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Dear friends! For more than three years I've been telling you about the main news, events, trends in the world oil and gas market. I do it for free and without advertising. Therefore I ask you for help. Wognews needs development. You are more than 20 000 people from more than 80 countries. If each donate a small amount of money, $10, $20, $30 or more, wognews will become better. Thank you, Vladimir Vinogradov, the founder of wognews.
2017-08-31 12:25:00

SAUDIS - RUSSIA OIL DEAL

SAUDIS - RUSSIA OIL DEAL

WSJ - 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.

Saudi Arabia's energy minister Khalid al-Falih discussed the proposal with his Russian counterpart, Alexander Novak, in July at a meeting in St. Petersburg about compliance with the production cap, according to two of the people familiar with the matter.

The two ministers, who are the most powerful figures among the producing countries participating in the cut, have been lobbying for support from other countries since the St. Petersburg meeting, the people said.

Neither minister responded immediately to a request for comment.

The Organization of the Petroleum Exporting Countries joined forces with 11 non-OPEC nations late last year to reach a production deal aimed at ending a global glut that has weighed on oil prices and shaken energy-rich economies.

But so far, the pact has failed to lift oil prices to levels desired by OPEC, in part because American shale producers ramped up output. The deal also has been undermined by relatively low compliance by some producers.

An OPEC official confirmed that a three-month extension was discussed at the St. Petersburg meeting and is being considered by OPEC leaders.

The original output deal was renewed at the end of May and is in place through the end of March. Efforts to extend the deal now are aimed at ensuring that there isn't another precipitous price drop.

"There are concerns that if OPEC and non-OPEC producers exit the market in March, traders will react quite negatively to it and behave as if the market is in a free fall," one senior Saudi oil official said.

"This also ensures that producers won't pump full tilt and push prices down," he said.

Venezuelan Oil Minister Eulogio del Pino is scheduled to visit Russia and Saudi Arabia ahead of a planned Sept. 22 meeting in Vienna to discuss compliance and a possible extension of the deal, according to the official.

The proposal to extend the deal also was discussed with other Gulf producers who are part of OPEC, according to that official and another person familiar with the matter.

Mr. Falih and Mr. Novak previously had said they would "do whatever it takes" to reduce the inventory overhang, using a phrase coined by European Central Bank President Mario Draghi five years ago in his successful bid to defend the euro.

"Mr. Falih in particular remains very committed to this promise and for now he thinks what it takes now is more commitment from the producers and an extension to the deal," said a senior oil senior from one of the non-OPEC producers participating in the deal.

-----

Earlier:

SAUDIS: 

     

 RUSSIA:

 

SAUDI'S DEFICIT DOWN

SAUDIS DEFICIT DOWN SAUDIS DEFICIT DOWN Saudi Arabias state budget deficit shrank by a fifth from a year earlier in the second quarter of this year as revenues rose moderately and spending fell marginally, finance ministry figures showed on Sunday. S ...
2017-08-14
     

IRAN, RUSSIA,TURKEY COOPERATION

СОТРУДНИЧЕСТВО ИРАНА, РОССИИ И ТУРЦИИ IRAN, RUSSIA,TURKEY COOPERATION Иран, РФ и Турция подписали соглашение по финансированию нефтегазовых проектов Iran, Russia and Turkey signed agreement on maintaining trilateral cooperation in developing oil and ...
2017-08-16
 

SAUDI'S GDP GROWTH: ZERO

... se to zero as oil GDP declines in line with Saudi Arabia’s commitments under the OPEC+ agreement. Non-oil growth is projected to pick up to 1.7 percent in 2017, but overall real GDP growth is expected to be close to zero as oil GDP declines in line w ...
2017-07-24
     

RUSSIA SANCTIONS AGAIN

RUSSIA SANCTIONS AGAIN RUSSIA SANCTIONS AGAIN The legislation, if enacted, is a big political win for members of Congress who want to take a strong stance on Russia, Elizabeth Rosenberg, a senior fellow and director of the energy, economics and secur ...
2017-07-24
 

SAUDIS WILL CUT

SAUDIS WILL CUT SAUDIS WILL CUT Saudi Arabia will cut crude oil shipments to its customers in August by more than 600,000 barrels per day to balance the rise in domestic consumption during the summer, while staying within its OPEC production commitme ...
2017-07-12
     

RUSSIA'S INVESTMENT POTENTIAL

RUSSIAS INVESTMENT POTENTIAL RUSSIAS INVESTMENT POTENTIAL Russia is among the leading energy countries today. We see colossal unrealized potential for cooperation, for investment -- we will continue working on implementing it with all the interested ...
2017-07-12
 

SAUDIS OIL RESOURCES UP

... IS OIL RESOURCES UP SAUDIS OIL RESOURCES UP Saudi Arabia effectively grew its recoverable oil resources by 73 billion barrels this year after lower tax rates for state producer Saudi Aramco boosted the countrys estimated prospective resources. Saudi ...
2017-06-21
     

OPEC & NON-OPEC AGREEMENT

... akhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan, taking into account the decision reached by OPEC at the 172nd Meeting of the Conference, recognized the need for continuing coop ...
2017-05-26
 

SAUDIS FINANCIAL PRESSURE

... INANCIAL PRESSURE SAUDIS FINANCIAL PRESSURE Saudi Arabia will go into the meeting of OPEC and non-OPEC producers in Vienna on May 25 determined to maximize its oil revenue through high prices, even if it must make large production cuts in return. Sau ...
2017-05-22
     

RUSSIAN OIL REDUCTION

RUSSIAN OIL REDUCTION RUSSIAN OIL REDUCTION Russia itself is now slightly overcomplying with its commitment to cut 300,000 b/d of oil production from October levels, having achieved a 310,000 b/d cut since the beginning of the month. Russia itself is ...
2017-05-24
 

SAUDI'S OIL POLICY

SAUDIS OIL POLICY SAUDIS OIL POLICY Saudi Arabia’s conventional approach to market management is no longer working: crude has fallen back below $50 a barrel, US shale oil output is again on the rise and Saudi-led Opec, if anything, is worse off than ...
2017-05-10
     

RUSSIAN STRUCTURAL REFORMS

RUSSIAN STRUCTURAL REFORMS RUSSIAN STRUCTURAL REFORMS IMF - advancing decisively on the structural reform agenda to improve growth potential and rebalance growth towards non-commodity sectors. IMF - advancing decisively on the structural reform agend ...
2017-05-22
 

SAUDI'S IPO $2 TLN

... pany listing of all time,” Khalid al-Falih, Saudi Arabia’s energy minister, told. “This is going to be the most transparent national oil company listing of all time,” Khalid al-Falih, Saudi Arabia’s energy minister, told. ...
2016-11-16
     

RUSSIA - SAUDI COMPETITION

RUSSIA - SAUDI COMPETITION RUSSIA - SAUDI COMPETITION The deal between Essar and a consortium led by Kremlin oil giant Rosneft (ROSN.MM) appeared dead in the water two months ago after Saudi state energy firm Aramco weighed in, according to seven Rus ...
2016-11-16

 

 

Tags: SAUDI, RUSSIA, OIL, OPEC

Chronicle:

SAUDIS - RUSSIA OIL DEAL
September, 22, 09:20:00

OIL PRICE: NOT ABOVE $57

International benchmark Brent crude futures were at $56.51 a barrel at 0644 GMT, up 8 cents, or 0.14 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 12 cents, or 0.24 percent, at $50.67 per barrel.

SAUDIS - RUSSIA OIL DEAL
September, 22, 09:15:00

СОТРУДНИЧЕСТВО АЛЖИРА И РОССИИ

Руководители энергетических ведомств России и Алжира обсудили состояние и перспективы двустороннего сотрудничества, а также совместную деятельность в многосторонних форматах, в том числе взаимодействие в рамках Форума стран-экспортеров газа. Также речь шла о взаимодействии в рамках соглашения ОПЕК+ по сокращению объемов добычи нефти. Стороны подтвердили приверженность исполнению взятых обязательств по достижению скорейшей ребалансировки нефтяного рынка.

SAUDIS - RUSSIA OIL DEAL
September, 22, 09:10:00

ГАЗ РОССИИ ДЛЯ МАРОККО

Александр Новак отметил, что Россия занимает лидирующие позиции в мире в области топливно-энергетического комплекса, в частности, первое место по добыче нефти, второе место по добыче газа. «При этом Россия - номер один по экспорту газа. Мы добываем 670 млрд кубических метров газа, из них 220 млрд поставляем в другие страны различными способами – трубопроводным и сжиженным», - подчеркнул Министр.

SAUDIS - RUSSIA OIL DEAL
September, 22, 09:05:00

НОВЫЕ ТЕХНОЛОГИИ РОССИИ

Кирилл Молодцов также сообщил о применении новых технологий в сфере нефтегазодобычи. «Из общего количества технологий, а их насчитывается примерно 600, более 300 производятся в России. Более двухсот имеют российские наработки и аналоги, то есть практически имеют стадию разработки проекта. Есть технологии, которые нас сильно волнуют, и мы будем развивать их дальше. Это абсолютно автономные системы добычи, окончание морских месторождений, забуривание, возможности создания и развития проектов в Арктике», - заключил Кирилл Молодцов.

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