2019-03-11 11:50:00
SAUDIS OIL PRODUCTION 10.1 MBD
PLATTS - Saudi Arabia produced 10.1 million b/d of crude oil in February, well below its quota under an OPEC/non-OPEC supply accord of 10.31 million b/d, an official in the kingdom told S&P Global Platts on Friday.
"March will be lower," the official added.
Saudi energy minister Khalid al-Falih said last month that March production would fall to 9.8 million b/d, with exports at 6.9 million b/d.
OPEC is set to reveal its members' February production levels in its monthly oil market report on Thursday. In last month's report, Saudi Arabia, OPEC's largest producer and the world's largest crude exporter, self-reported crude production of 10.24 million b/d for January.
Saudi Arabia has said it plans to lead the 24-country OPEC/non-OPEC coalition by example in its 1.2 million b/d production cut agreement, as analysts say it seeks higher oil prices to help fund domestic government spending. The cuts are scheduled to run through June.
The official told Platts that the kingdom supplied 10.01 million b/d to market in February, indicating that Saudi crude stocks built in the month. The supply to market figure includes exports, domestic refinery runs and domestic crude burn for power generation.
A key OPEC/non-OPEC monitoring committee chaired by Saudi Arabia and Russia will meet March 18 in Baku, Azerbaijan, while the next full OPEC meeting will be April 17 in Vienna, with Russia and the nine other non-OPEC partners joining talks a day later.
-----
Earlier:
2019, March, 7, 11:30:00
SAUDIS RENEWABLE INVESTMENT $80 BLN
The Saudi plan to expand in the renewable energy sector and diversify partnerships with progressive countries in the field is moving forward.
2019, February, 27, 09:50:00
РЫНОК НЕФТИ СТАБИЛЕН
МИНЭНЕРГО РОССИИ - “Сегодня мы видим на рынке более-менее спокойную, стабильную ситуацию, невысокую волатильность и более-менее приемлемые цены, которые устраивают и экспортеров, и потребителей. Мы считаем, что благодаря сделке, в первую очередь, достигнута такая стабильность”, - подчеркнул Александр Новак.
2019, February, 27, 09:45:00
OIL MARKET BALANCE
Abu Dhabi: Energy Minister Suhail Al Mazroui said the oil market is on the “right track” and that the market will quickly return to balance in the first quarter of this year.
2019, February, 25, 11:40:00
ARAMCO - NORINCO AGREEMENT $10 BLN
OGJ - Saudi Aramco has signed a $10-billion agreement to form a joint venture with China North Industries Group Corp. (Norinco) and Panjin Sincen to develop a fully integrated, grassroots refining and petrochemical complex in Panjin, in China’s Liaoning province.
2019, February, 20, 11:45:00
RUSSIA, SAUDI ARABIA COOPERATION
PLATTS - Russian President Vladimir Putin and Saudi King Salman bin Abdulaziz confirmed they are ready to continue cooperation on hydrocarbons during a phone call Tuesday, the Kremlin said in a statement.
2019, February, 18, 11:40:00
SAUDIS INVESTMENT FOR PAKISTAN: $20 BLN
REUTERS - Saudi Arabia has signed an agreement to supply Pakistan with crude oil and petroleum products to secure its fuel needs, Saudi Energy Minister Khalid al-Falih said
2019, February, 15, 12:00:00
OPEC REMAINS HARD
PLATTS - "Our primary objective is to ensure that the oil market remains in balance throughout 2019 and beyond in order to build on the success of the past couple of years," added Barkindo.
2019, February, 13, 12:15:00
OPEC OIL PRODUCTION 30.81 MBD
PLATTS - OPEC has painted a bearish picture for 2019, with demand for its crude oil expected to fall due to weak demand growth and a sharp rise in output from producers outside the group.
2019, February, 13, 12:10:00
OPEC ISN'T A CARTEL
REUTERS - OPEC Secretary-General Mohammad Barkindo said the exporting group was not in the business of fixing oil prices, when asked on Monday to comment on a U.S. House committee passing a bill targeting OPEC oil supply cuts.
2019, February, 8, 12:10:00
OPEC PRODUCTION DOWN 970 TBD
PLATTS - OPEC pumped the fewest barrels since March 2015 in January, with crude output plunging to 30.86 million b/d, a fall of 970,000 b/d from December as new supply quotas went into force, according to an S&P Global Platts survey of industry officials, analysts and shipping data.
2019, February, 4, 10:00:00
SAUDI ARABIA ECONOMY UP 2.2%
REUTERS - Saudi Arabia’s economy grew at a pace of 2.21 percent in 2018, buoyed by strong oil sector growth and recovering from a contraction in 2017 when the economy was hurt by weak oil prices and austerity measures, government data showed on Thursday.
