Canada's oil imports from Saudi Arabia on the rise since 2014, trade figures show.
Read more at: https://www.cbc.ca/news/business/saudi-oil-imports-rise-canada-diplomacy-1.5096887
Showing posts with label Oil production. Show all posts
Showing posts with label Oil production. Show all posts
Sunday, April 28, 2019
Tuesday, August 2, 2016
Why Goldman Sachs Remains Bullish On Russian Oil - by Rakesh Upadhyay
A deeply troubled global oil industry is cutting production but Russians are defying the trend. Goldman Sachs has forecast Russian crude production to rise to 11.7 million barrels per day (b/d) in 2018, which is an increase of almost 600,000 b/d from 2015.
“We remain positive on Russian oil industry production,” Goldman analysts led by Geydar Mamedov said. “At current oil prices, Russian oils are among the few global majors that can maintain their growth plans and dividends,” reports World Oil.
Goldman believes that the largest Russian producer Rosneft, which produces more than a third of the nation’s output, will be a major contributor to the increase in production. However, Rosneft’s output has been declining steadily and its current production is 3 percent below the peak achieved in late 2013. The giant Vankor field, which had boosted Rosneft’s production, has also declined by around 5 percent, from the highs of 447,000 b/d in the third quarter of 2015.
Goldman believes that new projects in Suzun, Tagul, Yurubcheno-Tokhomskoye and Messoyakha will be the major driver of growth. It expects oil from these new projects to push up overall output from 470,000 b/d in 2015 to 850,000 b/d in 2018, reports Bloomberg. However, the current available pipeline capacity is not adequate to transport the oil from the producers to the export network. So, new projects need to be matched by an expansion in the pipeline network.
Considering these challenges, the International Energy Agency expects Russian production to decline to 10.94 million b/d from 11.06 million b/d in 2016.
Read more: Why Goldman Sachs Remains Bullish On Russian Oil | OilPrice.com
“We remain positive on Russian oil industry production,” Goldman analysts led by Geydar Mamedov said. “At current oil prices, Russian oils are among the few global majors that can maintain their growth plans and dividends,” reports World Oil.
Goldman believes that the largest Russian producer Rosneft, which produces more than a third of the nation’s output, will be a major contributor to the increase in production. However, Rosneft’s output has been declining steadily and its current production is 3 percent below the peak achieved in late 2013. The giant Vankor field, which had boosted Rosneft’s production, has also declined by around 5 percent, from the highs of 447,000 b/d in the third quarter of 2015.
Goldman believes that new projects in Suzun, Tagul, Yurubcheno-Tokhomskoye and Messoyakha will be the major driver of growth. It expects oil from these new projects to push up overall output from 470,000 b/d in 2015 to 850,000 b/d in 2018, reports Bloomberg. However, the current available pipeline capacity is not adequate to transport the oil from the producers to the export network. So, new projects need to be matched by an expansion in the pipeline network.
Considering these challenges, the International Energy Agency expects Russian production to decline to 10.94 million b/d from 11.06 million b/d in 2016.
Read more: Why Goldman Sachs Remains Bullish On Russian Oil | OilPrice.com
Friday, April 22, 2016
Wall Street Under Pressure: Russia, Saudi Arabia to pump as much as possible
Ahead of the doomed Doha talks last weekend, Russia and Saudi Arabia said they were willing to discuss freezing oil output, but less than a week later both have threatened to ramp up production. On Friday, the head of the Oil Industry and Markets Division at the International Energy Agency (IEA) told CNBC that he believed both producers will continue to "pump as much oil as possible."
"In the post-Doha world, when we're still in what is essentially a free market for oil, they (the Russians) will pump as much oil out as the market will absorb and the Saudis have said much the same thing," the IEA's Neil Atkinson told CNBC."
"We're back to where we were before Doha where people produce what they can, sell what they can for whatever price they can achieve and the market takes care of the surpluses in time."
Atkinson noted that "as far as the Russians are concerned, even in the run-up to Doha when they were going to be party to an agreement to freeze production, they were actually pumping up production anyway."
Russia, Saudi Arabia to pump as much as possible: IEA expert
"In the post-Doha world, when we're still in what is essentially a free market for oil, they (the Russians) will pump as much oil out as the market will absorb and the Saudis have said much the same thing," the IEA's Neil Atkinson told CNBC."
"We're back to where we were before Doha where people produce what they can, sell what they can for whatever price they can achieve and the market takes care of the surpluses in time."
Atkinson noted that "as far as the Russians are concerned, even in the run-up to Doha when they were going to be party to an agreement to freeze production, they were actually pumping up production anyway."
Russia, Saudi Arabia to pump as much as possible: IEA expert
Saturday, February 27, 2016
Oil Supply: Is there a possibility of an OPEC production cut?
The speculation surrounding the possibility of an OPEC production cut have not gone away, despite the comments from Saudi oil minister Ali al-Naimi earlier this week.
Venezuela’s oil minister stoked the markets when he said on Thursday that representatives from Russia, Saudi Arabia, Qatar, and Venezuela would meet in mid-March to discuss cooperative efforts to stabilize oil prices. Oil prices shot up more than 1 percent on the news, but there isn’t much new here to trade on.
hese countries will move forward with the production freeze, but that will likely have only a limited effect on the fundamentals in the short-term. An actual production cut remains a remote possibility for now.
Insure-Digest
Venezuela’s oil minister stoked the markets when he said on Thursday that representatives from Russia, Saudi Arabia, Qatar, and Venezuela would meet in mid-March to discuss cooperative efforts to stabilize oil prices. Oil prices shot up more than 1 percent on the news, but there isn’t much new here to trade on.
hese countries will move forward with the production freeze, but that will likely have only a limited effect on the fundamentals in the short-term. An actual production cut remains a remote possibility for now.
Insure-Digest
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