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2018-07-16 10:55:00

SAUDI ARABIA - IRAN RESOLUTION

SAUDI ARABIA - IRAN RESOLUTION

PLATTS - Iran has again rejected Saudi Arabia's declaration that OPEC and its allies are no longer bound by individual country quotas, setting up another potentially tense confrontation at the producer group's headquarters Wednesday.

"The remarks made by the Saudi energy minister are not based on an OPEC approval and are just his personal view," Iran's OPEC governor Hossein Kazempour Ardebili said, according to the country's semi-official Fars News Agency.

S&P Global Platts reported Friday that Saudi energy minister Khalid al-Falih has told other ministers the Joint Ministerial Monitoring Committee overseeing the OPEC/non-OPEC production accord, which he chairs, would no longer track individual compliance with quotas, as the deal has morphed into a collective output ceiling.

"The shift from reporting individual country conformity to reporting overall conformity will be adopted to reflect the June 23 decision of the 4th OPEC and non-OPEC Ministerial Meeting that countries will strive to adhere to the overall conformity level, voluntarily adjusted to 100%, as of July 2018," Saudi energy minister Khalid al-Falih wrote to his counterparts Thursday in a letter.

Kazempour, however, reiterated Iran's stance that OPEC "members do not have such a resolution" that approved such a change to the deal, Fars reported.

"Any increase in production more than the quotas is a violation of the current agreement as long as it is not approved by the OPEC conference," he said.

Kazempour is expected to attend a meeting Wednesday of the technical committee that advises the JMMC to voice Iran's views, according to sources who spoke to Platts on condition of anonymity.

While Iran does not sit on the JMMC, officials have said other members of the 25-country OPEC/non-OPEC coalition are welcome to attend meetings.

With US President Donald Trump pressuring Saudi Arabia to pump more so that prices moderate, OPEC agreed June 23 in Vienna with Russia and nine other allies on a 1 million b/d output boost to head off expected supply disruptions from US sanctions on Iran and Venezuela's economic crisis.

But the coalition has left unsettled how the extra barrels would be divvied up, with Saudi Arabia maintaining that countries with the capacity to pump more -- primarily itself and its Gulf allies -- would take on the production increase.

Iranian officials have said that OPEC unity is at stake.

Iran's oil minister Bijan Zanganeh walked out of a JMMC meeting in Vienna on June 21 as the deal was being hashed out, saying that Falih and others were negotiating in bad faith.

Though Iran eventually agreed to the deal, Zanganeh insisted that the terms merely returned members to their original quotas, allowing countries that had over-complied with supply cuts in place since January 2017 to produce at their allocation and nothing more. That would make the 1 million b/d increase on paper closer to 400,000 to 500,000 b/d in the physical market, given many members' inability to actually boost output.

Iran faces the prospect of significant losses to its crude oil exports later this year as US sanctions go into force, and as such, lacks any practical capability to prevent Saudi Arabia or any other member from pumping above its quota.

But Iran is likely to be backed by Venezuela, which sits on the JMMC and was likewise opposed to any deal that would allow members to exceed their quotas and infringe on others' market share.

Saudi Arabia has already busted its cap, telling OPEC that it produced 10.49 million b/d in June, far above its quota of 10.06 million b/d, according to the producer group's monthly oil market report released Wednesday.

OPEC as a whole produced 31.99 million b/d in June, according to the latest S&P Global Platts survey of OPEC officials, analysts and industry sources, still more than 700,000 b/d below its ceiling when every country's quota is added up.

Besides Saudi Arabia and Venezuela, the JMMC is composed of Russia, Kuwait, Algeria and Oman.

Representatives from the UAE, whose energy minister Suhail al-Mazrouei holds the rotating OPEC presidency for 2018 and is a close ally of Falih, will also attend Wednesday's technical committee meeting.

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Earlier:

 W.Asia
2018, July, 12, 10:35:00

OPEC & RUSSIA 1 MBD: INSUFFICIENT

PLATTS - OPEC's recent decision with Russia and other allies to boost crude output by a combined 1 million b/d may be insufficient to meet global demand in the months ahead, according to the producer group's own forecast.

 W.Asia
2018, July, 11, 09:25:00

OIL PRICES 2018 - 19: $73 - $69

EIA - Brent crude oil spot prices averaged $74 per barrel (b) in June, a decrease of almost $3/b from the May average. EIA forecasts Brent spot prices will average $73/b in the second half of 2018 and will average $69/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average $6/b lower than Brent prices in the second half of 2018 and $7/b lower in 2019. NYMEX WTI futures and options contract values for October 2018 delivery that traded during the five-day period ending July 5, 2018, suggest a range of $56/b to $87/b encompasses the market expectation for October WTI prices at the 95% confidence level.

Oil
2018, July, 11, 09:10:00

IRAN'S OIL FOR INDIA DOWN BY 15.9%

REUTERS - In June, India imported 592,800 barrels per day (bpd) of oil from Iran compared to 705,200 bpd in May, the data showed. The sources declined to be identified.

 W.Asia
2018, July, 6, 11:55:00

КОРРЕКТИРОВКА ДО 100%

МИНЭНЕРГО РОССИИ - В ходе телефонного разговора Министр энергетики Российской Федерации Александр Новак и Министр энергетики, промышленности и природных ресурсов Саудовской Аравии Халид аль-Фалих обсудили последние тенденции на мировом рынке нефти. Министры обменялись информацией о планах своих стран по производству нефти для удовлетворения спроса в летний период в свете решений, принятых в последние месяцы на 174-й встречи Конференции ОПЕК и 4-й Министерской встречи стран ОПЕК и не входящих в ОПЕК государств в Вене, направленных на корректировку коллективного уровня снижения добычи нефти со 147 процентов в мае 2018 до 100 процентов, начиная с 1 июля 2018 г., что соответствует увеличению добычи примерно на один миллион баррелей нефти в день.

 Oil
2018, July, 6, 11:50:00

ИРАН ЭКСПОРТИРОВАЛ 2,6 МБД НЕФТИ

ИРНА - Иран в течение прошедшего месяца (июнь), экспортировал 2,6 миллиона баррелей нефти в день в страны Азии и Европы, начиная с 20 марта 2017 года. Экспорт включал 2,280 млн баррелей нефти в сутки и 330 тыс. баррелей конденсата в сутки в течение одномесячного периода.

 Oil
2018, July, 6, 11:45:00

IRAN'S OIL IS IMPORTANT

SHANA - Donald Trump's call on other countries to stop buying crude oil from Iran and putting European companies under pressure would be a kind of self-harm for the US leading to dramatic price hikes in the oil market, given Nigeria and Libya being crisis-stricken, Venezuela's crude oil output having plunged and Saudi Arabia's domestic consumption spike in summer, Iran's OPEC Governor says.

 Oil
2018, June, 29, 10:45:00

U.S. - IRAN SANCTIONS FOREWER

WSJ - Iran exports more than 2 million barrels a day of oil. President Donald Trump in May withdrew from a nuclear deal with Iran and reimposed sanctions that seek to force companies not to buy any Iranian oil.

 Oil
2018, June, 22, 13:25:00

RUSSIA - SAUDIS SUPER OPEC

BLOOMBERG - 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.

 

 

Tags: SAUDI ARABIA, IRAN, OIL, PRODUCTION

Chronicle:

SAUDI ARABIA - IRAN RESOLUTION
2018, August, 15, 10:40:00

RUSSIAN NUCLEAR IN EURASIA

WNN - Rusatom International Network - a subsidiary of Russian state nuclear corporation Rosatom - has signed a memorandum of understanding and cooperation with the Eurasian Development Bank (EDB). The memorandum provides for establishing common principles of bilateral cooperation with Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and other countries.

SAUDI ARABIA - IRAN RESOLUTION
2018, August, 15, 10:35:00

NORWAY'S KEY PRIORITY

BLOOMBERG - The Norwegian government in June made its first deposit into its wealth fund since the end of 2015. Now that the economy is in full recovery and the labor market is tightening, winding down fiscal stimulus is a key priority in next year’s budget, the prime minister said in an interview in Arendal, on Norway’s southern coast.

SAUDI ARABIA - IRAN RESOLUTION
2018, August, 15, 10:30:00

ALASKA LNG: $43 BLN

PLATTS - A deal between Chinese companies and Alaska's state gas corporation to build the $43 billion Alaska LNG Project appears to be on scheduled despite the trade war brewing between the US and China.

SAUDI ARABIA - IRAN RESOLUTION
2018, August, 13, 14:05:00

OIL PRICE: NEAR $73

REUTERS - Benchmark Brent crude oil LCOc1 was up 10 cents at $72.91 a barrel by 0930 GMT. U.S. light crude CLc1 was unchanged at $67.63 a barrel.

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