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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Saudi Arabia is increasing oil production and fears a surge in US supply next year

    Rocky
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    • Post n°1

    Saudi Arabia is increasing oil production and fears a surge in US supply next year Empty Saudi Arabia is increasing oil production and fears a surge in US supply next year

    Post by Rocky Thu 27 Sep 2018, 6:13 am

    Saudi Arabia is increasing oil production and fears a surge in US supply next year
    Saudi Arabia is increasing oil production and fears a surge in US supply next year 10302

     Saudi Arabia is quietly pumping more oil into the market over the next two months to offset a drop in Iranian output, but fears it may need to limit output next year to balance global supply and demand as US crude supplies grow.
    The kingdom, OPEC's biggest producer, was under new pressure last week from US President Donald Trump to cool oil prices ahead of a meeting in Algeria for a number of OPEC ministers and allies, including Russia.
    Two sources familiar with Opec's policy said Saudi Arabia and other producers had discussed the possibility of increasing output by about 500,000 bpd between the Organization of the Petroleum Exporting Countries and its non-OPEC allies.
    But Riyadh has decided not to press for a formal increase at the moment as it realizes that it will not get the approval of all producers involved in the talks, some of whom lack excess production capacity and will not be able to boost production quickly.
    Such a move would have strained relations between the producers, the sources said, while the Saudis were keen to unite within the OPEC + coalition if Riyadh wanted to change course in the future and asked for their cooperation in cutting production.
    "What remains is the creation of tensions between Saudi Arabia, Iran and Russia," a source familiar with the discussions in Algeria said.
    Saudi Energy Minister Khalid al-Faleh said on Sunday he was concerned that oil production increases, particularly from the United States, would exceed the expected increase in demand for crude, which could lead to a global stockpile.
    The second source, also familiar with the talks, said: "The risks to the next year's demand are more than the supply risks."
    Oil prices rose to their highest level since 2014, above $ 80 a barrel this week on fears that a sharp drop in Iran's oil exports due to new US sanctions would deepen the oil deficit along with Venezuela's output declines.

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