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2018-05-28 11:25:00

OPEC - RUSSIA CONSULTATIONS

OPEC - RUSSIA CONSULTATIONS

PLATTS - The OPEC-led coalition plans to conduct consultations with various countries on potential gradual increase in oil production ceilings within the next weeks, with the changes likely to be implemented in the second half of the year, Saudi Arabia's energy minister Khalid Al-Falih said Friday.

OPEC has begun consultations with Russia and plans to contact other countries in coming weeks to discuss potential change in the production cut quotas as the group is close to reaching its goal of market rebalancing, Falih said.

His comments followed a meeting between Falih and Russia's energy minister Alexander Novak earlier in the day.

 "At end of the day as important as Russia and Saudi Arabia are in terms of the largest countries, we have to be sensitive to views of all countries and will be consulting with all of them," Falih told a key energy session at the St Petersburg International Economic Forum.

 He reiterated the group plans a gradual increase in production, but concrete figures are yet to be specified to ensure "the supply is adequate."

 "What I can tell you is that different numbers have been looked at," he said, adding that all the decisions are to be taken by the ministerial meeting of OPEC and non-OPEC countries in late June in Vienna.

 Novak, speaking at the same panel, said if the decision was taken that softening in the production quotas was needed, "it will be as of the third quarter." The production cut deal by 24 OPEC and non-OPEC countries to remove 1.8 million b/d of crude from the market to help balancing the markets has been in force since January 2017, with the possibility of revision next month.

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Earlier:

 Upstream
2018, May, 25, 10:50:00

RUSSIA - SAUDIS DISCUSSION

FT - "We will discuss the current situation, the outlook and possible further actions to be taken within the framework of our deal. Speaking of relaxing the deal: it is possible but should be based on a thorough analysis of the situation," Mr Novak told the Financial Times. "Generally speaking, we are quite flexible."

 Upstream
2018, May, 18, 09:10:00

TIGHT MARKET BALANCE

IEA - Because of rising prices, we lowered our estimate for 2018 global oil demand growth by 40 kb/d to 1.4 mb/d, and we increased our expectation for US oil production growth this year by 120 kb/d.

 Upstream
2018, May, 4, 15:35:00

RUSSIAN CONFORMITY THE DEAL

PLATTS - On Wednesday the Central Dispatching Unit said Russia produced 44.878 million mt of liquids in April. This is equivalent to around 10.965 million b/d, using Platts conversion rate of 7.33 barrels per metric ton. This indicates Russia's compliance was 94%, at 282,000 b/d below the October 2016 level of 11.247 million b/d.

 Upstream
2018, April, 23, 14:50:00

РОССИЯ - ОПЕК: 149%

МИНЭНЕРГО РОССИИ - страны ОПЕК и государства, не входящие в ОПЕК, выполнили соглашение по добровольной корректировке объемов добычи нефти на 149%, что является самым высоким показателем в истории соглашения.

 Upstream
2018, April, 23, 14:45:00

РОССИЯ И САУДОВСКАЯ АРАВИЯ - ПАРТНЕРЫ

МИНЭНЕРГО РОССИИ - «Активная позиция позволила обеспечить консенсус ведущих стран-производителей нефти по вопросу реализации «венских соглашений» о добровольной корректировке добычи нефти. Рынок видит успехи наших усилий по сокращению объемов запасов и реагирует позитивным образом", - отметил Александр Новак.

 Upstream
2018, April, 20, 09:20:00

OIL STOCKS & PRICES UP

FT - Oil prices hit their highest level since 2014 on Thursday, moving above $74 a barrel and lifting energy companies to the top of global stock indices.

 

 Upstream
2018, April, 16, 09:45:00

OIL DEMAND UP TO 1.5 MBD

IEA - Globally, we expect oil demand to grow by 1.5 mb/d in 2018. However, there is an element of risk to this outlook from the current tension on trade tariffs between China and the US,

 

 

 

 

Tags: RUSSIA, OPEC, OIL, PRODUCTION