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Global agreement to cut oil production in sight
Monday 10-10-2016 | 8:53:38
XYZ
Twilight News / Saudi Arabia said the largest oil producer in the Organization of Petroleum Exporting Countries (OPEC) on Monday that it is possible to reach a global agreement to reduce crude supplies by the time the next formal meeting of the organization in November, in which he also like Russia may be invited independent producers to participate in the cut.
He said the Saudi Energy Minister Khalid al-Falih during the World Energy Conference in Istanbul, "OPEC needs to ensure that no excessive restriction of production and not to cause a shock in the market. We will act responsibly too, "he said, adding that OPEC needed to act in a balanced and responsible.
OPEC agreed last month in Algiers on a limited cut production. The agreement is designed to reduce production to a range between 32.5 million and 33 million barrels a day. The current OPEC production at a record 33.6 million barrels per day.
Faleh said "prices fell very low levels and the impact on investment. The damage inflicted much of the companies and countries ... I do not want to give the wrong signal to the market and we cause a shock to the market prices, "he said, adding he is optimistic that the possibility of reaching an agreement next month.
Russian President Vladimir Putin welcomed the invitation to cut global production, saying that Moscow was ready to share the OPEC members in the proposed installation for the production of oil.
Putin said that low oil prices led to a decline in investment in the global energy sector, which would be turned into a deficit in what lead to "unpredictable leaps" in prices in time.
Putin said, "This is why we in the current situation we believe that the installation (of oil production), or even a cut in oil production was the right decision only likely to maintain the stability of the global energy sector," he said, adding that he hoped that confirms OPEC's decision to adopt quotas for production in November The second.
Putin said "Russia is ready to join the joint actions designed to reduce the production and calls to other oil exporters to join."
Ore prices surged International benchmark Brent crude to its highest level in a year on Monday after Russia said it was ready to participate in the proposed agreement to cut production in an effort to curb falling prices continued two years ago
Brent rose to its highest level since 12 October 2015 to $ 53.73 a barrel, before paring gains to trade up $ 1.44, or 2.8 percent, at $ 53.37 a barrel by 1537 GMT.
And increased WTI US mediator to $ 51.60 a barrel, its highest level since the tenth of June before being traded up $ 1.57, or 3.2 percent, at $ 51.38 a barrel.
Sensitive and critical issue
However, the sensitive and critical of the share of the production of each of the fourteen Member States of the OPEC issue will be resolved during the formal OPEC meeting in November. Putin did not say at what level of Russia will be ready to install production.
Iran, whose economy relies heavily on oil and see that a fair share of OPEC production should be higher than the current production and Tehran has stepped up its efforts to reach its production to the same level as before 2012, when the European Union to impose additional sanctions on Iran over its nuclear activities.
In January, it was lifting sanctions on Iran in exchange for curbing its nuclear program under a landmark agreement reached by Tehran and six major forces in 2015.
In the period between 2012 and 2016 raised Saudi Arabia and other Gulf members of OPEC oil production to compete for market share with those with high-cost producers such as the United States.
The UK raised its production to 10.7 million bpd from 10.2 million bpd in recent months due to local needs to run the air conditioning in the summer.
The sources in OPEC, said to Reuters that it is not expected to reach a decision in Istanbul, but the meeting will be an opportunity for officials to discuss the next steps after the Algiers Agreement, which was agreed upon after intense diplomatic efforts.
He noted Saudi Arabia's energy minister that his country is ready to face any prices will result from it. He said, "We have an economic and financial plans to deal with scenarios (prices) are too low and moderate prices scenarios."
Falih said there is still some uncertainty surrounding the supply and demand in some areas, such as China and North America at the moment and that he hoped that the situation will be clearer by the time of the OPEC meeting on 30 November.
Faleh said, "It is time to do something different from what we faced in 2014," pointing out that market forces have changed a lot since then.
The Russian Ministry of Energy on Friday, citing Novak, it expects to reach an agreement on the installation of production by OPEC meeting scheduled on 30 November.
Said Algerian Energy Minister Noureddine Bouterfa Monday that he expected pledges from oil producers outside OPEC about reducing supplies during the Istanbul meeting, which he described as "consultations".
Venezuelan President Nicolas Maduro said he hoped prices "fairer and more realistic" Oil World, pointing out that Venezuela is ready to participate in any alliance between the producing countries.
Maduro said at the World Energy Conference in Istanbul "on OPEC members to reach an agreement and work to achieve stability in the oil sector. Price must be fairer and more realistic and should be a catalyst for investors. Therefore we need fair prices, "according to a translation of his remarks showed.
http://www.ara.shafaaq.com/98372
Monday 10-10-2016 | 8:53:38
XYZ
Twilight News / Saudi Arabia said the largest oil producer in the Organization of Petroleum Exporting Countries (OPEC) on Monday that it is possible to reach a global agreement to reduce crude supplies by the time the next formal meeting of the organization in November, in which he also like Russia may be invited independent producers to participate in the cut.
He said the Saudi Energy Minister Khalid al-Falih during the World Energy Conference in Istanbul, "OPEC needs to ensure that no excessive restriction of production and not to cause a shock in the market. We will act responsibly too, "he said, adding that OPEC needed to act in a balanced and responsible.
OPEC agreed last month in Algiers on a limited cut production. The agreement is designed to reduce production to a range between 32.5 million and 33 million barrels a day. The current OPEC production at a record 33.6 million barrels per day.
Faleh said "prices fell very low levels and the impact on investment. The damage inflicted much of the companies and countries ... I do not want to give the wrong signal to the market and we cause a shock to the market prices, "he said, adding he is optimistic that the possibility of reaching an agreement next month.
Russian President Vladimir Putin welcomed the invitation to cut global production, saying that Moscow was ready to share the OPEC members in the proposed installation for the production of oil.
Putin said that low oil prices led to a decline in investment in the global energy sector, which would be turned into a deficit in what lead to "unpredictable leaps" in prices in time.
Putin said, "This is why we in the current situation we believe that the installation (of oil production), or even a cut in oil production was the right decision only likely to maintain the stability of the global energy sector," he said, adding that he hoped that confirms OPEC's decision to adopt quotas for production in November The second.
Putin said "Russia is ready to join the joint actions designed to reduce the production and calls to other oil exporters to join."
Ore prices surged International benchmark Brent crude to its highest level in a year on Monday after Russia said it was ready to participate in the proposed agreement to cut production in an effort to curb falling prices continued two years ago
Brent rose to its highest level since 12 October 2015 to $ 53.73 a barrel, before paring gains to trade up $ 1.44, or 2.8 percent, at $ 53.37 a barrel by 1537 GMT.
And increased WTI US mediator to $ 51.60 a barrel, its highest level since the tenth of June before being traded up $ 1.57, or 3.2 percent, at $ 51.38 a barrel.
Sensitive and critical issue
However, the sensitive and critical of the share of the production of each of the fourteen Member States of the OPEC issue will be resolved during the formal OPEC meeting in November. Putin did not say at what level of Russia will be ready to install production.
Iran, whose economy relies heavily on oil and see that a fair share of OPEC production should be higher than the current production and Tehran has stepped up its efforts to reach its production to the same level as before 2012, when the European Union to impose additional sanctions on Iran over its nuclear activities.
In January, it was lifting sanctions on Iran in exchange for curbing its nuclear program under a landmark agreement reached by Tehran and six major forces in 2015.
In the period between 2012 and 2016 raised Saudi Arabia and other Gulf members of OPEC oil production to compete for market share with those with high-cost producers such as the United States.
The UK raised its production to 10.7 million bpd from 10.2 million bpd in recent months due to local needs to run the air conditioning in the summer.
The sources in OPEC, said to Reuters that it is not expected to reach a decision in Istanbul, but the meeting will be an opportunity for officials to discuss the next steps after the Algiers Agreement, which was agreed upon after intense diplomatic efforts.
He noted Saudi Arabia's energy minister that his country is ready to face any prices will result from it. He said, "We have an economic and financial plans to deal with scenarios (prices) are too low and moderate prices scenarios."
Falih said there is still some uncertainty surrounding the supply and demand in some areas, such as China and North America at the moment and that he hoped that the situation will be clearer by the time of the OPEC meeting on 30 November.
Faleh said, "It is time to do something different from what we faced in 2014," pointing out that market forces have changed a lot since then.
The Russian Ministry of Energy on Friday, citing Novak, it expects to reach an agreement on the installation of production by OPEC meeting scheduled on 30 November.
Said Algerian Energy Minister Noureddine Bouterfa Monday that he expected pledges from oil producers outside OPEC about reducing supplies during the Istanbul meeting, which he described as "consultations".
Venezuelan President Nicolas Maduro said he hoped prices "fairer and more realistic" Oil World, pointing out that Venezuela is ready to participate in any alliance between the producing countries.
Maduro said at the World Energy Conference in Istanbul "on OPEC members to reach an agreement and work to achieve stability in the oil sector. Price must be fairer and more realistic and should be a catalyst for investors. Therefore we need fair prices, "according to a translation of his remarks showed.
http://www.ara.shafaaq.com/98372
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