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2018-03-26 08:00:00

NEW OPEC RECORD: 138%

NEW OPEC RECORD: 138%

OPEC - Participating OPEC and non-OPEC producing countries have set a new record in February with their voluntary production adjustments, achieving a level of 138%, according to the OPEC-non-OPEC Joint Ministerial Monitoring Committee (JMMC).

The Declaration of Cooperation continues to have a transformative effect on the global oil industry. Participating countries, working in concerted action, have once again demonstrated their dedication to expediting the rebalancing of the oil market. This has benefitted a broad range of energy stakeholders, including producers and consumers, as well as the world economy.

February continued the accelerated rebalancing path witnessed in recent months. OECD commercial stocks fell to 2,855 mb in February, further reducing the global inventory glut.

Given the success of the Declaration of Cooperation, the JMMC called on participating countries to consider further opportunities to institutionalize their collaboration.

The Committee stressed that all participating countries should strive to achieve or exceed full conformity with their voluntary production adjustments.

The next meeting of the JMMC will take place in Jeddah, Saudi Arabia, in April 2018.

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Earlier:

 OPEC OIL PRODUCTION: 32.19 MBD
2018, March, 16, 10:25:00

OPEC OIL PRODUCTION: 32.19 MBD

PLATTS - Demand for OPEC crude will average 32.61 million b/d in 2018, the organization calculated, a 200,000 b/d decrease from last month's projection.

 

 OPEC OIL PRICE: $66.85
2018, March, 9, 13:40:00

OPEC OIL PRICE: $66.85

OPEC - The OPEC Reference Basket increased for the fifth-straight month in January, gaining a sharp 7.7% to average $66.85/b, the highest monthly average since November 2014. Oil prices were supported by continuing efforts by OPEC and participating non-OPEC producers to balance the market and ten consecutive weeks of crude inventory draws amid healthy economic growth and improving oil demand.

 

 RESPONSIBILITY TO THE MARKET
2018, March, 5, 11:30:00

RESPONSIBILITY TO THE MARKET

REUTERS -“We all should look with responsibility to the market in order to keep the balance in the market as much as we can so as not to harm investors,” said Ali Nazar, Iraq’s national representative to OPEC.

 

 OPEC - RUSSIA COOPERATION
2018, February, 27, 14:00:00

OPEC - RUSSIA COOPERATION

PLATTS - "I think we are seeing more cooperation, and my hope is that this group of OPEC and non-OPEC will incentivize the adequate investments among themselves to ensure we have adequate supply in the market," he said. "My worry is not an oversupply. My worry is an undersupply. Everyone is expecting that we will have more demand coming in the future."

 

 SAUDI - IRAQI TALKS
2018, February, 16, 23:25:00

SAUDI - IRAQI TALKS

AOG - Saudi Arabia's Energy Minister Khalid al-Falih has said that the recent talks with his Iraqi counterpart stressed the need to strengthen commitment to a OPEC-led agreement to reduce crude output.

 

 RUSSIA - OPEC RELATIONSHIP
2018, February, 14, 10:10:00

RUSSIA - OPEC RELATIONSHIP

PLATTS - "We understand that global demand for oil will continue to grow rapidly and this demand will need to be met, so we will likely need to work together, including on upstream technology and joint projects to meet this growing demand," Novak said.

 

 OPEC'S CONSTRUCTIVE ROLE
2018, January, 22, 08:40:00

OPEC'S CONSTRUCTIVE ROLE

OPEC - HH Sheikh Sabah praised all 24 participating countries, both OPEC and non-OPEC, for their joint efforts towards restoring much needed oil market stability, as well as keeping faith in the collaborative approach which is at the heart of the ‘Declaration of Cooperation’.

 

 

Tags: OPEC, RUSSIA, OIL, PRODUCTION

Chronicle:

NEW OPEC RECORD: 138%
2018, April, 20, 09:00:00

IRAN NEED NEW MARKETS

SHANA - The CEO of the Iranian Gas Commercial Company (IGCC) said his company, as the sole exporter of gas products in Iran, is currently seeking new markets for exporting liquefied petroleum gas (LPG).

NEW OPEC RECORD: 138%
2018, April, 20, 08:55:00

UZBEKISTAN - LUKOIL GAS

LUKOIL - LUKOIL has commissioned a Gas Processing Complex at the Kandym fields cluster in Uzbekistan. The official opening ceremony was attended by the President of the Republic of Uzbekistan Shavkat Mirziyoyev, Minister of Energy of the Russian Federation Aleksander Novak, Ambassador Extraordinary and Plenipotentiary of the Russian Federation to the Republic of Uzbekistan Vladimir Tyurdenyov, Ambassador Extraordinary and Plenipotentiary of the Republic of Korea to the Republic of Uzbekistan Kwon Yong Woo and the President of PJSC "LUKOIL" Vagit Alekperov.

NEW OPEC RECORD: 138%
2018, April, 20, 08:50:00

ENI INVESTMENT €7 BLN

ENI - Eni will invest €7 billion in Italy over the next four years, including €1 billion in green activities

NEW OPEC RECORD: 138%
2018, April, 20, 08:45:00

SEADRILL'S BANKRUPTCY OFF

REUTERS - Offshore oil driller Seadrill (SDRL.OL) plans to emerge from Chapter 11 bankruptcy in late June or early July to catch the rising wave of rig market activity, its chief executive told said on Wednesday.

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