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2018-05-21 11:05:00

ADEQUATE OIL SUPPLIES

ADEQUATE OIL SUPPLIES

REUTERS Saudi Arabia said on Friday it is consulting other oil producers in and outside OPEC to ensure the world has adequate supplies to support economic growth after prices hit $80 a barrel for the first time since 2014.

OPEC's most influential energy minister, Saudi Arabia's Khalid al-Falih, said in a Twitter post that he had called his counterparts in the United Arab Emirates, the United States and Russia, as well as major oil consumer South Korea, to "coordinate global action to ease global market anxiety".

Falih also said he had reassured the executive director of the International Energy Agency of "commitment to the stability of oil markets and the global economy" and that he would contact others over the next few days.

On Thursday, Falih called Indian Petroleum Minister Dharmendra Pradhan to assure him that supporting global economic growth was "one of the kingdom's key goals", the Saudi government said in a statement, after India expressed frustration with the recent surge in oil prices.

Oil prices held firm on Friday, with Brent crude trading at around $79.70 per barrel after the international benchmark broke through $80 for the first time since November 2014 the previous day.

The Saudi Energy Ministry said on Thursday that the kingdom together with other producers would ensure the availability of adequate supplies to offset any potential shortfalls.

India's Pradhan had expressed concern about the negative impact of escalating prices on consumers and especially the Indian economy, the world's third-largest oil consumer.

India is one of the world's fastest-growing energy consumers and its oil use lags only that of the United States and China.

The Organization of the Petroleum Exporting Countries and its ally Russia have cut their output since January 2017 to help reduce excessive global stockpiles.

So far, OPEC has said it sees no need to ease output restrictions despite a fall in global stocks to the group's desired levels and concerns among consuming nations that the price rally could lead to demand destruction.

OPEC member the UAE said on Thursday OPEC had bigger issues to consider than the impact of the U.S. decision to withdraw from the international nuclear deal with oil producer Iran, such as Venezuela's collapsing oil output.

U.S. President Donald Trump has also called on OPEC to help cool oil prices, saying they were artificially high.

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Earlier:

 SAUDIS - RUSSIA COORDINATION
2018, May, 14, 11:30:00

SAUDIS - RUSSIA COORDINATION

FT - “Any action will be taken in co-ordination with other producers,” the person said on Wednesday, adding that Saudi Arabia was already in talks with Russia and other producers, including the UAE.

 OIL MARKET STABILITY
2018, May, 10, 13:10:00

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PLATTS - Saudi Arabia's energy minister Khalid al-Falih said Wednesday that the country would work closely with OPEC as well as non-OPEC producers to mitigate the impact of any shortages that might arise following the US' decision to withdraw from the Iran nuclear deal.

 SAUDIS DEFICIT $9.15 BLN
2018, May, 8, 10:45:00

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REUTERS - Saudi Arabia’s first quarter budget deficit stood at 34.3 billion Saudi riyals ($9.15 billion), around 18 percent of the total gap forecast for 2018, the finance ministry said

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2018, May, 4, 15:30:00

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BLOOMBERG - The IMF bolstered its estimate for the oil price the kingdom needs to balance the national budget this year to $88 a barrel, 26 percent more than an assessment made in October.

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2018, May, 2, 13:30:00

SAUDIS NEED $85

REUTERS - Saudi Arabia has projected a budget deficit of 195 billion riyals ($52 billion) in 2018, or 7.3 percent of GDP, down from 230 billion riyals last year. It plans to balance the budget by 2023.

 RUSSIA - OPEC DIMENSION
2018, April, 18, 13:12:00

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PLATTS - Russia is committed to its OPEC pact with Saudi Arabia and will continue supplying Europe energy despite tensions with the West after US-led strikes on Bashar al-Assad's Syrian regime, said Vladimir Putin's spokesman.

 HARD OIL MARKET
2018, April, 13, 17:55:00

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BLOOMBERG - OPEC said its oil output fell to the lowest in a year last month amid reduced supplies from Venezuela and Saudi Arabia, suggesting global markets may tighten sharply later this year.

Tags: SAUDI, ARABIA, RUSSIA, OPEC, OIL, SUPPLIES
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