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
2022, October, 6, 13:04:00
2022 SAUDI PIPELINES INTERNATIONAL CONFERENCE & EXIBITIONS
Eventat Co (a Saudi local company) is hosting the first-ever “2022 Saudi Pipelines International Conference & Exhibitions” from 4-6 October, 2022 at the Dhahran Expo, Dammam (Eastern Province), Kingdom of Saudi Arabia. The three-day conference and exhibition are dedicated to bringing together over “50+ Regional/International speakers, 100+ Sponsors/Exhibitors, 1000+ Delegates and 3000+ Visitors” from around the globe who carry significant interest in enhancing the pipelines lifecycle for the current and future.
IEA TRUSTS SAUDI
2022, October, 6, 13:03:00
INTERNATIONAL CONGRESS AND EXIBITION TURKEY & BLACK SEA OIL AND GAS
International Congress and Exhibition Turkey & Black Sea Oil and Gas is an international, professional platform, bringing together over 200 C-suite executives from vertically integrated oil companies, general directors, CTOs of oil refineries, gas processing plants and petrochemical facilities, initiators of investment projects on oil and gas extraction from Turkey and countries of the Black Sea area, officials of regulatory authorities, licensors of production technologies and world suppliers for the industry.
IEA TRUSTS SAUDI
2022, October, 6, 13:02:00
TRANSPORTATION OIL AND GAS CONGRASS 2023 (TOGC 2023)
Transportation Oil and Gas Congress 2023 (TOGC 2023) takes place on February 20-21, 2023. The Congress brings together representatives from the whole pipeline chain and focuses on both strategic and technical issues of the oil and gas pipeline transportation.
IEA TRUSTS SAUDI
2022, October, 6, 13:01:00
Pipelines In A Sustainable Future And Other Highlights Of TOGC 2023(TOGC 2023)
Transportation Oil and Gas Congress (TOGC) is held on February, 20-21, 2023, Istanbul, Türkiye. During 2 days of intensive networking participants get direct access to the whole pipeline chain. Among the highlights of the program are Panels, show type sessions based on discussion between panelists. They discuss the role of pipelines in a sustainable future, digital transformation and optimization of the pipeline industry, pipeline economics and pipeline integrity, H2 in Gas Grid.
IEA TRUSTS SAUDI
2022, October, 6, 13:00:00
RUSSIAN NUCLEAR FOR BRAZIL
Russia and Brazil already have ties in the nuclear energy field with an MoU signed in 2017 by Rosatom and Brazil’s Electrobras and Electonuclear to promote cooperation in nuclear power.
IEA TRUSTS SAUDI
2022, October, 6, 12:59:00
9TH INTERNATIONAL LNG CONGRESS LNGCON 2023
9th International LNG Congress (LNGCON 2023) 6-7 March, 2023 Link to the Congress website: https://bit.ly/3tXVmr7
IEA TRUSTS SAUDI
2022, October, 6, 12:58:00
DISCUSSING LNG MARKET TRENDS AT LNGCON 2023
The closed-door International LNG Congress 2023 assembles top-level management and technical representatives of the LNG industry to discuss prevailing questions and present innovative solutions in Dusseldorf, Germany on March, 6-7, 2023.
All Publications »