• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 6 hours Oil prices going Up? NO!
  • 2 days Could Venezuela become a net oil importer?
  • 8 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 7 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 2 days Gazprom Exports to EU Hit Record
  • 12 hours Oil prices going down
  • 15 hours Could oil demand collapse rapidly? Yup, sure could.
  • 2 days Oil Buyers Club
  • 2 days Why is permian oil "locked in" when refineries abound?
  • 14 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 6 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 12 hours Saudi Arabia turns to solar
  • 2 days EVs Could Help Coal Demand
  • 3 hours Are Electric Vehicles Really Better For The Environment?
  • 1 day Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 14 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
Permian Discount Could Rise To $20 Per Barrel

Permian Discount Could Rise To $20 Per Barrel

Midstream constraints plaguing Permian drillers…

Shale CEO: U.S. To Be The World’s Top Oil Producer By Fall

Shale CEO: U.S. To Be The World’s Top Oil Producer By Fall

Pioneer Natural Resources chief Scott…

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