms of both crude and [refined] products."

Brent crude, the international benchmark, has risen more than 20 per cent since the cuts were first agreed late last year to just over $57 a barrel.

"There is no doubt that the market is rebalancing at an accelerating pace," said Mr Barkindo. "Stability is steadily returning and there is far more light at the end of the dark tunnel."

Opec countries and producers from outside the cartel such as Russia agreed to curb output by about 1.8m barrels a day from January for an initial six-month period. This was later extended until March 2018.

The pact, Mr Barkindo said, had "laid the much-needed foundations" for oil market stability. "It is vital that this platform is not only retained, but built upon," he added.

Mr Barkindo suggested it was unlikely that Libya and Nigeria, which have been exempt from the cuts deal because of conflict in both nations, would be brought into the supply cuts deal next month.

"They still have significant challenges of funding, of security, and other challenges," he said.

Some oil market participants have said increases in output from these countries during this year had somewhat undermined the impact of supply cuts on the oil market. Robust US shale production and poor conformity from several participating members in the deal have also kept a ceiling on prices.

-----

Earlier:

OPEC EXPECTATION
2017, October, 16, 11:40:00

OPEC EXPECTATION

The Organization of Petroleum Exporting Countries and allies including Russia have been cutting oil production this year to bring fuel inventories in industrialized nations back in line with the five-year average.

 
 NEW OIL COALITION
2017, October, 6, 12:50:00

NEW OIL COALITION

As the world's two largest oil producers, Saudi Arabia and Russia have led the 24-country OPEC/non-OPEC coalition in its 1.8 million b/d supply cut, which is scheduled to end in March.

 SAUDIS - RUSSIA OIL DEAL
2017, August, 31, 12:25:00

SAUDIS - RUSSIA OIL DEAL

Top oil producers Saudi Arabia and Russia are pushing to extend their deal to limit crude oil production for another three months, which would leave the output deal between OPEC and non-OPEC producers in place through the end of June, people familiar with the matter said.

 OPEC: GLOBAL OIL DEMAND WILL UP TO 97.8 MBD
2017, August, 16, 09:30:00

OPEC: GLOBAL OIL DEMAND WILL UP TO 97.8 MBD

OPEC said world oil demand in 2018 will grow 1.28 million b/d from 2017 levels, meaning that total oil consumption is expected to hit a new record high of 97.8 million b/d in 2018.

 

 OPEC OIL PRODUCTION UP 173 TBD
2017, August, 14, 14:25:00

OPEC OIL PRODUCTION UP 173 TBD

Total crude oil production from the Organization of Petroleum Exporting Countries increased 173,000 b/d month-over-month in July to average 32.87 million b/d.

 РЫНОК БУДЕТ ЛУЧШЕ
2017, July, 7, 08:10:00

MARKET WILL BE BETTER

Novak said prices had room to rise from current levels and said inventories in industrialized nations were expected to ease back to the five-year average thanks to the decision by OPEC and its allies to extend supply curbs from the first half of 2017 to the first quarter of 2018.

 MORE MONEY FOR OPEC
2017, June, 30, 08:35:00

MORE MONEY FOR OPEC

OPEC's first output cut in eight years has earned the group $1.64 billion a day so far this year, up more than 10 percent from the second half of 2016, according to Reuters calculations based on OPEC figures for average production and its crude basket price up until June 20.

 

 

Tags: OPEC, RUSSIA, SAUDI, ARABIA

Chronicle:

OPEC AND RUSSIA CUTTING
2018, January, 19, 12:15:00

S.KOREA'S DIVERSIFICATION

PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.

OPEC AND RUSSIA CUTTING
2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

OPEC AND RUSSIA CUTTING
2018, January, 19, 12:05:00

TOSHIBA SELLS WESTINGHOUSE

WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

OPEC AND RUSSIA CUTTING
2018, January, 17, 23:50:00

OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

All Publications »