2019-04-12 11:45:00
RUSSIA COMMITTED TO OPEC+
REUTERS - United Arab Emirates' energy minister said on Wednesday that Russia was committed to its oil supply cut agreement with OPEC and would not raise its output unless in coordination with the exporting group.
UAE's Suhail bin Mohammed al-Mazroui also said that compliance with the cuts by both Russia and OPEC's second largest producer Iraq has increased in March, adding that he expected the oil market to achieve balance by the end of 2019.
"Russia will not increase its output unless in coordination with the rest of OPEC and OPEC+ countries," Mazroui said.
"I believe in the wisdom of Russia, and I believe that Russia has benefited from this agreement... I don't see any reason for Russia not to continue with us."
Mazroui's comments came a day after Russian President Vladimir Putin said that Russia and OPEC should discuss the future of their oil output-cutting deal later this year, adding that current oil prices suited Moscow.
UAE's Suhail bin Mohammed al-Mazroui also said that compliance with the cuts by both Russia and OPEC's second largest producer Iraq has increased in March, adding that he expected the oil market to achieve balance by the end of 2019.
"Russia will not increase its output unless in coordination with the rest of OPEC and OPEC+ countries," Mazroui said.
"I believe in the wisdom of Russia, and I believe that Russia has benefited from this agreement... I don't see any reason for Russia not to continue with us."
Mazroui's comments came a day after Russian President Vladimir Putin said that Russia and OPEC should discuss the future of their oil output-cutting deal later this year, adding that current oil prices suited Moscow.
But Putin, the ultimate decision-maker in Russia, seemingly softened that stance, saying it was too early to judge whether the deal should be extended.
Speaking at a conference in Abu Dhabi, Mazroui also said the UAE can raise its crude oil production up to 3.5 million bpd if needed.
The UAE currently produces around 3 million bpd under the OPEC+ reduction agreement.
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Earlier:
2019, April, 10, 11:35:00
OIL PRICES 2019-20: $65-$62
Brent crude oil spot prices averaged $66 per barrel (b) in March, up $2/b from February 2019. Brent prices for the first quarter of 2019 averaged $63/b, which is $4/b lower than the same period in 2018. Despite lower crude oil prices than last year, Brent prices in March were $9/b higher than in December 2018, marking the largest December-to-March price increase since December 2011 to March 2012.
2019, April, 10, 11:25:00
OIL MARKET HEALTH
The kingdom will pump about 9.8 million barrels a day in March and April and export less than 7 million barrels daily in both months, Al-Falih said in March. Saudi Arabia has a production target of 10.3 million barrels a day.
2019, April, 10, 11:20:00
GLOBAL OIL STOCKS 2.88 BBL
According to OPEC's latest monthly oil market report, global oil inventories stood at 2.88 billion barrels in January, about 19.1 million barrels above the five-year average that OPEC is targeting with its current output policy.
2019, April, 3, 11:25:00
РОССИЯ СНИЗИЛА ДОБЫЧУ
"К началу апреля Россия, как и планировалось, вышла на оговоренный уровень сокращения: по итогам марта добыча относительно октября 2018 года снизилась на 130 тбс с учетом СРП и на 153 тбс без учета СРП, относительно декабря 2018 года - на 180 тбс с учетом СРП и 230 тбс без учета СРП”,
2019, April, 3, 11:10:00
ЦЕНА URALS: $ 63,17
МИНФИН РОССИИ - Средняя цена нефти марки Urals по итогам января – марта 2019 года составила $ 63,17 за баррель. В 2018 году средняя цена на Urals в январе – марте составила $ 65,22 за баррель. Средняя цена на нефть марки Urals в марте 2019 года сложилась в размере $ 65,98 за баррель, в феврале 2018 года - $ 63,68 за баррель.
