"When these factors are taken together I can only conclude that the supplies coming from marginal barrels including shale production will not be sufficient to meet the future need for incremental capacity the mid-term," Falih said. "The market balance is already pointing in that direction," he added.
Indonesia, which produces around 730,000 b/d of crude, relies on imports to meet domestic demand of 1.4 million b/d, with Nigeria accounting for 18% of oil imports.
Qatar faces rising competition from a tide of new LNG from sources including Australia, which is expected to surpass it as the world's top exporter by 2019.
Saudi Aramco today signed agreements with major U.S. companies which will pave way for the company to enhance its business synergy with the U.S. as well as attracting investments from its U.S. counterparts to the Kingdom.
Total petroleum deliveries in April moved up by 1.7 percent from April 2016 to average 19.6 million barrels per day. These were the highest April deliveries in nine years, since 2008. Compared with March, total domestic petroleum deliveries, a measure of U.S. petroleum demand, decreased 0.3 percent. For year to date, total domestic petroleum deliveries moved up slightly by 0.1 percent compared to the same period last year to average 19.4 million barrels per day.
Rosneft and Eni S.p.A. entered into a Cooperation extension agreement in the areas of upstream, refining, marketing and trading during the visit of an Italian delegation to Russia. The document was signed by Rosneft CEO Igor Sechin and Eni CEO Claudio Descalzi in the presence of Russian President Vladimir Putin and Italian Prime Minister Paolo Gentiloni.
«Такие масштабные газотранспортные проекты как «Сила Сибири» и проект «Ямал СПГ» уже реализуются. Изучается возможность реализации проекта Азиатского энергокольца, предполагающего объединение энергосистем России, Китая, Монголии, Корейского полуострова и Японии. Эти инициативы внесут весомый вклад в обеспечение глобальной энергетической безопасности», - подчеркнул Александр Новак.
Construction of the TurkStream gas pipeline was commenced in the Black Sea near the Russian coast.
One of the highest priorities in Russia's gas export and marketing strategy is establishing its own southern corridor for gas exports to Europe, in competition with the EU-backed project.
Nord Stream 2 AG signed financing agreements for the Nord Stream 2 pipeline project with ENGIE, OMV, Shell, Uniper and Wintershall.