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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.

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Earlier:

SAUDIS: 

     

 RUSSIA:

 

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2016-11-16

 

 

Tags: SAUDI, RUSSIA, OIL, OPEC

Chronicle:

SAUDIS - RUSSIA OIL DEAL
November, 22, 11:05:00

NIGERIA & CHEVRON PROJECT &1.7 BLN

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SAUDIS - RUSSIA OIL DEAL
November, 22, 11:00:00

MAERSK-AKER-HALLIBURTON ALLIANCE

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SAUDIS - RUSSIA OIL DEAL
November, 20, 09:35:00

OIL PRICE: ABOVE $62 YET

REUTERS - Brent crude futures LCOc1, the international benchmark for oil prices, were at $62.56 per barrel at 0439 GMT, down 16 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $56.59 a barrel, up 4 cents, or 0.1 percent, from their last settlement.

SAUDIS - RUSSIA OIL DEAL
November, 20, 09:30:00

ROSNEFT'S WORLD RECORD: 15000 M

Rosneft as a member of Sakhalin-1 Consortium successfully completed drilling of the world's longest well from Orlan platform at Chaivo field in the Sea of Okhotsk. The length of the well with horizontal completion is 15000 m which currently is a world record. This is a supercomplex well with DDI (Directional drilling index) of 8.0 and 14,129 m stepout.

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