The Organization of the Petroleum Exporting Countries and other leading global oil producers led by Russia have agreed to cut their combined output by almost 1.8 million barrels per day to remove excessive oil from inventories and prop up prices.
“The analysis shows that the announced goal of inventories stabilization has not been fully implemented and it is too early to talk about a watershed in the global market,” Sechin told an industry forum in Verona on Thursday.
LONDON and NEW YORK (Bloomberg) -- OPEC sent its strongest signal yet for an extension of production cuts until the end of 2018, saying preparations for the next meeting are taking their lead from Russian President Vladimir Putin’s tentative backing for a further nine months of curbs.
If the Organization of Petroleum Exporting Countries and allies including Russia decide they need to extend their supply deal, it should be done at least until the end of next year, Putin said in Moscow on Oct. 4. That statement is the basis for talks, led by Russian Energy Minister Alexander Novak and his Saudi counterpart Khalid Al-Falih, aimed at creating a consensus for the Nov. 30 meeting, said OPEC Secretary-General Mohammad Barkindo.
OSLO (Bloomberg) -- The renewable energy revolution doesn’t scare the man overseeing western Europe’s biggest crude oil spigot.
The bigger and more immediate threat to Norway as an oil nation is the drought in large discoveries and projects, Petroleum and Energy Minister Terje Soviknes said in an interview. At the same time, the market is finally showing signs of “rebalancing” after OPEC and non-OPEC cuts “have yielded results,” he said.
LONDON (Bloomberg) -- The world’s biggest oil traders say crude could rise above $60/bbl in a year as demand grows and OPEC keeps cutting. Or it might fall to $45 as another wave of U.S. shale hits the market.
The disagreement between Glencore Plc, Gunvor Group Ltd. and Trafigura Group Pte on the bullish side, and Vitol Group on the other, underscores the huge uncertainty over the key drivers of oil supply and demand. Growth in consumption has been stronger than expected this year, helping the recent price gain, but the speed of the expansion in U.S. output has also proved hard to predict.
VERONA, October 19. /TASS/. Rumors regarding the ‘death’ of oil are highly exaggerated and it will remain the basis of the global energy sector for 20-30 years more, Chief Executive Officer of Russian oil and gas producer Rosneft Igor Sechin said at the X Eurasian Forum.
"I can tell you that rumors concerning the ‘death’ of oil are highly exaggerated. Oil will remain the backbone of the global fuel energy sector for 20-30 years to come and later on," Sechin said.
Qatar is easily the richest country in the world on a per capita basis. According to a study released in March by Global Finance Magazine that used data from the International Monetary Fund (IMF), the gross domestic product (GDP) of a Qatari citizen on average is a staggering $129,726 (based on 2016 international dollars and the inclusion of purchasing-power-parity adjustments). Nevertheless, Qatar is facing severe economic headwinds that could end up having grave consequences for the small oil-and-gas rich state.
On June 5, Qatar was officially cut off by Persian Gulf neighbours over accusations that it was a state sponsor of terrorism. Saudi Arabia, the United Arab Emirates (UAE), Egypt and Bahrain were among those to sever diplomatic ties, as well as cease all air, sea and land links. Part of the reason for this sharp change in policy appears to be down to the massive cyberattack experienced by Qatar‘s state-run news agency, which enabled hackers to expose numerous articles pertaining to sensitive political issues on the agency’s website—and in particular stories that were deemed to be praiseworthy of Iran, a major adversary of Saudi Arabia and its regional allies. For instance, the statements, which were attributed to Qatar’s Emir, Sheikh Tamim bin Hamad al-Thani, described Iran as a “regional and Islamic power”—a description that drew condemnation from the Gulf bloc. Views pertaining to Hamas, the Israeli-Palestinian conflict and Qatar’s relations with Iran also elicited much controversy.