86920
Oil Industry Bosses Will Discuss OPEC Policy
Oil Industry Bosses Will Discuss OPEC Policy

Oil Industry Bosses Will Discuss OPEC Policy

Oil Industry Bosses Will Discuss OPEC Policy

Key oil ministers and company executives will gather in Russia later this week for the St. Petersburg International Economic Forum, amid expectations that the business meeting will prepare the ground for talks about the OPEC-Russia production cut deal and sanctions on Russia.
Attendees will include Saudi Arabia’s Energy Minister Khalid al-Falih, OPEC Secretary-General Mohammad Barkindo and UAE’s Energy Minister and current OPEC President Suhail al-Mazrouei, Platts reported.
They are expected to discuss the current oil market conditions and the recent rise in oil prices.
The St. Petersburg forum comes just a month before the OPEC summit in Vienna, Austria, on June 22, at which countries participating in the global production cut deal are expected to review the state of the oil market and possibly adopt new metrics to measure the agreement’s success.
By the current metric—the five-year average of OECD commercial stocks—the glut is gone, according to both OPEC and the International Energy Agency.
The forum also comes amid geopolitical concerns that have lately pushed oil prices to three-and-a-half year highs—Venezuela’s plunging oil production and the possible reduction of Iranian oil exports after the US withdrawal from the Iran nuclear deal.
Saudi Arabia has signaled that it was ready to coordinate global action to ease oil market anxiety.
"But the hosts of this week’s forum, Russia, may not be too keen to let oil prices run too high," Christian Boermel, senior analyst, Russia upstream at Wood Mackenzie, told Platts.
For two consecutive months, in March and April, Russia exceeded its quota under the OPEC/non-OPEC deal—a move that some analysts interpret as Russian companies getting tired of capping production, despite assurances from Moscow that it is sticking to the pact.
Among the industry executives expected to attend the Russian forum this week will be the CEOs of the biggest European firms—Total’s Patrick Pouyanne, Shell’s Ben van Beurden, and BP’s Bob Dudley. All three companies have presence and interests in Russian projects and operations.

Short URL : https://goo.gl/KWzZJp
  1. https://goo.gl/bxXif9
  • https://goo.gl/RPN8ct
  • https://goo.gl/33zrMa
  • https://goo.gl/zcGyzQ
  • https://goo.gl/2pFxay

You can also read ...

China Rejects US Sanctions, Vows to Continue Iran Crude Purchase
As the US and Iran continue to trade barbs over the...
India Vying for US Waiver
India, the second biggest crude customer of Iran, may cut its...
Venezuela Braces for Pricey Gasoline
Gasoline prices in Venezuela will soon catch up with world...
Zanganeh to Attend OPEC, Non-OPEC Committee Meeting
Iran's Oil Minister Bijan Namdar Zanganeh will attend a...
S. Korea Iran Crude Imports Up 15%
South Korea’s imports of Iranian crude rose around 15% in July...
Indonesia Cuts Oil Imports
Indonesia’s PT Pertamina will get an extra 225,000 barrels per...
UK's Quercus Halts Iran Renewable Project
British renewable energy investor Quercus said it will halt...
NPC Not Worried About Exports
The National Petrochemical Company is not concerned about...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus