• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 9 hours EU has already lost the Trump vs. EU Trade War
  • 28 mins Science: Only correct if it fits the popular narrative
  • 3 hours Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 6 hours ''Err ... but Trump ...?'' *sniff
  • 2 hours China's Renewables Boom Hits the Wall
  • 1 hour What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?
  • 1 min Crazy Stories From Round The World
  • 17 hours Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
  • 2 hours Forget out-of-date 'dirty oil' smear, Alberta moving to be world's cleanest oil industry
  • 2 hours Tesla Launches Faster Third Generation Supercharger
  • 9 hours Passerby doused with flammable liquid and set on fire by peaceful protesters
  • 1 day Haaretz article series _ Saudi Arabia: A Kingdom in Turmoil | Part 1 - Oil Empire

Breaking News:

Russia Plans To Boost Crude Oil Exports

The $75 Billion Indicator That Might Reveal Aramco’s True Value

The $75 Billion Indicator That Might Reveal Aramco’s True Value

Saudi Aramco’s much-anticipated initial public…

Why Iran Won’t Renegotiate The Nuclear Deal

Why Iran Won’t Renegotiate The Nuclear Deal

U.S. President Trump has ramped…

Russia Not Joining OPEC, But Need To Cooperate Is ‘Obvious’

Shell Kuluk rig

Russia sees no reason to join OPEC, but the need to continue the OPEC/non-OPEC cooperation in some form after the production cuts end is obvious, Russia’s first deputy minister of energy Aleksey Texler said at the CERAWeek conference in Houston.

“At present it is clear that the kind of cooperation that we’re having will continue even if a slightly different format,” Texler said via a translator at CERAWeek by IHS Markit, as carried by Platts.

“The need to work together is obvious,” the Russian deputy energy minister said, noting that the ongoing OPEC/non-OPEC production cut deal has created a “new kind of family” on the global oil markets.

According to Texler, OPEC and Russia will continue to keep cooperating in the future, but there is no need to “cement something or cut something in stone”.

Texler’s comments come in the wake of increased calls to institutionalize the current OPEC-Russia deal into creating a kind of a ‘super group’ of oil producing countries that would monitor and potentially intervene on the oil market, even after the current agreement to withhold a total of 1.8 million bpd of supply expires at the end of this year.

The Russian deputy energy minister’s words also come at a time in which surging U.S. production is threatening to undo a large part of the cuts and eat into OPEC and Russia’s market shares even more.

Soaring U.S. production is a “risk” to the Russian companies’ plans to keep their market share, Texler said.

Earlier this week, the International Energy Agency (IEA) released its annual oil report that painted a bleak picture for OPEC in the short to medium term. According to the IEA, the U.S. will supply 80 percent of the world’s demand growth over the next three years, with Canada, Brazil, and Norway covering the remainder, leaving no room for more OPEC supply.

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
Download on the App Store Get it on Google Play