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2018-09-17 15:15:00

IRAN'S SUPPLIES COMPENSATION

IRAN'S SUPPLIES COMPENSATION

REUTERSSaudi Arabia, the United States and Russia can between them raise global output in the next 18 months to compensate for falling oil supplies from Iran and elsewhere, U.S. Energy Secretary Rick Perry said on a visit to Moscow on Friday.

U.S. sanctions on Iran's oil exports, which come into force in November, have already cut supply back to two-year lows, while falling Venezuelan output and unplanned outages elsewhere could push up crude prices, hurting consumers.

But Perry, in an interview with Reuters, said he felt comfortable about the outlook for global crude output, and for oil prices.

"I don't foresee spikes," Perry said, although he added there was always the potential for unforeseen events.

Some analysts have expressed concerns about Saudi Arabia's long-term ability to significantly boost output.

But Perry said: "There's a number of things going on in the kingdom that continue to give me a very positive feeling about their ability to maintain their level and even increase their level" of crude production.

He cited the prospect that Kuwait and Saudi Arabia would soon resolve a border dispute, unlocking access to an oil field in a contested area. "They are working toward a solution in the not too distant future," he said.

On U.S. production, which has already been growing over the past few years, Perry said: "You look out 18 months, and I think you'll see even a more substantial increase in the United States because of pipeline capacity being built out."

Russia, meanwhile, was "working diligently" to deliver its oil output to the world market, Perry said.

GOOD CITIZEN

Perry was in Moscow for talks with his Russian counterpart, Energy Minister Alexander Novak.

Visits by senior U.S. officials are a rarity after relations between Moscow and Washington nosedived, first over the Ukraine crisis and later over allegations of Russian meddling in the U.S. presidential election.

The administration of U.S. President Donald Trump has imposed sanctions on Russia, and Perry said that, while he would rather not see any more, that was a real prospect.

"You avoid that by being a good citizen. You avoid that by obviously tending to this issue with Ukraine, you do this by not meddling in our elections, you do this by not engaging in activities that are considered to be uncivilized, for instance, the poisoning of the people in the UK," Perry said.

"Russia has the opportunity to send a message that they are going to be good neighbors, they are going to be civilized in the way they deal with their neighbors. That has yet to be seen, from our perspective, in dealing with Ukraine."

Russia's conduct toward other countries would influence whether the United States was compelled to impose sanctions on the Russian-led Nord Stream 2 pipeline project.

The project will expand the capacity for pumping Russian gas to northern Europe. Trump has criticized it, saying it will increase European dependence on Russian energy.

Referring to an internationally-brokered roadmap for resolving a conflict in eastern Ukraine between Kiev and Russian-backed separatists, Perry said: "If Russia deals with the Minsk agreement in an appropriate way, there are some signals being sent to the rest of the European Union."

"Until those signals get sent, the potential sanctions of Nordstream 2 are still very real ... I'll suggest to you that the ball is in Russia's court," he said.

In the interview, Perry issued a message for the European Union, saying it needed to wean itself off its dependence on Russian energy supplies.

"If you're a country in the European Union and you see how Ukraine has been treated by Russia, then (Russia) being the sole source or practically the sole source of gas to your country will give you a pause," Perry told Reuters.

"And I think that's an appropriate and rightful position to take. Have alternatives. Have competition. Have other pipelines," he said. "So Europe by and large understand that they need multiple sources of energy and we agree with them."

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Earlier:

 IEA: OIL PRICES COULD RISE
2018, September, 14, 12:40:00

IEA: OIL PRICES COULD RISE

IEA - If Venezuelan and Iranian exports do continue to fall, markets could tighten and oil prices could rise without offsetting production increases from elsewhere.

 

 IRAN'S OIL EXPORTS DOWN AGAIN
2018, August, 29, 10:30:00

IRAN'S OIL EXPORTS DOWN AGAIN

REUTERS - Iran’s crude oil and condensate exports in August are set to drop below 70 million barrels for the first time since April 2017, well ahead of the Nov. 4 start date for a second round of U.S. economic sanctions.

 

 IRAN'S ECONOMY DIFFICULTIES
2018, August, 27, 14:25:00

IRAN'S ECONOMY DIFFICULTIES

ARAB NEWS - One of the key markers of Iran's economic crisis has been the collapse in the currency, which has lost around half its value since April.

 

 IRANIAN OIL TO S.KOREA DOWN TO 46%
2018, August, 27, 14:20:00

IRANIAN OIL TO S.KOREA DOWN TO 46%

PLATTS - South Korea's crude oil imports from Iran dropped 45.8% year on year in July in the wake of the re-imposition of US sanctions, while intakes from Kazakhstan, the US and Mexico jumped as alternative sources.

 

 U.S. - IRAN SANCTIONS
2018, August, 27, 14:15:00

U.S. - IRAN SANCTIONS

REUTERS - The lawsuit filed with the ICJ says the U.S. sanctions, which are damaging the already weak Iranian economy, violate terms of a little-known friendship treaty between the two countries.

 

 IRAN'S OIL EXPORTS DOWN
2018, August, 17, 11:35:00

IRAN'S OIL EXPORTS DOWN

PLATTS - South Korea's crude oil imports from Iran halved in July from a year earlier in the wake of the reimposition of US sanctions, according to preliminary data released by the Korea Customs Service Thursday.

 

 IRAN'S DEVELOPMENT BY GAZPROM
2018, July, 25, 10:00:00

IRAN'S DEVELOPMENT BY GAZPROM

SHANA - A non-disclosure agreement was signed last year between Iran's OIEC and Russia's Gazprom Neft for the development of the Azar and Changuleh oil fields. The agreement was endorsed by the National Iranian Oil Company (NIOC).

 

 

Tags: IRAN, USA, OIL, SUPPLIES, RUSSIA, SAUDI ARABIA

Chronicle:

IRAN'S SUPPLIES COMPENSATION
2018, October, 17, 10:10:00

SAUDI - INDIA'S DOWNSTREAM

MEOG - Judaimi highlighted that the closer cooperation between Saudi Aramco and Indian energy entities is reflected in the partnership with RRPCL and ADNOC on the Ratnagiri mega-refinery and petrochemicals complex in Maharashta this year. He noted that nearly $2 billion in material-service sourcing with Indian companies to date; and the opening of the Aramco Asia India office in 2017.

IRAN'S SUPPLIES COMPENSATION
2018, October, 17, 10:05:00

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REUTERS - The United States must not determine European energy policy or decide whether Germany buys Russian gas, a top German diplomat said on Tuesday.

IRAN'S SUPPLIES COMPENSATION
2018, October, 17, 10:00:00

TOTAL IN RUSSIA: THE LARGEST

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IRAN'S SUPPLIES COMPENSATION
2018, October, 17, 09:55:00

PETROBRAS - CNPC COOPERATION

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