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!

2019-05-20 11:40:00

OPEC+ ISN'T COMPLETE

OPEC+ ISN'T COMPLETE

MEOG - head of an OPEC/non-OPEC ministerial panel in Jeddah, UAE Energy Minister Suhail al-Mazrouei said that production cuts could continue, despite the full reinstatement of US sanctions against Iran. OPEC+, the coalition of OPEC members and allied non-members, agreed in December to cut production by 1.2mn barrels per day starting on 1 Jan for a period of six months.

"The job is not complete," he reportedly said. "We are still seeing some inventory build-ups. We need to attend to it. This is probably a continuation until we see the true balance in the market."

He noted that OPEC+ would take action to offset losses of Iranian supply if market fundamentals justified it. However, no policy changes will be made until the next full OPEC+ meeting in Vienna, in June.

"We are looking at filling any gap from the whole group if there is a need to attend to any shortage in the market," Mazrouei said. "But we don't see it. We see inventories build up, so we need to attend to that first."

Meanwhile, KSA Energy Minister Khalid Al-Falih told Reuters that he did not see supply shortage in the global market. "I am not sure there is a supply shortage, but we will look at the (market) analysis. We will definitely be responsive and the market will be supplied," Falih said.

"We saw the data from the U.S. week after week, and they are massive increases, so there is obviously supply abundance," he added. However, Iran and Venezuela, both under US sanctions, have experienced losses, and Libya NOC's head Mustafa Sanalla said that the country could see 95% of its production lost due to conflict.

Meanwhile, attacks targeting oil infrastructure in Saudi Arabia and off the coast of the UAE have heightened tensions in the region. Neither of the attacks disrupted oil supply, according to Saudi Arabia' press agency. Saudi Arabia's ability to ensure a reliable supply of oil and gas is of high importance amidst production drops from other OPEC members. It has a production capacity of 12mbpd.

-----


Earlier:

OPEC+ ISN'T COMPLETE
2019, May, 17, 07:55:00
OIL NEED PEACE
The region needs more peace and stability to ensure the flow of oil supplies, Mohammad Sanusi Barkindo, Secretary-General of the Organisation of the Petroleum Exporting Countries, OPEC, has said, noting that, "Any tension that occurs in the region affects the whole world."
OPEC+ ISN'T COMPLETE
2019, May, 15, 11:25:00
IRAN NEED 1.5 MBD
The sanctions have already more than halved Iranian oil exports to 1 million bpd or less, from a peak of 2.8 million bpd last year. Exports could drop to as low as 500,000 bpd from May, an Iranian official told Reuters this month.
OPEC+ ISN'T COMPLETE
2019, May, 13, 13:05:00
OPEC OIL PRODUCTION 30.26 MBD
OPEC's collective crude oil production in April held relatively steady from March, rising just 30,000 b/d to 30.26 million b/d,
OPEC+ ISN'T COMPLETE
2019, April, 29, 11:30:00
OIL PRICE: WILL BE $100
"Not extending the oil waivers of some countries is another side of the US measures against Iran. But if Iran's oil is fully sanctioned, oil price will go higher than $100 per barrel,"
OPEC+ ISN'T COMPLETE
2019, April, 26, 11:25:00
OIL PRICES 2019-20: $66 - $65
Crude oil prices are expected to average $66 a barrel in 2019 and $65 a barrel in 2020,
All Publications »
Tags: OIL, PRICE, OPEC, RUSSIA, IRAN