energy minister

 
 

Saudis offer extra oil in Asia as Opec leader pumps more

SINGAPORE, July 16 — Evidence is mounting that Saudi Arabia is heeding US President Donald Trump’s call for Opec to keep the oil market amply supplied and rein in prices. The Middle East kingdom is offering extra crude volumes on top of its…


Oil falls as Saudis said to offer extra crude to some buyers

NEW YORK, July 16 — Oil retreated below US$71 (RM288) a barrel as Saudi Arabia was said to offer extra crude supplies to some customers following a plan to boost output, while the US considers tapping into its emergency stockpiles to rein in…


Trump’s Opec tweets have Putin preparing for oil talks

MOSCOW, July 12 — When Russian President Vladimir Putin meets Donald Trump next week, he’ll armed to discuss oil production following the US leader’s series of tweets targeting Opec, according to people familiar with preparations for the…


Turkish lira slumps as Erdogan names son-in-law as economy chief

ISTANBUL, July 10 — Turkey’s lira plunged after President Recep Tayyip Erdogan appointed his son-in-law, Berat Albayrak, as economic chief of his new administration, fueling investor unease that the government can calm financial markets….


Oil fluctuates as Saudis pledge more crude, US stockpiles drop

SINGAPORE, July 4 — Oil traded near US$74 a barrel in New York as Saudi Arabia’s pledges to boost supply assuaged concerns of a shortage, while a decline in crude stockpiles in the US inflamed them. Futures slipped 0.8 per cent after earlier…


Oil settles higher in volatile pre-holiday session

NEW YORK, July 4 — Crude prices ended slightly higher yesterday after a volatile session in which the US benchmark passed US$75 (RM303) a barrel for the first time in more than three years before turning negative and later recouping its losses….


Trump ask of Saudis shows scant options to lower prices at Pump

LONDON, July 2 — President Donald Trump’s request to Saudi Arabia that it increase oil production shows how few options he has to lower prices at the gasoline pumps ahead of elections that are key to continuing his agenda. Even though the White…


Iran urges Opec members to refrain from unilaterial actions

DUBAI: Iran has asked fellow Opec members to “refrain from any unilateral measures”, warning that would undermine the unity of the Organisation of the Petroleum Exporting Countries, following reports that Saudi Arabia intends to raise its oil production to a record high this month.

As Teheran seeks ways to counter US sanctions that would restrict its exports and eat into its market share, Iranian Oil Minister Bijan Zanganeh wrote to his United Arab Emirates (UAE) counterpart, Suhail al-Mazrouei, who holds the Opec presidency in 2018, urging him to remind Opec members to adhere to last month's agreement.

“Any increase in the production by any member country beyond commitments stipulated in Opec's decisions … would constitute breach of the agreement,” Zanganeh wrote in the letter seen by Reuters and reported by Iranian state media.

“I hereby request your excellency to remind Opec member countries to adhere to their commitments … refrain from any unilateral measures undermining the unity and independence of Opec,” he added.

Opec agreed with Russia and other oil-producing allies on June 23 to raise output from July, with Saudi Arabia pledging a “measurable” supply boost, but giving no specific numbers.

Opec and non-Opec oil producers said they would raise supply by returning to 100% compliance with previously agreed output cuts, after months of underproduction. That would be roughly 1 million barrels per day of crude oil output increase according to Opec officials.

But since then sources familiar with Saudi oil thinking have briefed the market about an imminent rise in Saudi output to a record. Last week, a source told Reuters that Saudi output would rise to 11 million bpd in July, a whole 1 million bpd above May.

Iran had been pushing hard for oil producers to hold output steady as US sanctions are expected to hit its exports.

But Saudi Arabia, Opec's biggest producer, was keen to raise output to meet calls from US President Donald Trump and major consumers such as India and China to help cool oil prices and avoid shortages, according to Saudi officials including Energy Minister Khalid al-Falih.

Non-Opec Russia, meanwhile, was under pressure from its own energy companies to lift caps on output and fight a steep rise in domestic fuel prices that was hurting President Vladimir Putin's popularity, Russian sources have said.

In the end, Saudi Arabia and Russia pushed through a rise of about 1 million bpd at the Vienna meeting.

Washington said last week it was asking customers in Asia and Europe to reduce Iranian oil purchases to zero from November, and that it will not grant any waivers to sanctions.

In his letter, Zanganeh said that unilateral decisions by some Opec members were weakening the exporting group and that Opec should not let others take political measures against the group's unity and independence.

“Any unilateral production increase beyond member countries' commitments under the Opec's decisions would prompt US to take actions against Iran,” he wrote.

“Opecdecisions by no means warrant any action by some of its member countries in pursuit of the call for production increase by the U.S., politically motivated against Iran and publicly declared.” – Reuters


Iran urges Opec members to refrain from unilateral actions

DUBAI, July 1 —Iran has asked fellow Opec members to “refrain from any unilateral measures”, warning that would undermine the unity of Opec, following reports that Saudi Arabia has raised its oil production to a record high this month. As…


Saudis pledge decisive oil supply increase to reassure consumers

DUBAI, June 23 — Saudi Arabia promised to act decisively to keep oil prices under control, signalling a real supply boost approaching 1 million barrels a day is on the way to global markets. “We will do whatever is necessary to keep the market…