• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 6 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 9 minutes Why is Strait of Hormuz the World's Most Important Oil Artery
  • 13 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 53 mins Rural and Conservative: Polish Towns Go 'LGBT free' Ahead Of Bitter European Election Campaign
  • 1 hour Trump bogged down in Mideast quagmire. US spent $Trillions, lost Thousands of lives, and lost goodwill. FOR WHAT? US interests ? WHAT INTEREST ? To get Jared (Frisch School 2.8 GPA) a Mideast win with peace deal ? China greatest threat next 50 years.
  • 6 hours Balancing Act---Sanctions, Venezuela, Trade War and Demand
  • 29 mins Compensation For A Trade War: Argentina’s Financial Crisis Creates An Opportunity For China
  • 2 hours Greenpeace Blocks BP HQ
  • 13 hours California's Oil Industry Collapses Despite Shale Boom
  • 10 mins IMO2020 To scrub or not to scrub
  • 16 hours Will Canada drop Liberals, vote in Conservatives?
  • 9 hours Shale to be profitable in 2019!!!
  • 17 hours UK Needs New Wind Turbines
  • 8 hours DUG Rockies: Plenty Of Promise, Despite The Politics
  • 19 hours Apartheid Is Still There: Post-apartheid South Africa Is World’s Most Unequal Country
  • 19 hours Wonders of Shale- Gas,bringing investments and jobs to the US
  • 19 hours Australian Voters Reject 'Climate Change' Politicians
The Fear Factor Is Back For Oil

The Fear Factor Is Back For Oil

While fundamentals suggest lower oil…

War With Iran Could Send Oil To $250

War With Iran Could Send Oil To $250

As tensions between Iran and…

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