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!

2020-03-02 13:00:00

BRENT PRICE LEVEL: $ 42.4

УРОВЕНЬ ЦЕНЫ BRENT: $42.4

PLATTS - 01 Mar 2020 - Russian President Vladimir Putin said Sunday that current oil prices are acceptable for Russia and he backed continued cooperation through the OPEC+ agreement to ensure market stability and combat the negative impact of the coronavirus outbreak on the global economy.

"I want to emphasize, for the Russian budget, for our economy, current oil prices are acceptable. Let me remind you that this year, as part of our macroeconomic policy, we took a Brent crude price of $42.40/b as the base level," Putin said during a meeting on the impact of the coronavirus on the global economy and the oil market with government ministers and representative of oil and gas companies.

"Moreover, our accumulated reserves, including the National Welfare Fund, are sufficient to ensure stability, and meet all budget and social obligations even with a possible deterioration of the situation in the global economy," he added, according to a transcript of the meeting posted on the Kremlin website.

Crude oil futures settled at fresh 14-month lows Friday as the continued global spread of coronavirus fed fears of flattening demand and raised the specter of economic downturn. ICE April Brent settled $1.66 lower at $50.52/b. NYMEX April WTI was $2.33 lower at $44.76/b at market close.

Putin said that Russia's international reserves are $563 billion, and there is a further $124 billion in the National Welfare Fund.

"Nevertheless, this does not negate the need for us to take action, including in conjunction with foreign partners," he said.

OPEC+ view

Putin described the OPEC+ agreement as an effective tool to ensure long-term stability in global energy markets.

"Due to this, we received additional budget revenues and, importantly, enabled our producers to confidently invest in promising development projects," he said.

Beyond officials backing ongoing cooperation, Russia has yet to provide a detailed position on the OPEC+ agreement going forward. Earlier this month Russian oil producers indicated that they would be willing to extend the current agreement to the end of the second quarter but do not want to cut further.

Some participants in the deal have called for deeper cuts in response to the market impact of the coronavirus outbreak. The group will meet in Vienna March 5-6 to discuss the market situation and future action. The current 1.7 million b/d supply cut agreement expires at the end of March.

Putin added that although current conditions are acceptable, the situation continues to be unpredictable and Russia needs to be prepared.

"Of course, today it is difficult to predict how long-term this trend will be, but in any case, it is important for us to be prepared for various scenarios," Putin added.

He described last week as the worst for global markets since the 2008 crisis.

"The negative consequences are already making themselves known, and are affecting the entire system of global economic relations, almost all states, given the current high interdependence and interconnectedness of economies," Putin said.

----- 


Earlier:

УРОВЕНЬ ЦЕНЫ BRENT: $42.4
2020, February, 28, 15:45:00
OIL PRICE: NEAR $51
Brent was down $1.74, or 3.3%, at $49.99 a barrel, WTI fell $1.89, or about 4%, to $45.20.
УРОВЕНЬ ЦЕНЫ BRENT: $42.4
2020, February, 26, 10:35:00
OIL PRICE: NEAR $55
Brent rose 33 cents, or 0.6%, to $55.28 a barrel, WTI gained 41 cents, or 0.8%, to $50.31 a barrel.
УРОВЕНЬ ЦЕНЫ BRENT: $42.4
2020, February, 24, 10:50:00
OIL PRICE: NEAR $57
Brent fell by $1.42, or 2.4%, to $57.08 a barrel, WTI fell by $1.26, or 2.4%, to $52.12.
УРОВЕНЬ ЦЕНЫ BRENT: $42.4
2020, February, 21, 12:30:00
OIL MARKET: NOTHING URGENT
Despite the partial recovery, oil prices are still far below the level many OPEC members need for their budgets to balance.
УРОВЕНЬ ЦЕНЫ BRENT: $42.4
2020, February, 19, 11:55:00
GLOBAL OIL DEMAND 2020: 100.73 MBD
Oil demand growth in 2020 is revised down by 0.23 mb/d from the previous month’s assessment. With this, global oil demand is now forecast to grow by 0.99 mb/d and average 100.73 mb/d for 2020,
УРОВЕНЬ ЦЕНЫ BRENT: $42.4
2020, February, 19, 11:50:00
GLOBAL PETROLEUM DEMAND WILL UP BY 1.0 MBD
EIA now expects global petroleum and liquid fuels demand will rise by 1.0 million b/d in 2020, which is lower than the forecast increase in the January STEO of 1.3 million b/d in 2020, and by 1.5 million b/d in 2021.
УРОВЕНЬ ЦЕНЫ BRENT: $42.4
2020, February, 14, 12:10:00
CHINA'S CORONAVIRUS: NO AFFECT
The coronavirus epidemic in China has had a marginal impact on energy markets and is unlikely to dramatically affect oil prices even if Chinese demand falls by 500,000 barrels per day, U.S. Energy Secretary Dan Brouillette told
All Publications »
Tags: ЦЕНА, НЕФТЬ, BRENT, РОССИЯ
Chronicle:
УРОВЕНЬ ЦЕНЫ BRENT: $42.4
2022, July, 4, 12:44:00
6TH ANNUAL LNG SUMMIT USA
The 6th Edition of Wisdom’s Much Acclaimed Annual LNG Summit Will Be Held Live in Houston - PREPARING THE INDUSTRY FOR THE RISE IN DEMAND FOR LNG
УРОВЕНЬ ЦЕНЫ BRENT: $42.4
2022, July, 4, 12:43:00
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
УРОВЕНЬ ЦЕНЫ BRENT: $42.4
2022, July, 4, 12:40:00
GERMAN UTILITIES COLLAPSE
German leaders are stepping up warnings of impending turmoil and natural-gas shortages in Europe’s biggest economy, which relies on Russia for about one-third of its energy.
УРОВЕНЬ ЦЕНЫ BRENT: $42.4
2022, July, 4, 12:35:00
IRANIAN OIL RISES
Iran could increase production to levels before the sanctions, he said, without giving an estimate of current output.
УРОВЕНЬ ЦЕНЫ BRENT: $42.4
2022, July, 4, 12:30:00
S.KOREAN NUCLEAR FOR CZECH
"A nuclear power generation project requires more than a decade for construction and involves operations for more than 60 years. South Korea is a reliable partner in terms of economic feasibility, safety, and ensuring the construction period," Lee said.
УРОВЕНЬ ЦЕНЫ BRENT: $42.4
2022, June, 28, 12:10:00
OIL PRICE: BRENT NEAR $117, WTI ABOVE $111
Brent climbed $1.9, or 1.7%, to $116.99, WTI rose $1.8, or 1.6%, to $111.36 a barrel.
УРОВЕНЬ ЦЕНЫ BRENT: $42.4
2022, June, 28, 12:05:00
OPEC OIL PRICE: $112.35
The price of OPEC basket of thirteen crudes stood at $112.35 a barrel
All Publications »