2020-05-28 12:00:00
RUSSIA, SAUDI ARABIA COORDINATION
PLATTS - 27 May 2020 - Russian President Vladimir Putin discussed the oil market with Saudi Arabia's Crown Prince Mohammed bin Salman on Wednesday and agreed the need for "close coordination" between their respective energy ministers ahead of OPEC talks next month, according to a Kremlin statement.
"Both sides noted the importance of joint efforts in achieving OPEC+ agreements in April to limit oil production," said the statement. "They agreed that further close coordination on this issue should take place between energy ministers."
The group is due to meet between June 8-10 to discuss oil market conditions, its current production agreement, and potential future steps. In April, the 23 members of the so called OPEC+ alliance agreed to reduce output by an unprecedented 9.7 million b/d in May and June in response to plummeting demand caused by the coronavirus pandemic.
Since then, Saudi Arabia has said it will voluntarily cut a further 1 million b/d in June. The UAE and Kuwait said they will cut an additional 100,000 b/d and 80,000 b/d, respectively.
The current agreement also includes a cut of 7.7 million b/d in the second half of the year, and 5.8 million b/d cut from January 2021 to the end of April 2022.
Dated Brent has more than doubled in value since hitting a 21-year low in April. Prices have recovered as major consuming nations begin to ease lockdowns and producers reduce supplies.
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Earlier:
2020, May, 27, 12:20:00
OIL PRICE: ABOVE $35
Brent fell 53 cents, or 1.5%, to $35.64, WTI was down 50 cents, or 1.5%, at $33.85.
2020, May, 26, 10:30:00
RUSSIA'S OIL FOR CHINA 1.76 MBD
China's crude oil imports from Russia rose 17.7% year on year to 7.2 million mt or 1.76 million b/d in April,
2020, May, 25, 12:35:00
RUSSIA'S OIL SUPPORT
Putin ordered ministers to work out “special rates” that pipeline operator Transneft PJSC and Russian Railways JSC will charge for transporting crude and petroleum products
2020, May, 22, 13:10:00
OIL & GAS: THE RETURN OF EQUITY 6%
The return on equity for energy companies and U.S. manufacturing decreased to 6% and 13%, respectively, in 2019
2020, May, 19, 11:55:00
OIL&GAS INDUSTRY: THE NEXT TRANSFORMATION
To change the current paradigm, the industry will need to dig deep and tap its proud history of bold structural moves, innovation, and safe and profitable operations in the toughest conditions. The winners will be those that use this crisis to boldly reposition their portfolios and transform their operating models. Companies that don’t will restructure or inevitably atrophy.
2020, May, 13, 12:50:00
CHINA'S ENERGY WILL DOUBLE
China generates more electricity than Europe and the USA combined and China will double again in twenty years.
2020, May, 13, 12:45:00
OIL PRICES 2020-21: $34-$48
Brent crude oil prices will average $34/b in 2020, Brent prices will rise to an average of $48/b in 2021
