Здравствуйте. Вся информация этого сайта бесплатна. Вы можете сделать пожертвование и поддержать наше развитие. Спасибо.

Hello. All information of this site is free of charge. You can make a donation and support our development. Thank you.

2014-11-13 21:50:00

SAUDI PRICE WAR

SAUDI PRICE WAR

Saudi Arabia's oil minister broke months of silence on Wednesday to speak publicly about the Gulf nation's stance on the oil market and dismiss claims that it had triggered a "price war".

Ali al-Naimi kept quiet on whether Saudi Arabia would cut output to remove surplus oil from the market in response to dramatically lower Brent crude prices, which are now around the $80 a barrel mark – a four-year low.

But he said the country was working "with other producers to ensure price stability for the interest of producers, consumers and the industry at large", according to Reuters.

Oil market watchers have been holding out for comments from the minister of Opec's largest producer ahead of a gathering of the cartel's members later on this month.

The steep drops in the oil price have prompted chatter about whether Opec will cut production targets in order to defend higher oil prices.

The price plunge in Brent to below $80 on Wednesday – down more than 30 per cent from its mid-June high – has also spurred numerous theories about Saudi Arabia's motives, which Mr Naimi said were "wild and inaccurate conjecture".

Some industry observers have said Saudi Arabia has allowed the oil price to fall to drive down production from US shale rivals, who need higher prices to keep pumping at the same level.

Others have said the Gulf nation was looking to undermine Russia or Iran, whose government coffers are more dependent on higher oil prices to balance budgets.

"Talk of a price war is a sign of misunderstanding, deliberate or otherwise, and has no basis in reality," Mr Naimi said at an event in the Mexican Pacific resort of Acapulco. "We do not set the oil price. The market sets the prices."

The kingdom's own export prices, as calculated by its marketing arm Saudi Aramco, have become a focal point for oil market analysts looking for signals as to what Saudi Arabia is thinking.

Mr Naimi, in response, said that its official selling prices for Asia, the US and Europe were set through a formula that took into account the state of the market and "[nothing] more or less".

"Saudi oil policy has been constant for the last few decades and it has not changed today," he added. "We do not seek to politicise oil . . . for us, it's a question of supply and demand, it's purely business."

Opec's latest monthly report released on Wednesday, the last before the cartel meets in Vienna on November 27, forecast that 2015 demand for its oil would drop to 29.2m barrels a day – almost 1m b/d less than it is currently producing.

This in theory should facilitate a production cut at the upcoming meeting, said analysts at Energy Aspects.

"However, between Saudi Arabia reluctant to reduce output unilaterally and Venezuela, Libya, Iran and Iraq cash-strapped (and hence unlikely to be able to reduce output), it is hard to see how such a cut is achieved."

ft.com

 

 

 

Tags: SAUDI, OIL, PRICE, BRENT, RUSSIA, IRAN, US, OPEC
SAUDI PRICE WAR October, 19, 11:30:00

ТРАГЕДИЯ В КЕРЧИ

SAUDI PRICE WAR October, 19, 11:25:00

OIL PRICE: NOT ABOVE $80

SAUDI PRICE WAR October, 19, 11:20:00

GAS FOR CHINA: THE BIGGEST

SAUDI PRICE WAR October, 19, 11:15:00

RUSSIAN LNG FOR GERMANY

SAUDI PRICE WAR October, 19, 11:10:00

RUSSIAN YAMAL LNG

SAUDI PRICE WAR October, 19, 11:05:00

EXXON'S LNG FOR CHINA

All Publications »

Chronicle:

SAUDI PRICE WAR
2018, October, 19, 11:00:00

NORWAY'S GAS FOR BRITAIN

PLATTS - Norwegian natural gas exports to the UK jumped to their highest in six months Wednesday as consistently high UK prices incentivized flows normally only reserved for wintry periods.

SAUDI PRICE WAR
2018, October, 19, 10:55:00

UZBEKISTAN'S NUCLEAR: $11 BLN

AZERNEWS - The estimated cost of construction of nuclear power plant of Russian design in Uzbekistan will be about $ 11 billion, the launch of the first power unit has been planned for 2028, the Aide to the President of the Russian Federation Yury Ushakov said.

SAUDI PRICE WAR
2018, October, 19, 10:50:00

IRANIAN GAS: 1 BLN CMD

SHANA - Managing Director of the Iranian Gas Engineering and Development Company (IGEDC) Hassan Montazer Torbati said the supply of one billion cubic meters per day of natural gas by National Iranian Gas Company (NIGC) was one of the goals of the company by 2021.

SAUDI PRICE WAR
2018, October, 19, 10:45:00

CHINA - BELGIUM NUCLEAR

WNN - China and Belgium have signed a framework agreement on cooperation in the peaceful use of nuclear energy. The agreement was one of several accords signed in Brussels yesterday during a meeting between Chinese Premier Li Keqiang and Belgian Prime Minister Charles Michel.

All Publications »