RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2019-10-04 10:35:00

OPEC+: PREDICTABILITY, RELIABILITY

OPEC+: PREDICTABILITY, RELIABILITY

AN - The relationship between Saudi Arabia and Russia brings an opportunity for "perpetual stability" in global oil markets, Prince Abdul Aziz bin Salman, the Kingdom's energy minister, told a gathering of energy industry leaders in Moscow.

"We could not be doing better than what we are doing today. It's quite a marriage of convenience. We are in an alliance because there is a lot of rationale in that alliance. It did not come because there is emotion in it, but is a result of straight thinking about what we could do together," the minister told a packed hall at the Russian Energy Week summit of global energy leaders in Moscow.

The panel was on the theme of "global energy — new alliances," and both the energy minister and his Russian counterpart Alexander Novak stressed the common interests in the "OPEC+" arrangement, whereby global oil producers coordinate output levels to ensure price and supply stability.

Prince Abdul Aziz said: "I am always conscious of the effect of the oil market on the global economy, and I believe the OPEC+ agreement will help ensure the perpetual stability of the oil market to the benefit of producers, consumers, the energy industry and the world economy."

Novak agreed that the output agreement — signed first in 2017 and reinforced with a charter last year — had brought "some stability" to global oil markets, but he was worried about what he called "black swans" in the form of global economic and geopolitical factors.

"There is a lot of uncertainty in the market. For example, trade wars between certain countries is leading to lower demand and consumption. There are also sanctions introduced by one big country that seems to proclaim weekly sanctions against some other country," he said, in a reference to US actions against Russia and others.

"Black swans are more important than supply and demand in the oil market at the moment, but it is good we have common ground in the oil markets," Novak added.

In a keynote speech later, President Putin said that the OPEC+ deal was "the first-ever successful interaction between OPEC and non-OPEC.

"What matters is supply predictability and reliability. We have a business-like approach with our energy partners in Europe and the rest of the world, of a commercial nature with no political reasoning," Putin added.

Mohammed Barkindo, secretary general of OPEC, told delegates: "OPEC+ has become a reliable and dependable source of supply. The world should not panic."

-----


Earlier:

OPEC+: PREDICTABILITY, RELIABILITY
2019, October, 2, 12:20:00
ОПЕК + РОССИЯ: СТАБИЛИЗАЦИЯ
В настоящий момент, по словам главы Минэнерго России, на мировом нефтяном рынке складывается устойчивая ситуация, что отражается в стабильной цене на нефть в примерно $60 за баррель.
OPEC+: PREDICTABILITY, RELIABILITY
2019, October, 2, 12:15:00
ОПЕК+: ДО 1 АПРЕЛЯ 2020 ГОДА
По словам Александра Новака, последние несколько лет значительное влияние на российский ТЭК оказывал ряд внешних обстоятельств, в первую очередь, речь идет о высокой волатильности нефтяных цен, однако в короткие сроки удалось найти эффективный механизм стабилизации рынка - Соглашение о сокращении добычи нефти между странами ОПЕК и не ОПЕК.
All Publications »
Tags: OPEC, RUSSIA, SAUDI ARABIA
Chronicle:
OPEC+: PREDICTABILITY, RELIABILITY
2023, February, 3, 11:29:00
9TH INTERNATIONAL LNG CONGRESS LNGCON 2023
9th International LNG Congress (LNGCON 2023) 6-7 March, 2023 Link to the Congress website: https://bit.ly/3tXVmr7
OPEC+: PREDICTABILITY, RELIABILITY
2023, February, 3, 11:28:00
TRANSPORTATION OIL AND GAS CONGRESS 2023 (TOGC 2023)
Transportation Oil and Gas Congress 2023 (TOGC 2023) takes place on February 20-21, 2023. The Congress brings together representatives from the whole pipeline chain and focuses on both strategic and technical issues of the oil and gas pipeline transportation.
OPEC+: PREDICTABILITY, RELIABILITY
2023, February, 3, 11:25:00
ЦЕНА URALS: $49.48
Средняя цена на нефть марки Urals в январе 2023 года сложилась в размере $49,48 за баррель, что в 1,7 раз ниже, чем в январе 2022 года ($85,64 за баррель).
OPEC+: PREDICTABILITY, RELIABILITY
2023, February, 3, 11:20:00
RUSSIAN GAS TO EUROPE DOWN AGAIN
Total Russian pipeline exports to Europe in January via the two remaining major supply routes were 36% down on deliveries in December and 79% lower year on year.
OPEC+: PREDICTABILITY, RELIABILITY
2023, February, 3, 11:15:00
BP: THE TRANSITION TO A LOW-CARBON WORLD
The transition to a low-carbon world requires a range of other energy sources and technologies, including low-carbon hydrogen, modern bioenergy, and carbon capture, use and storage.
OPEC+: PREDICTABILITY, RELIABILITY
2023, February, 3, 11:10:00
GERMAN WIND ENERGY 7 GW
Germany targets 30 GW of offshore wind by 2030. The country had 7.7 GW of offshore wind installed capacity at the end of 2021.
OPEC+: PREDICTABILITY, RELIABILITY
2023, February, 3, 11:05:00
INDIA GREEN TRANSITION $8 BLN
India plans to spend US$4.3bn on energy transition through the Ministry of Petroleum and Gas, including programs for green fuel, green energy, green farming, green mobility, green buildings, and green equipment and policies for efficient use of energy across various economic sectors.
All Publications »