Opec

Iraq, Saudi Arabia sign 18 energy memorandums in Basra

Published on 6 Dicembre 2017 in MIDLE EAST/PRESS RELEASE/REGIONS by pressrelease

During the inauguration of the seventh edition of the Basra oil and gas exhibition in Iraq, Iran and Saudi Arabia have signed 18 memorandums of understanding in the energy field. 22 Saudi companies took part in the exhibition which purpose was to reinforce the “strategic partnership” between the two countries. Saudi Energy Minister Khaled al-Faleh said that improved relations and energy cooperation between Iraq and Saudi Arabia will help bring stability to the international oil market, with both being prominent OPEC members. Over the past two years because of Saudi Arabia’s opposition to the involvement of Iraqi Shia paramilitary forces in the fight against Islamic State, relations between Sunni-ruled Saudi Arabia and the Shia-dominated Iraqi government have been tensional. But in the past months there was a rapprochement between both countries: top-level officials exchanged visits and expressed eagerness to boost political, security and economic cooperation. In July, both countries established a joint coordination council to boost ties on all levels, while in October, more than 60 Saudi companies attended the Baghdad International Exhibition.

Saudi Arabia reasserts oil market leadership role with deal in Vienna

Published on 4 Dicembre 2017 in PRESS RELEASE/REGIONS by pressrelease

Saudi Arabia has reasserted its leadership of the oil market on Thursday after brokering its desired extension of output cuts with OPEC and non-OPEC partners through to the end of 2018. The deal – agreed after nearly nine hours of negotiations in Vienna – kept its new ally Russia onside and prevented a sell-off that many analysts had feared, according to Platts. With consensus very much in doubt entering OPEC’s closely watched meeting, Saudi energy minister Khalid al-Falih emerged from the talks with deal in hand, pledging a firm commitment to completing the rebalancing of the market and promising to keep a close eye on his OPEC counterparts, many of whom have been lax in compliance with their quotas. That had many commentators proclaiming that Russian President Vladimir Putin – and by extension Novak – had effectively wrested control of OPEC from Saudi Arabia, without even being a member of the organization.

Saudi Arabia and Russia ‘clear fog’ before OPEC meeting

Published on 30 Ottobre 2017 in POLITICS/PRESS RELEASE/REGIONS by pressrelease

Saudi Arabia and Russia clearly stating support to extend a global deal to cut oil supply for another nine months. OPEC, plus Russia and nine other producers, have cut oil output by about 1.8 million barrels per day since January. The pact runs to March 2018 and they are considering extending it. Saudi Arabia’s Crown Prince Mohammed bin Salman said this week he supported keeping the deal in place for nine months, following on from similar remarks by Russian President Vladimir Putin. Oil prices fell on Friday after Brent rallied to just below $60 a barrel the previous session but support from the comments by the Saudi crown prince for extending OPEC-led output cuts created a floor. Oil hit $59.55 on Thursday, its highest since July 2015 and more than 30 percent above its 2017 lows touched in June. US crude prices have been capped by rising US production. Oil prices have been hovering near their highest levels for this year amid recent signs of a tightening market, talk of an extension of production cuts and tensions in Iraq. Friday’s announcement of a cease-fire between Iraqi forces and the Peshmerga from the country’s autonomous northern Kurdish region eased some concerns.

Libya’s biggest oil field said to resume pumping crude

Published on 8 Settembre 2017 in AFRICA/PRESS RELEASE/REGIONS by pressrelease

Libya’s largest oil field resumed production after a halt of more than two weeks, putting pressure on Opec and other producers seeking to rein in a global supply glut and firm up prices. Libyan authorities reopened a valve on the pipeline from the south-western Sharara field to the Zawiya refinery after they reached a final agreement with a militia group that had closed the link, according to a person familiar with the matter, who asked not to be identified because the information is private. The North African nation’s crude output dropped 35% after the forced closing of the three fields, disrupting a revival of its production.

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