RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2015-12-04 21:45:00

IEA TRUSTS SAUDI

IEA TRUSTS SAUDI

The head of the oil consumers' watchdog group said on Thursday that he believed top exporter Saudi Arabia would "act responsibly" in the market, citing its reputation in helping balance global supplies.

The comments by Fatih Birol, who took over the top role at the International Energy Agency in September, came in response to a report that the kingdom would make a surprise proposal to other OPEC members meeting in Vienna to cut output next year, provided certain stringent conditions were met.

A senior Saudi source called the report "baseless" and other top suppliers Iran and Russia quickly reiterated their objections to accepting any curbs.

"I trust Saudi Arabia will act responsibly in line with its reputation," Birol, who worked for OPEC before joining the IEA 20 years ago, told Reuters on the sidelines of a the global climate change summit in Paris.

"It's up to them to decide, but Saudi Arabia's reputation is that it provides comfort to the market and balances it."

He did not elaborate on the comments. The Paris-based IEA was established four decades ago to provide a counterweight to OPEC following the Arab oil embargo, and traditionally maintains a laissez faire policy toward markets.

Oil prices have collapsed from more than $100 a barrel last summer to nearly $40 a barrel after Saudi Arabia led a decision to maintain production in the face of a deep glut, a switch from its longstanding policy of modifying output in order to avoid the world from becoming oversatured or running short of oil.

Birol also reiterated his concerns that the recent extended period of lower prices - U.S. crude is set for its lowest yearly average price in a decade - may be setting the world up for a rebound within two years as companies scrap major new projects.

"There is a lot of oil on the markets. Inventories are very high, but as of 2017, we expect prices to rise and reach about $80 by 2020," he said, reiterating an IEA projection.

The world needs to generate around 5 million barrels per day (bpd) new supply a year just to stand still as older fields decline by about 4 million bpd a year and demand grows by 1 million bpd, he said. The drop in new investment risks leaving the market short in just a few years' time.

"This is the first time in the last three decades that there is a decline for two years in a row."

reuters.com

-----

More: 

OPEC'S PROGNOSES 

OIL PRICES UP 

DEPRESSED OIL PRICES 

SAUDI INVESTMENT TO INDONESIA 

СОТРУДНИЧЕСТВО РОССИИ И САУДОВСКОЙ АРАВИИ

Tags: IEA, SAUDI, OIL, PRICES
Chronicle:
IEA TRUSTS SAUDI
2021, December, 6, 12:39:00
TRANSPORTATION OIL AND GAS CONGRESS, 21th-22th of February, 2022
Business and Technical Views On The Market At The Transportation Oil and Gas Congress 2022
IEA TRUSTS SAUDI
2021, December, 6, 12:38:00
LEARN THE LATEST GLOBAL LNG TRENDS WITH LNGCON 2022
The next edition of the International LNG Congress (LNGCON 2022) takes place in Dusseldorf, Germany on March 28-30, 2022. Covering the whole LNG value chain, the Congress brings together decision makers of the industry to tackle the most relevant issues such as the role of LNG in the transition towards zero-carbon shipping.
IEA TRUSTS SAUDI
2021, December, 6, 12:37:00
ENERGY WEEK CENTRAL ASIA & MONGOLIA 2022
To learn more, join the upcoming high-level international investment conference Energy Week Central Asia & Mongolia 2022, which will take place on 26-28th April in Tashkent.
IEA TRUSTS SAUDI
2021, December, 6, 12:36:00
WORLD GAS CONFERENCE 2022
The 28th World Gas Conference (WGC 2022) takes place in Daegu, the energy city of Korea in May 2022.
IEA TRUSTS SAUDI
2021, December, 6, 12:35:00
U.S. LNG CANCELLED $10 BLN
Pembina Pipeline Corp has officially cancelled its US$10bn Jordan Cove LNG terminal in Coos Bay, Oregon (United States) after the company failed to secure state-issued permits and authorizations from various Oregon state agencies.
IEA TRUSTS SAUDI
2021, December, 6, 12:30:00
BRITAIN'S WIND POWER 1.2 GW
The 3,600 MW Dogger Bank offshore wind project is developed in three 1,200 MW phases, by SSE, Equinor and Eni.
IEA TRUSTS SAUDI
2021, December, 6, 12:25:00
ДОХОДЫ РОССИИ +396,8 МЛРД.РУБ.
Ожидаемый объем дополнительных нефтегазовых доходов федерального бюджета, связанный с превышением фактически сложившейся цены на нефть над базовым уровнем, прогнозируется в декабре 2021 года в размере +396,8 млрд руб.
All Publications »