“This is going to be the most transparent national oil company listing of all time,” Khalid al-Falih, Saudi Arabia’s energy minister, told.
The Organization of Petroleum Exporting Countries increased its crude oil output by 240,000 b/d during October to average 33.64 million b/d.
Supply growth from nations outside the OPEC will be “just shy” of 500,000 barrels a day, an increase of 110,000 barrels a day from the agency’s forecast last month, it said Thursday. Russian production is likely to grow by 190,000 barrels a day, building on a 230,000-barrel increase in 2016.
OPEC, which pumps about 40 percent of the world’s oil, meets on Nov. 30 in Vienna to try to implement its first cuts in eight years after agreeing to trim output in Algiers at the end of September. Two years ago Saudi Arabia faced an impasse, Al-Naimi said, commenting on OPEC’s decision to pump without limits.
Qatar Petroleum (QP) announced on Monday a joint venture with ExxonMobil called Ocean LNG, tasked with marketing LNG sourced outside the GCC country.
Nabors Industries Ltd. reported the signing of an agreement to form a joint venture in Saudi Arabia to own, manage, and operate onshore drilling rigs. The JV, which will be equally owned by Saudi Aramco and Nabors, is expected to be formed and commence operations in second-quarter 2017.
The worsening OPEC equation presents Saudi Arabia with a difficult choice after its Algiers U-turn: carry a greater burden within the group, ceding market share to other producers, or lose credibility by softening the terms of the deal. In a worst-case scenario, Saudi Arabia will have to cut production by more than 1 million barrels a day, sending the kingdom’s output to a two-year low.
«Сегодня у нас есть общее понимание, что рынок восстанавливается медленно, инвестиции в отрасль находятся на рекордно низком уровне, запасы существенно превышают средние значения за пять лет. Мы видим целесообразность принятия мер для балансировки рынка в ближайшие месяцы с целью возврата инвестиций и снижения волатильности», - отметил Александр Новак, выступая на пресс-конференции по итогам переговоров.
The economic consequences of cheap oil have been severe for Saudi Arabia. Riyadh is burning through foreign-exchange reserves, government contractors have gone unpaid, and civil servants, who make up two-thirds of the labor force, will get no bonus this year. The country’s fiscal deficit is more than 10 percent of gross domestic product, the highest ratio of any Group of 20 nation. The International Monetary Fund forecasts that Saudi economic growth will slow to about 1 percent next year, the worst since 2009. A few banks predict a recession.
An oasis of calm in a hot region, the UAE is at once a critical geo-market and the ideal gateway to the most important oil and gas region in the world.