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2018-06-22 13:25:00

RUSSIA - SAUDIS SUPER OPEC

RUSSIA - SAUDIS SUPER OPEC

BLOOMBERG - When the group overseeing the so-called OPEC+ deal met last night, proceedings were dominated by two nations: Saudi Arabia and Russia. It was probably a snapshot of the oil market's future.

Beyond the drama of this week's diplomatic efforts to agree to an increase in oil production, the more significant longer-term development may be moves to make Russia's role in managing global supply permanent, bringing together the two largest oil exporters.

Russia isn't a member of OPEC, but for the last two years has led a group of countries outside the group lending support to the cartel, creating a coalition of 24 producers that's been dubbed OPEC+.

Russian Oil Minister Alexander Novak said in a speech yesterday that "we need to build upon our successful cooperation model and institutionalize its success through a broader and more permanent strategically focused framework." His Saudi counterpart Khalid Al-Falih echoed those comments.

The countries are considering inviting all 24 countries to join a permanent body with its own constitution and secretariat, according to people familiar with matter, asking not to be identified because the discussions are private. It would mark a seismic shift in oil's world order and while it probably won't supplant OPEC in the short term it would create a rival for the organization that's sought to manage supply for six decades.

It's possible the new body would have a different structure to OPEC's principle of one member, one vote. Larger producers such as Saudi Arabia and Russia might be given more weight in the new body, the people said.

The wider group risks turning into little more than a talking shop, not least because, unlike OPEC, Russia has traditionally seen supply management as a tactic rather than a strategy, to be deployed in cases of extreme market imbalance.

In 2008, Russia helped found the Gas Exporting Countries Forum, something many expected to become an OPEC-style organization for the global gas market. Despite having a permanent secretariat and annual meetings, it's had little impact on supply.

The super-OPEC grouping might merely formalize current relationships. Falih and Novak have formed a close working relationship over the past two years, one that often seems to bypass OPEC's more traditional decision-making process. They often brief the media together on policy, outside the cycle of formal meetings.

Saudi Arabia and Russia together pump about 21 million barrels a day -- or one fifth of global supply. Without Saudi Arabia, the rest of OPEC produces about 20 million barrels, International Energy Agency data show.

For Saudi Arabia, the new group would have the advantage of diminishing the influence of Iran, the kingdom's main rival in the Middle East. At this week's meeting, Iran has threatened to block Saudi Arabia's plan to increase output, something it can do under the current rules even if every other member of the group backs the proposal.

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Earlier:

 Russia
2018, June, 18, 14:25:00

РОССИЯ И САУДОВСКАЯ АРАВИЯ: ДОЛГОСРОЧНАЯ СТРУКТУРА

МИНЭНЕРГО РОССИИ - Стороны также договорились работать совместно со всеми подписантами «декларации о кооперации» от декабря 2016 для создания долгосрочной структуры для взаимодействия на основе декларации, а также пригласить к взаимодействию прочих крупных производителей нефти.

 Russia
2018, June, 18, 14:20:00

ЦЕНА URALS: $ 75,21977

МИНФИН РОССИИ - Средняя цена на нефть Urals за период мониторинга с 15 мая по 14 июня 2018 года составила $ 75,21977 за баррель, или $ 549,1 за тонну. Согласно расчетам Минфина России экспортная пошлина на нефть в РФ с 1 июля 2018 года повысится на $ 7,3 и составит $ 139,1 за тонну.

 Russia
2018, June, 18, 14:15:00

РОССИЯ И САУДОВСКАЯ АРАВИЯ: +1,5 МБД

ПРАЙМ - РФ и Саудовская Аравия предложат ОПЕК+ поднять добычу в третьем квартале на 1,5 миллиона баррелей в сутки, а дальше принимать решение по ситуации в сентябре, заявил в субботу журналистам глава Минэнерго Александр Новак.

 Russia
2018, June, 15, 11:30:00

RUSSIA - SAUDI ARABIA COOPERATION

ARAB NEWS - Saudi Arabia’s Crown Prince Mohammed bin Salman held talks with Russian President Vladimir Putin in Moscow Thursday.

 Russia
2018, June, 6, 12:20:00

OPEC - RUSSIA OPINION

REUTERS - “We have to look into the situation which has panned out on the market today, from the point of view of the volume cuts, inventories decline, shortages on the market, and to adjust the figures,” Novak told reporters.

 Russia
2018, May, 30, 14:05:00

МЫ НАЙДЕМ КОМПРОМИСС

МИНЭНЕРГО РОССИИ - «Я думаю, что мы найдем общее согласие, общий компромисс. Все страны заинтересованы в стабильной ситуации на рынке. Никто не заинтересован в том, чтобы создавать перегрев на рынке», - отметил Министр.

 Russia
2018, May, 30, 13:50:00

OPEC: CONFORMITY LEVEL 152%

OPEC - The JMMC reported that participating countries have achieved a conformity level of 152% during the fourth month of the second year of the Declaration of Cooperation. This demonstrates the commitment of participating countries to the restoration of market stability, which is intended to serve the long term interests of producers, consumers and the global economy.

Tags: RUSSIA, SAUDI, ARABIA, OIL, OPEC
RUSSIA - SAUDIS SUPER OPEC September, 21, 11:00:00

OIL PRICE: NEAR $79 STILL

RUSSIA - SAUDIS SUPER OPEC September, 21, 10:55:00

RUSSIA'S OIL PRODUCTION: 11.3 MBD

RUSSIA - SAUDIS SUPER OPEC September, 21, 10:45:00

UNEXPECTED OIL PRICES

RUSSIA - SAUDIS SUPER OPEC September, 21, 10:40:00

OIL MARKET UNCERTAINTY

RUSSIA - SAUDIS SUPER OPEC September, 21, 10:35:00

OPEC-NON-OPEC DECISIONS

RUSSIA - SAUDIS SUPER OPEC September, 21, 10:30:00

U.S. CAPITAL EXPENDITURES UP

All Publications »

Chronicle:

RUSSIA - SAUDIS SUPER OPEC
2018, September, 21, 10:25:00

U.S. ENERGY CASH: $119 BLN

U.S. EIA - Energy companies’ free cash flow—the difference between cash from operations and capital expenditure—was $119 billion for the four quarters ending June 30, 2018, the largest four-quarter sum during 2013–18 Companies reduced debt for seven consecutive quarters, contributing to the lowest long-term debt-to-equity ratio since third-quarter 2014

RUSSIA - SAUDIS SUPER OPEC
2018, September, 21, 10:20:00

WORLD OIL DEMAND: 100.23 MBD

OPEC - Total oil demand for 2018 is now estimated at 98.82 mb/d. In 2019, world oil demand growth is forecast to rise by 1.41 mb/d. Total world oil demand in 2019 is now projected to surpass 100 mb/d for the first time and reach 100.23 mb/d.

RUSSIA - SAUDIS SUPER OPEC
2018, September, 21, 10:15:00

IRAQ'S OIL: NO RECORD

ARAB NEWS - Oil exports from southern Iraq are heading for a record high this month, two industry sources said, adding to signs that OPEC’s second-largest producer is following through on a deal to raise supply and local unrest is not affecting shipments.

RUSSIA - SAUDIS SUPER OPEC
2018, September, 21, 10:10:00

NATURAL GAS EXPORT UP

PLATTS - The International Energy Agency expects the US to account for 75% of the global growth in natural gas exports over the next five years, a bullish outlook for LNG developers facing challenges at home getting projects off the ground and abroad with tariffs affecting trade flows.

All Publications »