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2018-06-13 13:15:00

SAUDIS OIL PRODUCTION: 10 MBD

SAUDIS OIL PRODUCTION: 10 MBD

BLOOMBERG - Saudi Arabia boosted daily oil output in May to the highest level since October, ahead of meetings with Russia and other global producers next week where they may propose raising production even further and phasing out 18 months of voluntary cuts.

Saudi Arabia, which along with Russia is trying to garner support for lifting output limits, told the Organization of Petroleum Exporting Countries that its daily production rose 162,000 barrels a day to 10.030 million in May compared with the previous month, a person with knowledge of the data said, asking not to be identified because the information isn't public.

Saudi Arabia and Russia may propose a gradual production increase at the June 22-23 meetings in Vienna, intending to offset any supply disruptions in Iran and Venezuela. Riyadh pledged to pump no more than 10.058 million barrels a day under OPEC's output-cuts agreement with Russia and other allies outside the group. The desert kingdom usually boosts output in summer months as domestic demand for fuel rises.

Russia too is showing signs of a weaker commitment to supply cuts as its production increases before talks with OPEC about the future of the accord for limiting output. The nation boosted crude supply to the highest in 14 months in the first week of June as some companies breached their caps, a person with knowledge of the matter said.

The U.S. is said to have asked Saudi Arabia and others to relax output restraints put in place in early 2017 as prices near $80 a barrel pose a threat to economic growth.

Iraq on Monday joined Iran and Venezuela in opposing any plans to start boosting crude output. OPEC should resist pressure to increase oil supplies as the production cuts haven't yet achieved their purpose, with oil prices still below the desired level, Oil Minister Jabbar al-Luaibi said in a statement.

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Earlier:

 W.Asia
2018, June, 6, 12:20:00

OPEC - RUSSIA OPINION

REUTERS - “We have to look into the situation which has panned out on the market today, from the point of view of the volume cuts, inventories decline, shortages on the market, and to adjust the figures,” Novak told reporters.

W.Asia
2018, May, 30, 14:05:00

МЫ НАЙДЕМ КОМПРОМИСС

МИНЭНЕРГО РОССИИ - «Я думаю, что мы найдем общее согласие, общий компромисс. Все страны заинтересованы в стабильной ситуации на рынке. Никто не заинтересован в том, чтобы создавать перегрев на рынке», - отметил Министр.

 W.Asia
2018, May, 30, 13:50:00

OPEC: CONFORMITY LEVEL 152%

OPEC - The JMMC reported that participating countries have achieved a conformity level of 152% during the fourth month of the second year of the Declaration of Cooperation. This demonstrates the commitment of participating countries to the restoration of market stability, which is intended to serve the long term interests of producers, consumers and the global economy.

 W.Asia
2018, May, 28, 11:40:00

БУДЕТ ПЛАВНОЕ СОКРАЩЕНИЕ

МИНЭНЕРГО РОССИИ - «В целом, все согласны, что нужно этот вопрос очень серьезно обсудить на Министерской встрече, которая состоится в июне в Вене. Там будут предложены различные варианты. Но, скорее всего, это будет плавное сокращение. Наша задача – и не дестабилизировать рынок нефти, и не перегреть его», - сказал Александр Новак

 W.Asia
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."

 W.Asia
2018, May, 16, 12:30:00

OIL MARKET BALANCE

PLATTS - "It is too early to say [what the impact of the US decision on the oil market will be]. In any case, we have all the tools that could be used to balance the market," Novak said, commenting on the potential impact of the move on the oil markets.

 W.Asia
2018, May, 14, 11:30:00

SAUDIS - RUSSIA COORDINATION

FT - “Any action will be taken in co-ordination with other producers,” the person said on Wednesday, adding that Saudi Arabia was already in talks with Russia and other producers, including the UAE.

Tags: SAUDI, ARABIA, OIL, PRODUCTION