Weather Forecast for Thursday    Egypt Records 1910 New Cases of COVID-19    All remaining slums in Makkah to be developed soon    ALECSO issues key decisions in AlUla meeting    GACA, KACST sign MoU to establish a center for research & development    5th housing and population census set to start on May 9    Indian community marks Republic Day with patriotic fervor    ALECSO Issues 18 Decisions from AlUla    Dr. Al Rabeeah meets Sierra Leone's foreign minister; discuss relief affairs    SG of OIC Receives Tunisian Ambassador to Saudi Arabia    Flypast by 75 aircraft and helicopters was highlight of R-Day's parade.    PIF unveils leading gaming and e-sports group    British driver Sam Bird sets sight on more triumphs in Saudi Arabia 2022 Diriyah E-Prix    RCU launches direct flights from Paris to AlUla    Jordan Records 12,826 New Cases of COVID-19    Saudi Stock Market Index Ends High At 12,182 Points    KSrelief Signs USD 10 Million Worth Agreement with UNICEF to Provide Basic Health Services for Mothers, Children in Yemen    Under Patronage of Custodian of Two Holy Mosques, King Abdulaziz Int'l Competition for Memorization of Holy Quran to Launch in Safar    Asian Shares Mixed    Royal Commission in Yanbu Achieves Arab Award for Operation and Maintenance    Netherlands to ease Covid restrictions despite rising case numbers    Unvaccinated man denied heart transplant by Boston hospital    NDMC clears 43% of debts due for payment in 2022    IPA organizes 'Innovation and the Future of Government Work' conference on February 9    Dozens feared lost as 'smuggling' boat capsizes off Florida    Sir Elton John postpones US shows after positive Covid-19 test    Bollywood's Shilpa Shetty cleared of obscenity over Richard Gere kiss    At least six killed in Cameroon stadium stampede    General Court of Audit President Inaugurates 8th Conference for Internal Audit with Int'l Participation    Taylor Swift slams Damon Albarn over songwriting comments    UN chief calls for Olympic Truce to build 'culture of peace' through power of sport    GASTAT: Non-oil exports increase by 26.1% in November 2021    Cirque du Soleil to establish an academy and regional office in Saudi Arabia    Omani National Football Team Arrives in Jeddah to Meet Saudi National Team    Saudi Handball Team Loses to Qatar in Main Round of 2022 Asian Men's Handball Championship    Eighth Season of ABB FIA Formula E World Championship to kick off in Diriyah    20th Asian Handball Championship Main Round to Kick off Tomorrow    Riyadh's Qualitative Events Enrich its Winter, Attract World Attention    SFDA: Fat is a Source of Energy and Its Abundance is Linked to Chronic Diseases    Reflections on celebration of Christmas    Royal Commission for AlUla to Hold Custodian of the Two Holy Mosques Endurance Cup 2022, Richard Mille AlUla Desert Polo    Saudi Arabia's Pavilion at Expo 2020 Dubai Organizes a Dance Theatrical Show for Children    Saudi Arabia rebuffs UN resolution on 'sexual orientation'    Kabir Khan eyes on joint Indian – Saudi film projects    Pilgrims Perform Dhuhr and Asr Prayers at Arafat Holy Site    Council of Senior Scholars: Muslim Brothers' Group Don't Represent Method of Islam, rather only Follows its Partisan Objectives, Violating our Graceful Religion    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Saudi energy minister moots driving down oil inventories
Published in The Saudi Gazette on 19 - 05 - 2019

JEDDAH — Saudi Arabia's energy minister said on Sunday he recommended driving oil inventories down and that global oil supplies were plentiful.
"Overall, the market is in a delicate situation," Khalid Al-Falih told reporters ahead of a ministerial panel meeting of top OPEC and non-OPEC oil producers, including Saudi Arabia and Russia.
He said the Organization of the Petroleum Exporting Countries, of which Saudi Arabia is de facto leader, would have more data at its next meeting in late June to help it reach the best decision on output.
OPEC, Russia and other non-OPEC producers, an alliance known as OPEC+, agreed to reduce output by 1.2 million barrels per day (bpd) from Jan. 1 for six months, a deal designed to stop inventories building up and weakening prices.
Russian Energy Minister Alexander Novak told reporters that different options were available for the output deal, including a rise in production in the second half of the year.
The energy minister of the United Arab Emirates, Suhail Al-Mazrouei, said oil producers were capable of filling any gap in the oil market and that relaxing supply cuts was not "the right decision".
Mazrouei said the UAE did not want to see an increase in inventories that could lead to a price collapse.
Saudi Arabia sees no need to boost production quickly now, with oil at around $70 a barrel, as it fears a crash in prices and a build-up in inventories, OPEC sources said, adding that Russia wants to increase supply after June.
The United States, which is not a member of OPEC+ but is a close ally of Saudi Arabia, wants the group to boost output to bring oil prices down.
Falih has to find a delicate balance between keeping the oil market well supplied and prices high enough for Riyadh's budget needs, while pleasing Moscow to ensure Russia remains in the OPEC+ pact, and being responsive to the concerns of the United States and the rest of OPEC+, the sources said earlier.
Sunday's meeting of the ministerial panel, known as the JMMC, comes amid concerns of a tight market. Iran's oil exports are likely to drop further in May and shipments from Venezuela could fall again in coming weeks due to US sanctions.
Oil contamination also forced Russia to halt flows along the Druzhba pipeline — a key conduit for crude into Eastern Europe and Germany — in April. The suspension, as yet of unclear duration, left refiners scrambling to find supplies.
Novak told reporters that oil supplies to Poland via the pipeline would start on Monday. — Reuters


Clic here to read the story from its source.