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2018-12-26 07:25:00

OPEC: 26 MBBL SURPLUS

OPEC: 26 MBBL SURPLUS

AN - Oil ministers from leading OPEC nations said Sunday they expect prices will arrest their recent slide and rebalance early next year, when a deal on new production cuts takes effect.

Oil prices have shed more than 36 percent since early October to trade at $54 per barrel, due to fears of oversupply and weak global demand.
But president of OPEC and UAE Energy Minister Suhail Al-Mazrouei said that the surplus in the oil market was small compared to 2017 and expected it to vanish in one or two months.

"Based on available figures, we have around 26 million barrels of surplus ... compared to 340 million barrels in early 2017," Al-Mazrouei told a press conference in Kuwait City.

"I think that we can easily do with this surplus and reach market rebalance in one or two months ... in the first quarter of next year," he said.
OPEC and non-OPEC members agreed in early December to trim production by 1.2 million barrels a day from Jan. 1, in a bid to shore up sagging prices.

Mazrouei said that there has been higher than anticipated supply on the market in recent months, as US sanctions on Iran have had a less pronounced effect on the country's oil exports than had been expected.

Iraq's Oil Minister Thamer Al-Ghadhban said that there is a consensus among OPEC and non-OPEC producers to comply with the new agreement to trim output in a bid to stabilize the market.

He said the new agreement is valid for six months and the ministers will meet in April to assess the impact of the cuts.

Al-Ghadhban said he believes that the new measures taken by producers will "stop the slide in oil prices."

Al-Mazrouei said that producers are ready to renew the agreement or increase cuts in case the market does not balance.

"If the production cuts of 1.2 million barrels a day is not enough, we will meet again to see what is enough and apply it," he said.

During their meeting next April, the producers are also expected to sign a long-term agreement to formalize cooperation between OPEC and non-OPEC members over oil output.

OPEC has lately been cooperating closely with Russia and other outside producers, in a bid to impose greater control over global output and prices.

 

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Earlier: 

W.Asia
2018, December, 14, 09:20:00

RUSSIA - SAUDI ARABIA COOPERATION

IEA - Cooperation between Russia and Saudi Arabia is now the basis of production management with these two countries having a large capacity to swing output one way or the other. For them, prices falling further would place their budgets under great stress.

 
 W.Asia
2018, December, 12, 09:10:00

RUSSIA WILL CUT 50 TBD

PLATTS - Russia will cut its liquids output by 50,000-60,000 b/d in January under the latest agreement with OPEC, energy minister Alexander Novak said Tuesday. "The monthly schedule for the output cut has already been [set]... We expect output will be cut by at least 50,000 b/d-60,000 b/d in January," he said, as reported by Prime news agency.

 АЛЕКСАНДР НОВАК В ИНТЕРВЬЮ CNN: “НАШИ РЕШЕНИЯ ОСНОВАНЫ НА ФУНДАМЕНТАЛЬНЫХ ФАКТОРАХ РЫНКА”
2018, December, 12, 09:05:00

АЛЕКСАНДР НОВАК В ИНТЕРВЬЮ CNN: “НАШИ РЕШЕНИЯ ОСНОВАНЫ НА ФУНДАМЕНТАЛЬНЫХ ФАКТОРАХ РЫНКА”

МИНЭНЕРГО РОССИИ - Как отметил Александр Новак, принятое решение о снижении суммарной добычи на 1,2 млн барр./сутки отражает ожидания рынка накануне встречи стран ОПЕК и не ОПЕК. As noted by Alexander Novak, the decision to reduce the total production by 1.2 million barrels per day reflects the market expectations on the eve of the meeting of OPEC and non-OPEC countries.

 W.Asia
2018, December, 10, 08:55:00

OIL PRODUCTION DOWN 1.2 MBD

OPEC - Accordingly, the 5th OPEC and non-OPEC Ministerial Meeting, following deliberations on the immediate oil market prospects and in view of a growing imbalance between global oil supply and demand in 2019, hereby decided to adjust the overall production by 1.2 mb/d, effective as of January 2019 for an initial period of six months. The contributions from OPEC and the voluntary contributions from non-OPEC participating countries of the ‘Declaration of Cooperation’ will correspond to 0.8 mb/d (2.5%), and 0.4 mb/d (2.0%), respectively.

АЛЕКСАНДР НОВАК: “МЫ ПРИВЕРЖЕНЫ ДОГОВОРЕННОСТЯМ, И РЫНОК ЭТО ЦЕНИТ”
2018, December, 10, 08:50:00

АЛЕКСАНДР НОВАК: “МЫ ПРИВЕРЖЕНЫ ДОГОВОРЕННОСТЯМ, И РЫНОК ЭТО ЦЕНИТ”

“Было принято решение с 1 января сократить суммарно добычу на 1,2 млн барр в сутки, из них 800 тыс. возьмут на себя страны ОПЕК. Россия также примет участие в этом. Для нас это означает, что по отношению к октябрю 2018 года мы должны будем сократить производство на 2% или 220 тыс баррелей, это будет происходить постепенно”, - подчеркнул Министр.

 

ALEXANDER NOVAK: “THE COOPERATION OF OPEC COUNTRIES + MUST CONTINUE”
2018, December, 10, 08:45:00

ALEXANDER NOVAK: “THE COOPERATION OF OPEC COUNTRIES + MUST CONTINUE”

Министр энергетики Российской Федерации Александр Новак в интервью телеканалу “Bloomberg”, которое состоялось по окончании 5-й Министерской встречи стран ОПЕК и не входящих в ОПЕК государств, рассказал о принятых решениях и их влиянии на рынок, разговоре с Министром нефти Ирана Бижаном Намдар Зангане накануне заседания, а также поделился прогнозами цен на нефть в будущем.

 Russia
2018, December, 7, 08:30:00

RUSSIA - SAUDIS PACT

WSJ - Russia and Saudi Arabia have agreed to extend OPEC’s efforts to stabilize oil markets, Russian President Vladimir Putin said over the weekend, as the broader coalition of producers inches closer to a deal this week.

 

Russia
2018, November, 16, 09:25:00

RUSSIA, OPEC COOPERATION

PLATTS - "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.

 

Tags: OPEC, OIL, INVENTORIES, SURPLUS, PRICE