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The "economic" specialists pointed out that Saudi Arabia is eager to work with producers, sharing responsibility for the advancement of the market and the industry. They stressed that the Kingdom is adopting a quiet policy to avoid the oil market, which is shocking, indicating that Saudi Arabia maintains strong cooperation among all producers.
Vittorio Moussaazi, director of international relations of the Italian energy company Snam, said
He pointed out that Saudi Arabia has repeatedly pointed out by the Minister of Energy, the & 39, industry and mineral resources, Khaled Al-Falih, that the Kingdom of Saudi Arabia, "OPEC" will continue to depend on Z policies calm to avoid market shocks, explaining that this is the best policy that keeps the strong and continuous market. "We have now found a shift in producer positions to shift to incremental increases in productivity that compensate for supply shortages and avoid any disturbance to the marketplace affecting stability, a collective goal accepted by all parties."
Saudi Arabia's commitment to make up any shortfall in supply is a reassuring commitment to the market and all fears of shaking the country following the expected collapse of exports oil companies following economic sanctions, indicating that Saudi production at 11 million barrels per day Saudi Arabia wants to implement its production increases by not breaking the OPEC agreement and beyond, in order to maintain strong cooperative ties and the commitment of producers to sustainably achieve all the objectives of market stability and to develop the institutional form of cooperation. The future of producers
Goran Geras, deputy director of ZAF Bank in Croatia, said that Saudi output had risen impressively in June, reaching 10.3 million barrels a day, while D & # 's 39; others estimated its rise to 10.7 million barrels per day, which in any case is a record, When Saudi Arabia has made voluntary reductions exceeding its quota since the joint statement was implemented at early 2017.
Saudi Aramco said yesterday that it had lowered the price of its Arabian Light crude in shipments to Asian customers for the month of August.
Aramco reduced the official selling price of its Arab Light crude to Northwest Europe by $ 0.45 in August from the previous month. For Brent price less $ 2.85 per barrel. The price of Arab crude for August in shipments to the United States was $ 0.80 higher than the Argos index of high-sulfur ore, less than 10 cents a barrel compared to the previous month [19659008]. The risks of trade war between the United States and China. Price declines boost the productivity gains of OPEC countries and overseas allies, as well as the continued rise in production levels and fluctuating demand for crude oil.
China has warned the United States that it may impose tariffs on crude oil imports into the United States at an indeterminate date. The Brent Brent Global
The OPEC began with some of the producers outside the Russian-led organization to restrict the production in 2017 to boost prices. Recent price increases were prompted by the announcement by the United States of the reimposition of sanctions against Iran in November, targeting oil exports. In June, OPEC and Russia announced that they were ready to increase production to defuse the shortages due to the sudden interruption of supplies from Venezuela and Libya and to offset the possible decline in Iranian supplies. due to US sanctions.
To offset the unused supply, Goldman Sachs said yesterday in a note to customers that the market would continue to experience a shortage in the second half. Russian oil production reached 11.193 million barrels per day (bpd) between July 1 and July 4, against 11.06 million bpd in June, a source familiar with Russian oil production data told Reuters yesterday.
Alexander Novak, Russian Minister of Energy, confirmed that his country will increase its oil production by about 200,000 barrels a day in the second half after production reached 10.97 million barrels per day on average between March and May
The increase follows the decision of the Organization of the countries of origin The OPEC and other Russian oil producers have reduced their production cuts and fully complied with the Vienna agreement, which came into force in early 2017. Russia initially agreed to reduce its production by 300,000 bpd compared to the level of October 2016 What is the higher in 30 years, beginning of 2017 as part of a global effort to reduce the depletion of oil stocks and the firming of crude prices
The OPEC crude basket soared at $ 75.38 a barrel yesterday against $ 74.95 a barrel the day before. The daily report from the Organization of the Petroleum Exporting Countries (OPEC) yesterday said that the price of the basket, which includes the average prices of 14 tons of production of member countries of the Organization, reached the first up after a previous decline. $ 72.69 a barrel.
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