• 6 minutes WTI @ 67.50, charts show $62.50 next
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Why hydrogen economics is does not work
  • 2 hours The EU Loses The Principles On Which It Was Built
  • 1 hour Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 2 hours Starvation, horror in Venezuela
  • 11 hours Crude Price going to $62.50
  • 1 min Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 1 day Anyone Worried About the Lira Dragging EVERYTHING Else Down?
  • 7 hours WSJ *still* refuses to acknowledge U.S. Shale Oil industry's horrible economics and debts
  • 33 mins Again Google: Brazil May Probe Google Over Its Cell Phone System
  • 20 hours Chinese EV Startup Nio Files for $1.8 billion IPO
  • 1 day Oil prices---Tug of War: Sanctions vs. Trade War
  • 1 day Correlation does not equal causation, but they do tend to tango on occasion
  • 1 day Russia retaliate: Our Response to U.S. Sanctions Will Be Precise And Painful
  • 1 day Monsanto hit by $289 Million for cancerous weedkiller
Are Natural Gas Prices About To Break Out?

Are Natural Gas Prices About To Break Out?

Natural gas inventories are low…

Oil Prices Hit 7-Week Low As Trade War Heats Up

Oil Prices Hit 7-Week Low As Trade War Heats Up

Oil prices traded close to…

Key Oil Industry Figures To Discuss OPEC Policy, Sanctions This Week

offshore rig

Key oil ministers and company executives will gather in Russia later this week for the St. Petersburg International Economic Forum, and expectations are that the business meeting will provide the venue for some talks and comments about the OPEC-Russia production cut deal and the sanctions on Russia.

Attendees will include Saudi Arabia’s Energy Minister Khalid al-Falih, OPEC Secretary General Mohammad Barkindo, and the UAE’s Energy Minister and current OPEC president Suhail al-Mazrouei. They are expected to discuss the current oil market conditions and the recent rise in oil prices, according to Platts.

The St. Petersburg forum comes just a month before the OPEC summit in Vienna in June, at which the 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 (IEA).

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 U.S. withdrawal from the Iran nuclear deal.

Saudi Arabia has signaled that it was ready to “coordinate global action to ease oil market anxiety.”

Related: Is The U.S. Ethanol Industry Under Siege?

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.

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