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2020-03-16 10:45:00

OPEC - RUSSIA: NO DEAL

ОПЕК - РОССИЯ: НЕТ СДЕЛКИ

PLATTS - 13 Mar 2020 - Russia does not see conditions for returning to the negotiating table with OPEC partners on the future of the oil production deal, energy minister Alexander Novak said Friday.

On Thursday, Novak held a meeting with Russian oil companies on production plans, during which the possibility of returning to the OPEC+ deal was not even brought up, according to participants at the meeting.

"At this stage, we did not discuss this. We do not see yet, so to speak, conditions for such proposals to be made. You see how OPEC member countries behave. Therefore, progress is hardly possible now," Novak said, as quoted by Prime news agency, potentially referring to Saudi Arabia's plans to boost supply above 12 million b/d in April.

Russia was set to participate in the OPEC+ Joint Technical Committee in Vienna on March 18, but the meeting was canceled, according to sources.

"It is difficult to meet with no proposal from Russia," one source said about the canceled meeting.

In April, Russia may fully return to production levels reached before the OPEC+ deal in October 2018, Novak said.

"I think the total volume that has been reduced, maybe 200,000 b/d, can be restored," he said.

Overall, Russia has the capacity to boost output by 500,000 b/d, according to Novak's previous estimates, but "it will take time".

In February, the country produced 11.38 million b/d of crude and condensate , according to estimates by S&P Global Platts.

Russian oil companies have voiced their readiness to work in a period of low prices. Tatneft, for example, said it would cope working with oil prices as low as $8/b.

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Earlier:

ОПЕК - РОССИЯ: НЕТ СДЕЛКИ
2020, March, 13, 12:40:00
OIL PRICE: ABOVE $34
Brent was up $1.12, or 3.4%, at $34.33 a barrel , WTI rose $1.17 cents, or 3.7%, to $32.66 per barrel
ОПЕК - РОССИЯ: НЕТ СДЕЛКИ
2020, March, 13, 12:35:00
OIL PRICES: NO EXIT
Saudi Arabia and Russia launched a war for market share, flooding global markets with crude. Oil traded in New York was trading at $30.76 a barrel in aftermarket hours on Thursday, down more than 2%.
ОПЕК - РОССИЯ: НЕТ СДЕЛКИ
2020, March, 13, 12:25:00
U.S. ENERGY BONDS: $110 BLN
The falls in the bonds come in the wake of the failure of Opec and Russia late last week to agree a deal on cutting production,
ОПЕК - РОССИЯ: НЕТ СДЕЛКИ
2020, March, 13, 12:20:00
RUSSIA FOR U.S. SHALE: $570 BLN
Moscow’s decision to withdraw last week from a pact with Saudi Arabia to limit crude production, sparking an oil war that sent prices crashing 30 per cent on Monday, upending global markets.
ОПЕК - РОССИЯ: НЕТ СДЕЛКИ
2020, March, 12, 13:05:00
OIL PRICES 2020-21: $43-$55
EIA forecasts Brent crude oil prices will average $43/b in 2020, down from an average of $64/b in 2019. For 2020, EIA expects prices will average $37/b during the second quarter and then rise to $42/b during the second half of the year. EIA forecasts that average Brent prices will rise to an average of $55/b in 2021, as declining global oil inventories put upward pressure on prices.
ОПЕК - РОССИЯ: НЕТ СДЕЛКИ
2020, March, 10, 13:35:00
RUSSIA'S OIL PRICE: $25-30
On Friday, Russia refused to sign a deal with OPEC and its non-OPEC allies on additional production cuts for the rest of 2020 to counter the fall in demand caused by the spreading coronavirus outbreak.
ОПЕК - РОССИЯ: НЕТ СДЕЛКИ
2020, March, 2, 12:50:00
RUSSIA'S OIL PRODUCTION 11.29 MBD
Russian oil output stood at 11.29 million barrels per day (bpd) in February,
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Tags: OPEC, RUSSIA,