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:

   
   
   
 

Mahathir Discounts OPEC Clout

The Organization of the Petroleum Exporting Countries hasn't been effective in stabilizing oil prices, which have been more dependent on US shale production than the actions of the intergovernmental group, said Malaysian Prime Minister Mahathir Mohammad.
 

OPEC Trying to Maintain Oil Market Balance, Not Please Donald Trump

OPEC will not respond to US pressure to lower oil prices but will seek to maintain a balanced market, UAE energy minister Suhail al-Mazrouei said Tuesday, after President Donald Trump warned the organization on Twitter not to cut crude oil production.
 

Brent, WTI Prices Jump 2%

Oil prices jumped more than 1.5 % on Monday after top exporter Saudi Arabia announced a supply cut in December and other producers also considered reductions heading into 2019.
 

Opec JMMC committee mulls cuts on demand concerns

Rising global oil supplies, a weaker outlook for global oil demand growth, and a recent $15/bl decline in oil prices have combined to make a compelling argument for the Opec and non-Opec Joint Ministerial Monitoring Committee (JMMC) to recommend a return to production restraints in 2019.
 

Russian Companies Insist on Euro Payment in Oil Export Contracts

Russian energy majors are putting pressure on western oil buyers to use euros instead of dollars for payments and introducing penalty clauses in contracts as Moscow seeks protection against possible new US sanctions.
 

Losing Streak, Oil Enters Bear Market

Oil’s set for its longest stretch of declines on record after entering a bear market, with investors awaiting a weekend meeting of OPEC and its allies to discuss output strategy.
Upcoming Events
Find a Job !
Tenders
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners