NEWS
Energy   Oil  

Russia in No Hurry to Extend OPEC+ Deal

Russian energy minister Alexander Novak said Friday it is too early to talk about extending the OPEC+ crude production agreement and the producer group should take a decision closer to April, the Prime news agency reported.

"We have a valid agreement until April 1," Novak told reporters in Malabo, Equatorial Guinea, S&P Global reported. 

"The previous times that we considered an extension, we did so a month before the expiration, because during this time the situation on the market may change. 

Why should we guess now what will happen in 4 months? We need to monitor the situation and take decisions when necessary."

OPEC+ participants are set to meet to discuss the current market situation and the agreement in Vienna at the end of next week.

Novak has indicated in recent weeks that Russia is considering asking for new condensate volumes to be exempt from its OPEC+ quota. He said Friday that around 7%-8% of Russian oil output is condensate.

Novak said previously that condensate output will increase as new gas production comes on stream, but as it will not affect exports, it should be excluded. 

Earlier this week he said Russia is preparing calculations on how condensate could be excluded from the deal.

Under the current OPEC+ agreement, Russia committed to cut around 230,000 bpd from its October 2018 crude and condensate output of 11.42 million bpd. Compliance has fluctuated significantly this year, with Russia over-complying for a few months in the summer due to the Druzhba pipeline contamination.

News No: 7645
Date: 2019/11/30 - 18:13
News Source: Financial Tribune

Russia  OPEC  energy  Alexander Novak  pipeline 

Comments:

Leave a Comment:

   
   
   
 

Energy Ministry calls on govt. bodies to reduce power consumption

Spokesman of Iran’s electricity sector said that government organizations and agencies account for nearly 4,000 megawatts (MW) of the country’s electricity consumption and they need to reduce this figure by at least 10 percent.
 

Industrial sector's power consumption exceeds 5GW

Electricity consumption by Iran’s industrial sector broke the current Iranian calendar month’s (started on May 21) previous record to reach 5,153 megawatts (5.0153 GW) on Friday, IRNA reported.
 

37b cubic meters of water stored behind Iranian dams: IWRM

Nearly 37 billion cubic meters of water is stored behind the dams across Iran, indicating that 71 percent of the capacity of the country’s dams is full, a report by Iran Water Resources Management (IWRM) said.
 

No water outage, rationing on agenda despite high consumption

Mohammad-Reza Bakhtiari, the managing director of Tehran Province Water and Wastewater Company, has said no water outage or rationing is on the agenda despite the 25-percent increase in the capital city’s water consumption in the Q1 of the current Iranian calendar year (March 20-June 20), IRIB reported.
 

Without govt. support private power plants at risk of shutting down

In recent years, due to the government funding constraints and financial pressures, Iranian private companies have taken on the mantle of developing the country’s power plants including both large-scale thermal plants and small-scale renewable ones.
 

500,000 smart electricity meters installed for big-scale consumers

Some 500,000 smart electricity meters have been installed for large-scale consumers across the country, IRNA reported quoting an official with Iran's Power Generation, Distribution and Transmission Company (known as Tavanir).
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners