2019-06-24 12:25:00
COOPERATION IS IMPORTANT
REUTERS - International cooperation on crude production has helped stabilize oil markets and is more important now than ever, Russian Energy Minister Alexander Novak said on Monday.
The Organization of the Petroleum Exporting Countries and other leading oil producers had agreed to cut their combined oil output but that deal expires at the end of this month. Talks on whether to extend the deal are scheduled for July 1-2 in Vienna.
"Today, more than ever, international cooperation is important," Novak said in a speech at an energy forum in the Russian city of St Petersburg.
"There is a good example of successful cooperation on balancing the oil market between the OPEC countries and non-OPEC. Thanks to joint efforts, we today see a stabilization of world oil markets, an increase in the investment attractiveness of the sector, and the return of investment."
-----
Earlier:
2019, June, 21, 10:10:00
OIL PRICE: NEAR $64 YET
Brent crude was down 20 cents, or 0.31%, at $64.25 a barrel by 0630 GMT. U.S. West Texas Intermediate crude was down 16 cents, or 0.28%, at $56.90 a barrel.
2019, June, 20, 17:25:00
SAUDI ARABIA'S OIL PRODUCTION 9.9 MBD
Saudi Arabia’s crude oil production approached a four-year low, averaging an estimated 9.9 million barrels per day (b/d). Production declined more than 1 million b/d since its estimated all-time high production levels in October and November 2018
2019, June, 18, 17:35:00
OPEC+: GOOD WORK
OPEC and 10 non-OPEC partners, led by Russia, agreed in December to cut a combined 1.2 million b/d of production in the first half of 2019.
2019, June, 17, 12:45:00
ENERGY SECURITY COOPERATION
"Today about 18 million barrels of oil on a daily basis flows through this choke point coming from Saudi Arabia, emirates and other countries to China, Japan, India and other Asian customers."
"But at the same time it is a major route for LNG, liquefied natural gas. About 30% of LNG goes through this strait, coming again to Japan, South Korea, and other Asian countries."
