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2018-05-23 10:30:00

RUSSIA'S OIL BENEFIT

RUSSIA'S OIL BENEFIT

BLOOMBERG - Oil has touched a level above $80 a barrel for the first time since November 2014. OPEC's inventory target for output cuts has been met.

But even though its oil companies want to turn on the taps and its finance ministry may be worried about prices rising too far, Russia won't bring its output deal with the group to a juddering halt when the participants meet in Vienna next month. Instead, it will stand alongside its Saudi partner and continue to toe the line on production restraint.

Its participation in the output deal, agreed after negotiations that lasted for most of 2016, was a major victory for Saudi Arabia. Under former oil minister Ali Al-Naimi, the country had made it clear that it wouldn't act to prop up prices without broad and meaningful support that went beyond the members of OPEC. Russia stepped up to provide it, leading a contingent of 11 countries from outside the group to join the agreement, even if it and Oman were the only ones to offer significant cuts that went beyond naturally declining output.

The deal with OPEC offers a opportunity to take a lead role on the international stage. The forging of new alliances in the Middle East, as much as the importance of oil prices to the Russian economy, explains its active participation in the OPEC-led output cuts. The reduction in Russia's oil production is in marked contrast to its only previous collaboration with the group in 2001, when it agreed to cut supply, but actually delivered very little.

All parties in Russia could get what they want — the oil industry may still get a boost even if Russia stays in the deal. The impending return of sanctions aimed at Iran's oil exports offer the opportunity for Russia and other producers to raise output while the group as a whole remains within its overall target.

The aggregate level of production aimed for by the OPEC+ group is much more important to the deal's success than how that total is shared between them. The collapse in Venezuela's oil production — which still has further to fall — means that the group has already reduced its overall output by more than it agreed. The anticipated loss of at least some of Iran's exports will add to that over-achievement.

That gives headroom for individual producers to pump more while the group as a whole stays within its self-imposed limit. For now, though, neither Russia nor Saudi Arabia has stepped in to make up for the unexpected loss of Venezuelan oil. Far from seeking an exit from the deal, the talk has been of changing the measure of success to justify its continuation.

Oil ministers Khalid Al-Falih and Alexander Novak will meet in St Petersburg later this week and discussing the response to rising oil prices will certainly be on their agenda. But as oil prices continue to nudge $80 a barrel, don't expect Russia to give up its gains and lead a charge for the exit. Its delegates are much more likely to polish up their soundbites to voice their continued support for their new friends.

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Earlier:

 Prices
2018, May, 21, 11:10:00

OIL PRICE: ABOVE $79 YET

REUTERS - Brent crude futures were at $79.06 per barrel at 0650 GMT, up 55 cents, or 0.7 percent, from their last close. Brent broke through $80 for the first time since November 2014 last week. U.S. West Texas Intermediate (WTI) crude futures were at $71.71 a barrel, up 43 cents, or 0.6 percent, from their last settlement.

 Prices
2018, May, 21, 11:05:00

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.

 Prices
2018, May, 18, 09:10:00

TIGHT MARKET BALANCE

IEA - Because of rising prices, we lowered our estimate for 2018 global oil demand growth by 40 kb/d to 1.4 mb/d, and we increased our expectation for US oil production growth this year by 120 kb/d.

 Prices
2018, May, 14, 11:35:00

GLOBAL IRAN SANCTIONS

PLATTS - Trump's plan to leave the Iran nuclear deal and reimpose sanctions could have major impacts for global oil, natural gas, metals and petrochemical markets.

 Prices
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.

 Prices
2018, May, 7, 08:35:00

IRAN NEEDS REASONABLE PRICE

SHANA - Iranian Minister of Petroleum Bijan Zangeneh said Tehran preferred "reasonable" price for crude oil in a bid to avoid market instability.

 Prices
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.

 

 

 

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

Chronicle:

RUSSIA'S OIL BENEFIT
2018, August, 17, 11:30:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in July after rising at an average pace of 0.5 percent over the previous five months. Manufacturing production increased 0.3 percent, the output of utilities moved down 0.5 percent, and, after posting five consecutive months of growth, the index for mining declined 0.3 percent. At 108.0 percent of its 2012 average, total industrial production was 4.2 percent higher in July than it was a year earlier. Capacity utilization for the industrial sector was unchanged in July at 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2017) average.

RUSSIA'S OIL BENEFIT
2018, August, 17, 11:25:00

NORWAY'S PETROLEUM PRODUCTION: 1.911 MBD

NPD - Preliminary production figures for July 2018 show an average daily production of 1 911 000 barrels of oil, NGL and condensate, which is an increase of 64 000 barrels per day compared to June.

RUSSIA'S OIL BENEFIT
2018, August, 17, 11:20:00

GAZPROM NEFT NET PROFIT UP TO 49.6%

GAZPROM NEFT - For the first six months of 2018 Gazprom Neft achieved revenue** growth of 24.4% year-on-year, at one trillion, 137.7 billion rubles (RUB1,137,700,000,000). The Company achieved a 49.8% year-on-year increase in adjusted EBITDA, to RUB368.2 billion. This performance reflected positive market conditions for oil and oil products, production growth at the Company’s new projects, and effective management initiatives. Net profit attributable to Gazprom Neft PJSC shareholders grew 49.6% year on year, to RUB166.4 billion. Growth in the Company’s operating cash flow, as well as the completion of key infrastructure investments at new upstream projects, delivered positive free cash flow of RUB47.5 billion for 1H 2018.

RUSSIA'S OIL BENEFIT
2018, August, 15, 11:10:00

OIL PRICE: NEAR $72

REUTERS - Front-month Brent crude oil futures LCOc1 were at $72.34 per barrel at 0648 GMT, down by 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 23 cents, or 0.3 percent, at $66.81 per barrel.

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