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2018-11-16 09:25:00

RUSSIA, OPEC COOPERATION

RUSSIA, OPEC COOPERATION

PLATTS - Russia is committed to continuing its cooperation with OPEC, and is satisfied with current oil prices of around $70/b, President Vladimir Putin said Thursday.

"It is obvious that we need to cooperate with Saudi Arabia, and we are going to cooperate with Saudi Arabia. OPEC plus has been very positive, and we see that in the market situation," Putin told reporters in Singapore during a briefing broadcast on Russia 24.

"I'm not going to say anything about whether or not we need to limit oil production, we have to be very careful, as every word impacts the state budget," Putin said.

Russia is the key non-OPEC participant in the production cut deal with OPEC that has been in force since the beginning of 2017. Participants in the deal will meet in early December to discuss amendments to the deal, which may include a cut in output targets and a move away from using October 2016 production to more recent data as a baseline to measure compliance.

Putin added that he also discussed the oil market situation with US President Donald Trump when the two took part in events to commemorate the end of World War I in Paris at the weekend. Putin and Trump are set to have more in-depth talks on the sidelines of the G20 meeting in Buenos Aires on November 30. Saudi Arabia's King Salman bin Abdulaziz may also take part in the G20.

Despite growing concerns about price volatility, Putin said Russia is satisfied with current prices.

"What we are seeing now, or quite recently, a price of around $70/b is quite satisfactory to us, if we take into account that as you know our budget is based on $40/b," Putin said.

Putin is in Singapore for bilateral meetings with Asian leaders and to take part in the Russia-ASEAN dialog and East Asian Summit. In recent days the Russian delegation, which also includes energy minister Alexander Novak has held bilateral meetings with Chinese, Japanese, South Korean and Indonesian officials.

Developing energy cooperation with Asia is a priority for Russia, which is seeking to diversify its customer base and sources of investment in upstream and infrastructure projects. Risks associated with Western sanctions have further stimulated this cooperation.

 

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Earlier:

 Russia
2018, November, 14, 12:15:00

OIL MARKET UNCERTAINTY

CNBC - Saudi Arabia, OPEC's biggest producer and the world's top crude exporter, intends to cut shipments by 500,000 barrels a day in December, Khalid al Falih, the country's energy minister said on Sunday. Russian Energy Minister Alexander Novak said on Sunday he wasn't convinced the oil market would be oversupplied in 2019. Russia is the world's second biggest oil producer after the United States and, along with Saudi Arabia, plays an influential role in the oil alliance.

 

 Russia
2018, October, 8, 10:45:00

RUSSIA'S - SAUDIS OIL RISKS

PLATTS - "Prices are continuing to rise and I think that proves the point that it is not the fundamentals of oil supply and demand that is behind this price increase," Saudi energy minister Khalid al-Falih said, during a key session of the forum Thursday.

 

 Russia
2018, October, 5, 12:45:00

РОССИЯ: РАВНОВЕСИЕ НА РЫНКЕ

МИНЭНЕРГО РОССИИ - Говоря о динамике цен на энергоресурсы, Александр Новак подчеркнул, что главной задачей как для России, так и для других участников договоренностей о регулировании добычи нефти всегда было балансирование рынка, а не рост стоимости до определенных уровней.

 

 Russia
2018, October, 5, 12:40:00

РОССИЯ: +300 000 БАРРЕЛЕЙ

МИНЭНЕРГО РОССИИ - цифры были названы президентом РФ: мы в краткосрочном периоде можем увеличить еще на 200-300 тысяч баррелей, если при этом будет необходимость и целесообразность, потому что основная задача — баланс спроса и предложения, чтобы не нарушить равновесие на рынке, а наоборот его сохранить.

 

 Russia
2018, October, 4, 15:05:00

ВЗАИМОДЕЙСТВИЕ РОССИИ И ОПЕК

МИНЭНЕРГО РОССИИ - Президент России отметил, что за последние годы у России и ОПЕК сложились плодотворные контакты и эффективное взаимодействие. "Мне кажется, что эта совместная работа пошла на пользу всем участникам рынка. Это касается и производителей, и потребителей энергоресурсов. Благодаря нашим совместным усилиям впервые все участники этих договоренностей практически стопроцентно выполняют все свои обязательства», - отметил Владимир Путин.

 

 Russia
2018, October, 4, 15:00:00

СОТРУДНИЧЕСТВО САУДОВСКОЙ АРАВИИ И РОССИИ

МИНЭНЕРГО РОССИИ - «Видим постоянно растущую заинтересованность российских компаний в налаживании более тесных связей с саудовскими партнерами. Это особенно важно в свете той ответственной роли, которую наши страны играют на региональной и международной арене, особенно в сфере энергетики», - сказал Александр Новак.

 

 Russia
2018, October, 4, 14:45:00

ЦЕНА НЕФТИ: $65 - $75

МИНЭНЕРГО РОССИИ - «Сейчас рынок пытается достичь баланса цен, который будет отвечать как интересам производителей, так и потребителей. И этот уровень, вероятно, чуть ниже, чем тот, что мы видим сейчас. На основной панели Российской энергетической недели президент Владимир Путин говорил о диапазоне $65-75 за баррель, который, с одной стороны, приемлем для производителей и потребителей, с другой - время позволяет возвращать деньги в отрасль для ее стабильного дальнейшего развития», - пояснил Александр Новак.

 

Tags: RUSSIA, OPEC, OIL, PRICE, PRODUCTION

Chronicle:

RUSSIA, OPEC COOPERATION
2018, December, 14, 08:55:00

GERMANY'S RENEWABLE: 38%

PLATTS - Renewables' share in Germany's power mix is set to reach 38% this year, ahead of the government's 2020 target of 35% but below-trajectory for 2030's 65% target, utility lobby group BDEW said Thursday.

RUSSIA, OPEC COOPERATION
2018, December, 14, 08:50:00

EBRD DECARBONISATION STRATEGY

EBRD - the Bank will no longer finance thermal coal mining or coal-fired electricity generation. The Bank will also stop funding any upstream oil exploration, and will not finance upstream oil development projects except in rare and exceptional circumstances, where such investments reduce greenhouse gas emissions.

RUSSIA, OPEC COOPERATION
2018, December, 14, 08:45:00

MALAYSIA'S GDP UP BY 4.7%

IMF - The Malaysian economy has shown resilience. Real GDP growth is projected at 4.7 percent for 2018, underpinned by domestic demand.

RUSSIA, OPEC COOPERATION
2018, December, 14, 08:40:00

BOLIVIA'S GDP UP BY 4.5%

IMF - Bolivia's real GDP growth is projected at 4.5 percent in 2018, one of the highest rates in the region. Growth is supported by continued accommodative policies, a second economy-wide wage bonus, and strong agriculture output.

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