• 3 hours U.S. Oil Production To Increase in November As Rig Count Falls
  • 5 hours Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 7 hours Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 9 hours EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 11 hours Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 11 hours Aramco Says No Plans To Shelve IPO
  • 3 days Trump Passes Iran Nuclear Deal Back to Congress
  • 3 days Texas Shutters More Coal-Fired Plants
  • 3 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 3 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 3 days Chevron Quits Australian Deepwater Oil Exploration
  • 4 days Europe Braces For End Of Iran Nuclear Deal
  • 4 days Renewable Energy Startup Powering Native American Protest Camp
  • 4 days Husky Energy Set To Restart Pipeline
  • 4 days Russia, Morocco Sign String Of Energy And Military Deals
  • 4 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 4 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 4 days India Needs Help To Boost Oil Production
  • 4 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 4 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 4 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 4 days District Judge Rules Dakota Access Can Continue Operating
  • 5 days Surprise Oil Inventory Build Shocks Markets
  • 5 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 5 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 5 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 5 days Oil M&A Deals Set To Rise
  • 5 days South Sudan Tightens Oil Industry Security
  • 6 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 6 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 6 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
  • 6 days Record U.S. Crude Exports Squeeze North Sea Oil
  • 6 days Iraq Aims To Reopen Kirkuk-Turkey Oil Pipeline Bypassing Kurdistan
  • 6 days Supply Crunch To Lead To Oil Price Spike By 2020s, Expert Says
  • 6 days Saudi Arabia Ups November Oil Exports To 7-Million Bpd
  • 6 days Niger Delta State Looks To Break Free From Oil
  • 7 days Brazilian Conglomerate To Expand Into Renewables
  • 7 days Kurdish Independence Could Spark Civil War
  • 7 days Chevron, Total Waiting In The Wings As Shell Mulls Majnoon Exit
  • 7 days The Capital Of Coal Is Looking For Other Options
China Takes Aim At The Petrodollar

China Takes Aim At The Petrodollar

In a potentially disrupting move…

Are Oil Markets Ready To Rally Again?

Are Oil Markets Ready To Rally Again?

The bullish set-up for oil…

Russian Energy Minister Says U.S. Will Not Attend NOPEC Meet

Alexander Novak

The U.S. will not be attending OPEC’s meeting with other oil exporters, as the cartel has not invited countries that are not exporters, Russia’s TASS news agency quoted Russian energy minister Alexander Novak as saying on Thursday, hinting that that’s the reason why the U.S. has not been invited to attend.

The U.S. does export crude oil, and exports all the more after it lifted a four-decade-oil restriction on exports last year. As of August this year, the U.S. had exported crude oil to 16 different countries.

Nevertheless, OPEC and Russia are not requesting the presence of the U.S. for the talk on how to “fix” the oil market. Of course, we doubt that anyone from the U.S. would have sat down with cartel leaders to discuss how to manipulate the market supply and demand by deliberately taking barrels of oil off the market.

“I know that a large number of non-OPEC countries are going to participate - I know about Mexico, Kazakhstan, Oman,” TASS quoted Novak as saying. The minister added that Russia would announce the final figures for Russian companies’ cuts after the December 10 meeting in Vienna.

Novak may know that ‘a large number’ of non-cartel producers would take part in Saturday’s meeting, but according to OPEC sources quoted by Reuters, only 5 out of 14 non-OPEC producers invited to attend the meeting have so far accepted the invitation: Azerbaijan, Kazakhstan, Oman, Mexico, and Russia.

Related: Gold Prices Set To Spike Under Trump

Of those five producers, only Russia and Oman have said they were willing to cut. Russia has pledged a gradual cut by 300,000 bpd over the first half of 2017, while Oman has said it would announce cuts after the meeting, but indicating that it may be willing to cut 5-10 percent, but that was before OPEC announced the deal.

Mexico is heading for a natural decline of production of its ageing fields, so a production cut there is a given. Azerbaijan has said it was ready “to accept proposals and make its contribution to the process of raising oil price”. Kazakhstan has not committed to cuts, and just launched its giant Kashagan field, which is expected to produce around 192,000 bpd in 2017.

Commenting on chances of collective OPEC-non-OPEC cuts, Robert McNally, president of The Rapidan Group, said, as quoted by CNBC:

“My sense is the fear factor is not strong enough to get countries to do anything but promise cuts that they never intend to make.”

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News