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!

2019-07-01 12:00:00

OPEC+ OIL PRODUCTION WILL DOWN

OPEC+ OIL PRODUCTION WILL DOWN

REUTERS - OPEC and its allies look set to extend oil supply cuts this week at least until the end of 2019 as Iran joined top producers Saudi Arabia, Iraq and Russia in endorsing a policy aimed at propping up the price of crude amid a weakening global economy.

Iranian Oil Minister Bijan Zanganeh told reporters on Monday he would support prolonging output cuts by six to nine months. Tehran has in the past objected to policies put forward by arch-rival Saudi Arabia, saying Riyadh was too close to Washington.

"I have no problem with a production cut ... It's going to be an easy meeting as my stance is very clear," Zanganeh told reporters upon arriving in Vienna.

The United States is not a member of OPEC, nor is it participating in the supply pact. Washington has demanded Riyadh pump more oil to compensate for lower exports from Iran after slapping fresh sanctions on Tehran over its nuclear program.

OPEC and its allies led by Russia have been reducing oil output since 2017 to prevent prices from sliding amid soaring production from the United States, which has become the world's top producer this year ahead of Russia and Saudi Arabia.

Fears about weaker global demand as a result of a U.S.-China trade spat have added to the challenges faced by the 14-nation Organization of the Petroleum Exporting Countries in recent months.

Russian President Vladimir Putin said on Saturday he had agreed with Saudi Arabia to extend existing output cuts of 1.2 million barrels per day, or 1.2% of global demand, by six to nine months - until December 2019 or March 2020.

Saudi Energy Minister Khalid al-Falih said the deal would most likely be extended by nine months and no deeper reductions were needed.

"It's a rollover and it's happening," Falih, whose country is the de facto leader of OPEC, told reporters on Sunday.

Benchmark Brent crude has climbed more than 25% since the start of 2019 but prices could stall as a slowing global economy squeezes demand and U.S. oil floods the market, a Reuters poll of analysts found.

Brent rose by $2 on Monday towards $67 per barrel as traders cited OPEC's resolve to curb output.

WORSENING GEOPOLITICAL RISK

The output-cutting pact expired on Sunday. OPEC meets in Vienna on Monday followed by talks with Russia and other allies, a grouping known as OPEC+, on Tuesday.

Zanganeh said he would not object to deepening the cuts but expressed frustration that Putin had announced the deal at a G20 summit in Osaka before waiting for OPEC to gather in Vienna.

"The important thing to me is that OPEC remains OPEC. It has lost its authority and it's on the verge of collapse," Zanganeh said. "Iran is not going to leave OPEC but I believe OPEC is going to die with these processes."

Zanganeh also said he would reject a proposal to sign a new charter for cooperation with non-OPEC, led by Russia: "I believe it is not the time to discuss this matter because inside OPEC we have a lot of difficulty."

Iran's exports have plummeted to 0.3 million barrels per day in June from as much as 2.5 million bpd in April 2018 due to Washington's fresh sanctions.

The sanctions are putting Iran under unprecedented pressure. Even in 2012, when the European Union joined U.S. sanctions on Tehran, the country's exports stood at around 1 million bpd. Oil represents the lion's share of Iran's budget revenues.

Washington has said it wants to change what it calls a "corrupt" regime in Tehran. Iran has denounced the sanctions as illegal and says the White House is run by "mentally retarded" people.

-----


Earlier:

OPEC+ OIL PRODUCTION WILL DOWN
2019, June, 28, 12:15:00
OIL PRICE: ABOVE $65 YET
Brent crude futures were down 35 cents, or 0.5%, at $66.20 per barrel, WTI crude CLc1 futures were down 30 cents, or 0.5%, at $59.13 a barrel.
OPEC+ OIL PRODUCTION WILL DOWN
2019, June, 25, 12:55:00
US CAN CLOSE HORMUZ
U.S. President Donald Trump said on Monday that other countries, including China and Japan, should protect their own oil tankers in the Middle East.
OPEC+ OIL PRODUCTION WILL DOWN
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.
All Publications »
Tags: OPEC, OIL, PRODUCTION, PRICE,
Chronicle:
OPEC+ OIL PRODUCTION WILL DOWN
2022, November, 30, 11:29:00
INTERNATIONAL CONGRESS AND EXIBITION TURKEY & BLACK SEA OIL AND GAS
International Congress and Exhibition Turkey & Black Sea Oil and Gas is an international, professional platform, bringing together over 200 C-suite executives from vertically integrated oil companies, general directors, CTOs of oil refineries, gas processing plants and petrochemical facilities, initiators of investment projects on oil and gas extraction from Turkey and countries of the Black Sea area, officials of regulatory authorities, licensors of production technologies and world suppliers for the industry.
OPEC+ OIL PRODUCTION WILL DOWN
2022, November, 30, 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+ OIL PRODUCTION WILL DOWN
2022, November, 30, 11:27:00
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+ OIL PRODUCTION WILL DOWN
2022, November, 30, 11:25:00
QATAR LNG FOR GERMANY
Qatar, one of the world's largest LNG exporters, has been courted by European countries, including Germany and the UK, in recent months as they seek improved gas supply security amid stubbornly high prices.
OPEC+ OIL PRODUCTION WILL DOWN
2022, November, 30, 11:20:00
BRITAIN'S NUCLEAR INVESTMENT
The plan is for Sizewell C to feature two EPRs producing 3.2 GW of electricity, enough to power the equivalent of around six million homes.
OPEC+ OIL PRODUCTION WILL DOWN
2022, November, 30, 11:15:00
CANADA'S SMR DEVELOPMENT
The ARC-100 has also been selected for a demonstration project at NB Power's existing Point Lepreau nuclear power plant site as part of a joint strategic plan for SMR deployment set out earlier this year by the provincial governments of Ontario, Saskatchewan, New Brunswick and Alberta Canada’s SMR Roadmap.
OPEC+ OIL PRODUCTION WILL DOWN
2022, November, 30, 11:10:00
UZBEKISTAN'S URANIUM RISE
The new agreement lays the foundations of an "exclusive strategic alliance for the development of new uranium mines in Uzbekistan, beyond the Djengeldi project" and is a "significant broadening of the scope of the collaboration", Orano said.
All Publications »