NEWS
Oil  

Saudi Arabia, Russia should cut 'at least 1 mil b/d instantly': OPEC delegate

Saudi Arabia and Russia, both of whom have boosted their crude output in recent months, were responsible for a $15/b drop in the price of oil and "should cut at least 1 million b/d instantly", an OPEC delegate told S&P Global Platts.

The comments come as Saudi Arabia and Russia were reportedly discussing a production cut in 2019, Russian news agency Tass reported earlier Wednesday.

Saudi officials could not be reached for comment.

ICE Brent futures were trading at $73.03/b at 1307 GMT Wednesday, after hitting a four-year high October 3 at $86.29/b.

A six-country OPEC/non-OPEC Joint Ministerial Monitoring Committee co-chaired by Saudi Arabia and Russia meets Sunday in Abu Dhabi to assess market conditions. The next full OPEC meeting is December 6 in Vienna.

The coalition on June 23 agreed to raise production by a combined 1 million b/d from May levels by reducing overcompliance with production cuts, in order to offset expected losses by sanctions-hit Iran and Venezuela.

Saudi energy minister Khalid al-Falih said last month the kingdom was producing about 10.7 million b/d, near its record high and almost 700,000 b/d more than it was producing in May.

Russia, meanwhile, reported Friday that it hit an all-time high of 11.41 million b/d, up about 440,000 b/d from May.

News No: 2528
Date: 2018/11/07 - 19:11
News Source: S & P Global Platts

Saudi Arabia  Russia  OPEC  ICE Brent 

Comments:

Leave a Comment:

   
   
   
 

US Could Soon Produce More Crude Than Saudis and Russians

America’s journey to pre-eminence in the global oil trade is about to hit another milestone. By the shale-oil boom, the US is already producing more crude than either Russia or Saudi Arabia, who until recently vied for the top spot. By mid-year America will go one better, Bloomberg reported.
 

Saudis Plan to Set Up Regional Gas Grid

Saudi Arabia is discussing the possibility to have one interconnected natural gas grid in the region that would exchange gas and export the kingdom’s gas to the United Arab Emirates, Kuwait, and Oman, Saudi Arabia’s Energy Minister Khalid al-Falih said on Tuesday.
 

Saudi Arabia Sanguine About Oil Market Future

Saudi Energy Minister Khalid al-Falih said he was "very optimistic" about the outlook for the oil market after producers cut output to support flagging prices.
 

Brent, WTI Prices Rise on OPEC Output Cuts

Oil prices rose on Friday after a report from the Organization of the Petroleum Exporting Countries showed its production fell sharply last month, easing fears about prolonged oversupply.
 

China Offers NIOC $3b Oil-Field Deal 3

China’s state-run energy giant is making a new approach to strike a $3 billion Iranian oil field, seeking to take advantage of waivers allowed under US sanctions even as two European nations have ended crude purchases, according to people familiar with the matter.
 

Report: China Seeking $3bln Oil Deal with Iran Despite US Sanctions

China's state-run energy giant Sinopec offered a three-billion-dollar deal to further develop an Iranian oilfield the two countries are already working on, media reports said.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners