Subscribe to our free daily newsletters
  Oil and Gas News from OilGasDaily.Com  




Subscribe to our free daily newsletters



OIL AND GAS
We're not satisfied yet with markets, Saudi oil minister says
by Daniel J. Graeber
Washington (UPI) Oct 5, 2017


The move by OPEC and non-OPEC producers to balance the market is working, but the work is not yet finished, Saudi Arabia's oil minister said from Moscow.

An energy forum under way in Moscow and St. Petersburg is about halfway through. Speaking at the conference, Saudi Oil Minister Khalid al-Falih said market recovery is apparent, and the success of the agreement is obvious, but producers can't relax yet.

"We will not be satisfied with what we have," he was quoted by Russian news agency Tass as saying. "Until we reach the appropriate level of balance, until this goal is achieved we cannot finish our work."

The agreement, implemented in January, is designed to bring the global level of crude oil inventories closer to the five-year average. An oversupplied market last year, brought on by U.S. oil production and OPEC members working to defend market shares with more output, helped pushed the price of oil below $30 per barrel.

Global crude oil inventories are moving closer to balance and Falih said that, by the fourth quarter, supply will be less than demand. Pointing to output from U.S. shale basins, the minister said any acceleration should more or less keep pace with demand.

Russian Energy Minister Alexander Novak hinted the agreement could be extended into summer 2018. Parties to the agreement between members of the Organization of Petroleum Exporting Countries and non-member states already agreed this year to extend it into March 2018.

Answering questions from Bloomberg News on Wednesday, Russian President Vladimir Putin said he couldn't rule out further extensions.

"Whether we will extend these agreements or not will depend on the situation in the world market," he said. "But in general, speaking about a potential extension, it should last at least to the end of 2018."

The meeting in Russia started with a call from Russia's energy minister to add a monitoring mechanism for exports. Industry and trade sources told UPI that may require a third party to monitor crude oil exports effectively. The U.S. Energy Information Administration publishes weekly data on domestic crude oil exports from the United States and imports from top exporters to its market. The Joint Organizations Data Initiative publishes export metrics, though the most recent data are from July.

OIL AND GAS
Shell defends divestment efforts, but cancels sale in Thailand
Washington (UPI) Oct 4, 2017
While defending a robust spending program, Royal Dutch Shell said Wednesday it was canceling an agreement to sell off a stake of its assets in Thailand. Subsidiaries of Shell and the Kuwait Foreign Petroleum Exploration Co. said they mutually agreed to cancel the multilmillion dollar sale of shares in Shell Integrated Gas Thailand Pte. Ltd., known also as SIGT, and Thai Energy Co Limite ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
Bioreactors on a chip renew promises for algal biofuels

Algae with light switch

With extra sugar, leaves get fat too

Illinois researchers develop gene circuit design strategy to advance synthetic biology

OIL AND GAS
Saudi Arabia opens bid for 'utility scale' solar project

DOE should take steps toward facilitating energy development on its public lands

Researchers set time limit for ultrafast perovskite solar cells

'New era' in solar energy fuelling growth in renewables: IEA

OIL AND GAS
Germany gets economic lift with wind energy

French energy company to build wind power sector in India

Finding better wind energy potential with the new European Wind Atlas

Last of the 67 turbines for a British wind farm installed

OIL AND GAS
Largest Nuclear Training Center In France Opens Its Doors

BWXT awarded contract extension for nuclear waste facility operations

UAE to open Arab Gulf's first nuclear reactor in 2018

Russia floats out powerful nuclear icebreaker

OIL AND GAS
Drought not dingos behind mainland Australia tiger extinction: study

Cost of climate disasters to reach half of US growth in a decade: report

Science denial not limited to political right

Canada Tory MP called out for referring to minister as 'climate Barbie'

OIL AND GAS
US car sales get boost from hurricane recovery

General Motors targets 20 all-electric models by 2023

Tata wins bid to make electric cars for Indian government

Paris experiments with 'car-free day' across the city

OIL AND GAS
Shiite pilgrims throng Iraq's Karbala for mourning ritual

Iraq forces attack IS-held town of Hawija

Iraq says defeats IS infiltration near Ramadi

Iraq since the US-led invasion

OIL AND GAS
N. Korean firms in China ordered to close by January

US presses for more Iran nuclear inspections

US labels N. Korea 'war' claim absurd, as Pyongyang boosts defences

Chinese traders get down to business at Pyongyang trade show




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News






The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement