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2018-04-13 18:05:00

OPEC - RUSSIA COOPERATION TO 2019

OPEC - RUSSIA COOPERATION TO 2019

REUTERS- OPEC and its oil producer allies are poised to extend their supply-cutting pact into 2019 even as a global glut of crude is set to evaporate by September, OPEC Secretary-General Mohammad Barkindo said on Thursday.

In an interview with Reuters in New Delhi, Barkindo said the initial draft of a longer-term alliance agreement between the Organization of the Petroleum Exporting Countries and non-OPEC producers would be discussed at their June meeting in Vienna.

"There is growing confidence that the declaration of cooperation will be extended beyond 2018," Barkindo told Reuters.

"Russia will continue to play a leading role."

OPEC, Russia and several other non-OPEC producers began to cut supply in January 2017 in an effort to lift oil prices. The pact runs until the end of this year, and the June meeting will see the participants decide their next course of action.

OPEC's de facto leader, Saudi Arabia, has said it would like the pact - under which output is being reduced by about 1.8 million barrels per day (bpd) - to be extended into 2019.

The 14-member, Vienna-based OPEC said its collective output, according to secondary sources, fell by 201,000 bpd to 31.96 million bpd in March from February, driven by declines in Angola, Algeria, Venezuela, Saudi Arabia and Libya.

The figure is below the 32.6 million bpd that OPEC sees as demand for its crude for the whole of 2018.

"We have achieved an over 150 percent conformity level," he said, referring to OPEC's commitments under the supply-cutting pact.

"We have seen an accelerated shrinkage of stocks in storage from unparalleled highs of about 400 million barrels to about 43 million above the five-year average," Barkindo said.

Lower production from OPEC has helped offset booming U.S. shale oil output and with global demand rising by more than 1.5 percent this year, consumers are having to drain stocks.

Barkindo said he expected the global oil market to rebalance in the second to third quarters of 2018, earlier than a previous forecast of the year-end.

OPEC said on Thursday that healthy economic growth, strong car sales and U.S. product consumption should help boost the global market for oil products in coming months.

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Earlier:

 RUSSIA - OPEC UNLIMITED
2018, April, 11, 13:35:00

RUSSIA - OPEC UNLIMITED

PLATTS - Maintaining a long-term oil management alliance with Russia and other allies will allow OPEC producers to react more quickly to changing fundamentals and stabilize the market,

 

 OPEC - RUSSIA UNLIMITED
2018, April, 9, 11:35:00

OPEC - RUSSIA UNLIMITED

PLATTS - Russia is willing to work with the OPEC coalition indefinitely to regulate global oil supplies and has advocated the creation of a new global body to monitor crude markets, the country's energy minister said.

 

 85% GLOBAL OIL DEAL
2018, April, 4, 09:30:00

85% GLOBAL OIL DEAL

BLOOMBERG - The global deal to rein in oil output has removed “85 percent of the problem” of oversupply, and OPEC and allied producers are seeking ways to cooperate after the agreement ends, according to United Arab Emirates Energy Minister Suhail Al Mazrouei.

 

 LONG-TERM OPEC COOPERATION
2018, April, 2, 09:25:00

LONG-TERM OPEC COOPERATION

SHANA - Leaders of the UAE, OPEC’s biggest producer Saudi Arabia and non-OPEC member Russia support extending energy cooperation beyond 2018. Cooperation on the part of a politically influential oil producer like Russia would add to the weight and influence of OPEC in global energy markets, both politically and in terms of decision-making.

 

 NEW OPEC RECORD: 138%
2018, March, 26, 08:00:00

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).

 

 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."

 

 INEVITABLE OIL CHANGES
2017, December, 18, 12:35:00

INEVITABLE OIL CHANGES

OPEC - Sustainable oil market stability is crucial to attract the level of investment necessary for future demand growth; In the longer term, oil will remain a vital and integral part of the energy mix; Global energy and oil demand will grow in the long term;

 

 

 

 

Tags: OPEC, RUSSIA, OIL, PRODUCTION, PRICE

Chronicle:

OPEC - RUSSIA COOPERATION TO 2019
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

OPEC - RUSSIA COOPERATION TO 2019
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

OPEC - RUSSIA COOPERATION TO 2019
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

OPEC - RUSSIA COOPERATION TO 2019
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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