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2018-05-10 13:10:00

OIL MARKET STABILITY

OIL MARKET STABILITY

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.

"Following the US withdrawal from the Iran deal, I would like to confirm our commitment to oil market stability for the benefit of producers and consumers," Falih said in a tweet. "Saudi will work closely with major OPEC, non-OPEC producers and with key consumers to mitigate the effects of any supply shortages.

"I am in close contact with OPEC 's presidency, Russia and the US, and will be connecting with other producers and major consumers over the next few days to ensure market stability," he added.

President Donald Trump said Tuesday that the US would withdraw from the Iran nuclear deal and reimpose sanctions that have been frozen since January 2016 as part of the Joint Comprehensive Plan of Action.

The US decision sent oil futures surging Wednesday as traders digested the likely consequences.

July ICE Brent futures settled Wednesday at $77.21/b, up $2.36 on the day, while the June NYMEX contract rose $2.08 to $71.14/b.

The International Energy Agency said Wednesday that it was "ready to act" to alleviate any supply shortfall in the wake of the US move.

Noting tighter oil market conditions in recent months, the Paris-based agency -- whose mandate is to safeguard global energy security -- said it was monitoring the market situation.

"The restoration of sanctions on Iran, which exports 2.5 million b/d of oil and is the world's fifth-largest exporter, may have implications for the market balance," the IEA said. "As ever, the IEA stands ready to act if necessary to ensure markets remain well supplied."

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Earlier:

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

SAUDIS DEFICIT $9.15 BLN

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

 

 SAUDIS NEED $88
2018, May, 4, 15:30:00

SAUDIS NEED $88

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.

 

 SAUDIS NEED $85
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

RUSSIA - OPEC DIMENSION

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.

 LONG-TERM OPEC COOPERATION
2018, April, 2, 09:25:00

LONG-TERM OPEC COOPERATION

SHANA - Leaders of the UAE, OPEC’s biggest producer Saudi Arabia and non-OPEC member Russia support extending energy cooperation beyond 2018. Cooperation on the part of a politically influential oil producer like Russia would add to the weight and influence of OPEC in global energy markets, both politically and in terms of decision-making.

 $70: INSUFFICIENT FOR INVESTMENTS
2018, March, 26, 07:55:00

$70: INSUFFICIENT FOR INVESTMENTS

BLOOMBERG - Oil’s recovery to almost $70 a barrel hasn’t been sufficient to stimulate the return of enough investment in the sector, according to Saudi Arabia’s energy minister.

 

 SAUDIS - RUSSIA AGREEMENT
2018, February, 16, 23:30:00

SAUDIS - RUSSIA AGREEMENT

FT - Crude producers led by Saudi Arabia and Russia will aim to draft an agreement to formalise their partnership for oil market co-operation by the end of 2018, the UAE’s energy minister said.

Tags: OIL, MARKET, PRICE, IRAN, SANCTIONS, OPEC, RUSSIA,