President Nicolás Maduro: “I would tell President Macron: Venezuela is ready to receive all the French companies that want to come to produce gas and petrol for the European market, for the global market. You are welcome to come whenever. The road is paved. We are prepared, ready and happy to do it.”
(19 hours ago)
„There are resources elsewhere that need to be explored,“ a French official said on the sidelines of a G7 summit in Germany, when asked about how to alleviate high oil prices.
In Kuwait on Tuesday, the fourth stop of his tour of the Middle East and North Africa, Venezuelan President Nicolás Maduro, formed a joint oil and gas commission aimed at strengthening the Organization of Petroleum Exporting Countries (OPEC+) and stabilising global oil prices.
Oil futures climbed on Thursday, shaking off early losses from economic growth worries in the wake of the Federal Reserve’s latest interest-rate hike, to finish higher after the U.S. announced new economic sanctions on Iran.
Oil rose $2 a barrel on Monday on the prospect of even tighter supplies loomed over the market as the Group of Seven nations promised to tighten the squeeze on Russian President Vladimir Putin’s war chest while actually lowering energy prices.
OPEC and allied producing countries including Russia will likely stick to a plan for accelerated oil output increases in August, sources said, hoping to ease surging oil prices and inflation pressure as U.S. President Joe Biden plans to visit Saudi Arabia and the Middle East.
„I had a call with MbZ,“ Macron was heard telling U.S. President Joe Biden on the sidelines of the G7 summit, using shorthand for UAE leader Sheikh Mohammed bin Zayed al-Nahyan. „He told me two things. I’m at a maximum, maximum (production capacity). This is what he claims.“
„And then he said (the) Saudis can increase by 150 (thousands barrels per day). Maybe a little bit more, but they don’t have huge capacities before six months‘ time,“ Macron said.
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The United Arab Emirates‘ energy minister doubled down Monday on an oil alliance with Russia that’s helped buoy crude prices to their highest in years as Moscow’s war on Ukraine rattles markets and sends energy and commodity prices soaring.
The minister said Russia, with its 10 million barrels of oil a day, is an important member of the global OPEC+ energy alliance.
Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman discussed this weekend their countries’ cooperation in the OPEC+ oil production pact in their second telephone call since Russia’s invasion of Ukraine.
Russia is a key partner to OPEC’s largest producer and de facto leader, Saudi Arabia, in the OPEC+ alliance, which has been working for years to manage oil supply to the market.
Riyadh could make a difference in oil markets but has chosen to side with fellow authoritarians rather than the United States.
India relies on Russian-made weapons, Israel needs Russia’s cooperation to strike inside Syria and Gulf Arab states look to Russia to help manage the oil market.
A few months later, the Ukrainian government asked the U.S. government to purchase the Iron Dome anti-missile system. Because the Iron Dome is a joint U.S.-Israeli project, the sale also required permission from the Israeli government, which Israel reportedly refused to grant.
That refusal was not based on any concern with whether the sale was a good idea for Eastern Europe, but on Israel’s desire to maintain a good relationship with Russia, according to the Times of Israel. Russia, which has forces stationed in Syria, gives Israel tacit permission to intervene in the Syrian civil war.
Ukrainian foreign minister Dmytro Kuleba called on Saturday for a full isolation of Russia, including an embargo on the purchases of Russian crude.
„I demand the world: fully isolate Russia, expel ambassadors, oil embargo, ruin its economy,“ Kuleba wrote on Twitter.
This is partly to do with the pandemic but is being compounded by Brexit, according to international policy forum the OECD.
However, the Bank of England’s deputy governor Ben Broadbent stated the pandemic is having a greater impact on labour shortages than Brexit currently.
(Oct 25, 2021)
Rebounding global oil consumption amid tight supply—contrary to some forecasts last year that indicate demand may have peaked or was close to its peak—as well as years of underinvestment in new supply following the 2015 crash, have prompted Wall Street banks to raise significantly their projections for oil prices in the short and medium term.
Oil prices have hit multi-year highs in recent days, with WTI Crude at its highest since 2014 and Brent Crude at the highest level since October 2018.
„We don’t take things for granted, we still have COVID,“ Saudi Arabia’s energy minister and de facto leader of the OPEC+ group of major oil exporters said in a television interview on Saturday. „We are not yet out of the woods,“ he said. „We need to be careful. The crisis is contained but is not necessarily over.“
His remarks came in response to his Russian counterpart Mikhail Ulyanov’s tweet that hoped after the removal of the sanctions, „Iran will join efforts of OPEC+ to maintain the oil market stability“.
„This would be merely a national decision rather than a decision to be taken through joint efforts,“ Gharibabadi responded.
Lwin, a Burmese-American student and Marine reservist of Fox Company, led seven others in his unit to resist the U.S. Marine Corps, ultimately joining a mass exodus of the military in which soldiers deserted at higher percentages than even in the Vietnam War. The story of why these soldiers resisted, how and with whose help is lesser known but deserves greater recognition.
…but based on preliminary intentions I am aware of in @DHSCgovuk, this will also mandate vaccination for those eg carrying out deliveries/servicing the boilers at such care homes…
Prime Minister says venues with large crowds will be asked to adopt certification ‘as a matter of social responsibility’
Top stories from the Russian press on Friday, July 9th
During a press conference last week, Pompeo said the US supported “a robust program of arm sales to Saudi Arabia, a line of effort that helps the Kingdom protect its citizens and sustains American jobs.”
Libya’s oil production has more than tripled since the port blockade has been lifted, reaching around 300,000 barrels per day (bpd) after the restart of another oilfield in the country, creating a new headache for fellow OPEC members who are trying to rebalance the market while demand is still weak.
A senior official in President Donald Trump’s administration told Reuters News Agency last week the US was considering measures it could take in response to Iran’s shipment of fuel to crisis-stricken Venezuela.
Kazempour Ardebili is a key figure in Iran’s oil industry and served as the country’s deputy foreign minister and deputy oil minister in the 1980s.
The United States has renewed a waiver for Iraq to continue importing Iranian electricity, a State Department official said on Sunday, but this time for a shorter period of 30 days, adding that Washington would be reassessing whether to renew again once a ‘credible government’ is formed in Iraq.
Baghdad meets a part of its demand by purchasing resources it needs to supply its power plants from its neighbors like Iran.
The biggest supply cut ever contemplated by the world’s top oil producers is hanging in the balance as a refusal by Mexico’s leftist leader to imperil his plans to rebuild state oil company Pemex has angered the Saudi prince who helped craft the deal.
Russian President Vladimir Putin discussed with his U.S. counterpart Donald Trump on April 10 the situation at globals oil markets, and the coronavirus outbreak over phone.
„An exchange of views was held on the situation at the global oil market, including the agreement being worked out within the framework of OPEC on reducing production in order to stabilize world oil prices,“ the Kremlin press service said in a statement.
Saudi Arabia escalated the situation further over the weekend. The kingdom slashed its April official selling prices by $6 to $8, according to analysts, in a bid to retake market share and heap pressure on Russia.
The OPEC+ meeting in the diary for June was unlikely to go ahead, a delegate said, and the dates were removed from the cartel’s website. Another person said Russia was still willing to join those talks.
Senior OPEC officials, from Secretary-General Mohammad Barkindo to United Arab Emirates Energy Minsiter Suhail Al Mazrouei, still held out hope that Russia would come back into the fold.
The S&P 500 (SPX) fell about 6%. The Dow (INDU) fell as many as 2,046 points. The Nasdaq Composite (COMP) was down 5.4%. The New York Stock Exchange halted trading for 15 minutes after stocks plunged more than 7%. They retraced some of their losses after the market reopened.
The situation is not a war, and what is happening now should not be exaggerated, Suhail Al-Mazrouei said on the sidelines of a conference in Abu Dhabi, capital of the UAE, an OPEC producer.
“We will not see a war,” he added. “This is definitely an escalation between the US, which is an ally, and Iran, which is a neighbor, and the last thing we want is more tension in the Middle East.”
Major oil producers Saudi Arabia and Russia will seek approval for deeper output cuts from OPEC and allies on Friday in an attempt to support prices and avoid a new oil glut.
“If anyone thinks that seizing tankers and attacking oil infrastructure can in any way affect cooperation between Russia and our Arab friends, Saudi Arabia and the UAE, that they can undermine or break down our cooperation with OPEC+, then they are profoundly wrong,” said Putin, addressing a question on regional security.
“On the contrary, we will forge ever closer ties because our main goal is to stabilize global energy markets,” he added, saying that Russia remained committed to the initiatives of the OPEC+ group of oil producers driven by Saudi Arabia’s Crown Prince Mohammed bin Salman.
Russia is set to be a major winner after an attack on Saudi Arabian oil facilities slashed production and ramped up tensions in the Middle East, analysts predict.
In a frantic day for the world’s markets, oil prices climbed by almost 15% Monday following the drone attacks on Abqaiq, Saudi Arabia’s largest oil refinery, which pumps around 5% of the world’s oil supply.
On Saturday, before Pompeo’s tweet, the White House said Trump had spoken to Saudi Crown Prince Mohammad bin Salman, “to offer his support for Saudi Arabia’s self-defense”.
Yemen’s Iranian-aligned Houthi rebels claimed credit for the attack, saying they sent 10 drones to strike at important facilities in Saudi Arabia’s oil-rich Eastern Province. The production shutdown amounts to a loss of about five million barrels a day, the people said,…
Oil prices tumbled more than 2 per cent on Wednesday after a report that U.S. President Donald Trump was considering easing sanctions on Iran, which could boost global crude supply at a time of lingering worries about energy demand.
Putin, speaking after talks with Saudi Crown Prince Mohammed bin Salman, told a news conference the deal – which is due to expire on Sunday – would be extended in its current form and with the same volumes.
(1.2.2019) USA being the largest buyers of Venezuelan heavy crude tightening all screws around Maduro. Madura seems adamant and expecting some help from Russia or Iran to bail him out of the situation, but that seems unlikely under the current circumstances. PDVSA being the special purpose vehicle for Maduro seems running out of fuel very soon and will not be able to support Maduro very long. China is withholding business ties and ongoing Refinery project JVs with PDVSA in the situations . Under this circumstances , all roads for Maduro are coming to an end.
(4.2.2019) Russian Energy Minister Alexander Novak has said the country’s overall cuts from the October baseline would total 50,000 bpd in January. Russia has pledged to reduce oil output by 230,000 bpd from October.
(24.1.2019) Asked today whether the political crisis in Venezuela could lead to higher oil prices, Russia’s Energy Minister Novak told news agency TASS that the oil market is very complex and it is difficult to forecast how it would react to the developments in Venezuela.
(7.12.2018) As talks resumed on Friday, Iran continued to refuse to accept wording that it would ‘cut’ and insisted on ‘exemption’, remaining the only sticking point in the OPEC negotiations, while the deal broker, Russia’s Energy Minister Alexander Novak, flew in from Moscow for the non-OPEC part meeting, and sat down for separate talks with each of oil ministers of Iran and Saudi Arabia, Bijan Zangeneh and Khalid al-Falih, respectively.
(7.12.2018) The countries gathered in Vienna are part of the so-called OPEC+ super-cartel, which includes ten non-OPEC members such as Russia and Kazakhstan. Together, they possess unprecedented influence over the world economy, controlling 55% of global oil supplies and 90% of proven reserves.
(2.12.2018) Russian President Vladimir Putin said on Saturday he had no concrete figures on possible oil output cuts as Russia and Saudi Arabia agreed to extend their accord to manage the oil market, known as Opec+, into 2019, following a meeting on the sidelines of the G20 summit between Mr Putin and Saudi Arabian Crown Prince Mohammed bin Salman.
(17.6.2018) „This means that the concerted efforts of the OPEC oil cartel, which is regulated first and foremost by the Saudis, and the group of independent oil producing countries led by Russia proved their effectiveness in terms of coordinated actions on global markets. And if this global control mechanism is working, there’s no reason to alter it or get rid of it even as things have finally stabilized,“ the analyst said.
“The (Venezuelan) export volumes will not be eliminated from the market, but rather rerouted to other countries,” said Paola Rodriguez-Masiu, an analyst at consultancy Rystad Energy.
With the United States dropping out as a customer for Venezuelan oil, she added that “China and India … will be able to pick up these oil volumes at great discounts”.