April 21, 2018

Saudi to cut oil exports in March, says committed to stabilising market

16 February 2018, 04:46 | Lionel James

S&P Global Platts OPEC Survey for January 2018

The IEA expects USA to overtake Russia and Saudi Arabia in oil production by the end of the year

Oil had climbed on Wednesday and early on Thursday after Saudi Energy Minister Khalid al-Falih said OPEC would do better to leave the market tight than end the deal on cutting output too soon.

The kingdom will keep its crude exports below 7 million barrels per day (bpd) in March, despite a maintenance shutdown of the 400,000 bpd SAMREF refinery, the Saudi energy ministry said, confirming a plan given earlier by industry sources.

The cut has boosted oil prices, which in January topped $71 a barrel for the first time since 2014.

In an interview with S&P Global Platts published earlier this week, Novak said that Russian Federation wanted to build a long-term relationship with Saudi Arabia and the broad OPEC alliance once their agreement expires. But crude has since slid and hit a 2018 low of $61.76 this week, pressured by rising U.S. output and forecasts oversupply may persist.

Jon Lester has a new Cubs teammate: Yu Darvish
Rosenthal reports that Darvish's deal guarantees $126 million, but could get up to $150 million through incentives. The Dodgers are among the large-market teams endeavoring to keep their payrolls under the luxury-tax threshold.

"A memorandum has been signed between Novatek and Saudi Aramco on various areas of cooperation".

'Monthly levels rose steadily throughout a year ago, from 87 percent in January to December's record level, with an overall yearly average of 107 percent.

According to the International Energy Agency, the United States is expected to pass Saudi Arabia this year and challenge Russian Federation as the world's leading oil producer. This is stated in a report of the agency for February. The countries, which lead global oil production, have strengthened their relationship through the OPEC and non-OPEC alliance to drain oil inventories and lift oil prices. Then the OPEC+ group cut production by 37% more than predicted, says IEA.

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