Oil prices plunge for a third straight day on Friday 6th of November, on track to their third weekly decline in four, as the dollar rallied on expectations of a rate hike before the year-end after strong U.S. jobs growth for October.
Russian oil companies are ready to compete with the Organization of the Petroleum Exporting Countries (OPEC) regardless of quotas and redistribution within the oil cartel, Russian Energy Minister Alexander Novak said during an interview with Russia’s Rossiya-24 TV news channel on Friday, TASS News Agency reports.
“OPEC’s self-established quota of 30 million barrels per day (bpd) is fully used by OPEC countries. Subsequently, if a member exceeds its quota, OPEC should redistribute its production among other members,“ Novak told Rossiya-24 TV Channel.
“It’s very important whether OPEC will rebalance or if there will be extra output. There is a lot of uncertainty, but in general we are ready for it. And our oil companies are ready for this competition,” added the minister.
OPEC continues to exceed its own quota of 30 million bpd for the 16th consecutive month trying to protect its share of the world oil market. OPEC’s biggest producer, Saudi Arabia, has been cutting prices to secure new markets like Poland, according to Rosneft CEO Igor Sechin.
The cartel is meeting on December 4 in Vienna to announce its output strategy, but Iranian Oil Minister Bijan Namdar Zanganeh says OPEC is unlikely to cut its output. Brent crude, a global benchmark, has slumped 42 percent over the last 12 months and is trading at $48.38 as of 8:36am GMT on Friday.
Novak, who just returned from a two-day visit to Tehran, also said Iran’s return to the natural gas market won’t affect Russian gas major Gazprom’s position.
“I am sure that the volumes and share Gazprom and Russia hold in Europe, are absolutely competitive. We are unlikely to lose the niche,” he said.
Les compagnies pétrolières russes sont prêts à rivaliser avec l’Organisation des pays exportateurs de pétrole (OPEP), indépendamment des quotas et de la redistribution au sein du cartel pétrolier,le ministre russe de l’énergie Alexander Novak a déclaré lors d’une interview sur Rossiya-24 nouvelles TV, une chaîne en Russie le vendredi 23 Octobre 2015, comme l’agence russe TASS nous reporte.
“Le quota fixé - de 30 millions de barils par jour - est entièrement repris par les pays membres de l’OPEP. Ainsi, si l’un des pays soulève son quota et si OPEP veut garder ce quota les volumes de production devraient être redistribués au sein de l’organisation. Beaucoup dépendra aussi - si l’OPEP redistribue à l’intérieur ou si l’organisation va engager des volumes supplémentaires. Bien qu’il y ait beaucoup d’incertitudes sur ce sujet, nous sommes prêts à cela. Et les compagnies pétrolières russes sont prêtes à concourir “, a ajouté M. Novak.
Les répresentants de l’OPEP et d’autres producteurs de pétrole extérieurs au “cartel” (y compris la Russie) ont tenu une réunion le mercredi dernier, mais ils n’ont pas discuté les restrictions sur la production de pétrole brut ou le réglage d’une fourchette cible de maîtrise pour les prix, un fonctionnaire russe qui a assisté aux discussions a déclaré à l’agence Bloomberg.
Lors de la réunion, les pays de l’OPEP et non-membres ont discuté le risque que les prix bas du pétrole (qu’on observe actuellement aux marchés) devraient réduire les investissements dans de nouveaux gisement et explorations, pourtant ils n’ont pas trouvé un accord sur des mesures concrètes pour stimuler le marché,comme des responsables à la suite des pourparlers ont indiqué aux médias.
Russian oil companies are ready to compete with the Organization of the Petroleum Exporting Countries (OPEC) regardless of quotas and redistribution within the oil cartel, Russian Energy Minister Alexander Novak said during an interview with Russia’s Rossiya-24 TV news channel on Friday, TASS News Agency reports.
“The fixed quota — 30 mln barrels per day — is fully taken up by the OPEC member-countries. Thus, if any of the countries raises its quota and in case OPEC wants to keep this quota production volumes should be redistributed within the organization. Much will depend on this as well — whether OPEC will redistribute inside it or whether it will engage additional volumes. Though there’s much uncertainty here in total we’re ready to it. And Russian oil companies are ready to compete,” Novak said.
Officials from OPEC and oil producers outside the cartel (including Russia) held a meeting on Wednesday, but did not discuss the restrictions on crude output…
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Originally posted on EMerging Equity:
Russian oil companies are ready to compete with the Organization of the Petroleum Exporting Countries (OPEC) regardless of quotas and redistribution within the oil cartel, Russian Energy Minister Alexander Novak said during an interview with Russia’s Rossiya-24 TV news channel on Friday, TASS News Agency reports.