It's the usual manic start to the 175th OPEC Ministers' Meeting here in Vienna, Austria. For those unfamiliar with the drill, here we go - a long queue of analysts and journalists, the Oilholic included, waiting to get in, followed a long queue to go up to see the ministers in the summit's conference room, followed by a mad dash to see them, followed by a media gang b..., I, er media scrum, and the security chucking everyone out! True to form manic wires and tweets follow, and Thursday (6 December) was no different.
Here are some highlights from the Oilholic's attendance and questioning of ministers in two media scrums - that of Saudi Oil Minister Khalid Al-Falih and UAE Oil Minister and current OPEC President Suhail Al Mazrouei - embedded below via his twitter account:
Saudi #Oil Minister @Khalid_AlFalih insists no formal dialogue with US over #oil production levels, says there is appetite to 'reduce' production, dialogue not just about what #Russia & Saudi Arabia want #OOTT #oilandgas #OPEC pic.twitter.com/1yUgk8MKQO— Gaurav Sharma (@The_Oilholic) December 6, 2018
#UAE will not use its spare crude production capacity to distort the #oil market, says @HESuhail #OOTT #oilandgas #OPEC pic.twitter.com/C5aVrK1oXU— Gaurav Sharma (@The_Oilholic) December 6, 2018
And here is a link to Al Mazrouei's opening statement to the conference.
Putting it altogether, some summary points:
1) The Saudis are still denying any discussions were held with the Americans with regard to oil production levels.
2) Data suggests Riyadh is pumping in excess of 11 million barrels per day (bpd).
3) An OPEC cut of 1 million bpd is likely (which would be below market expectations).
4) All rather mum and diplomatic about Qatar's decision to quit OPEC.
5) Saudi Arabia wants "all" participants to contribute to cut, Iran is against it, while Libya and Nigeria are exempt from it (as things stand).
More from Vienna soon! Keep reading, keep it 'crude'!
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© Gaurav Sharma 2018. Photo: Start of the 175th OPEC Ministers' Meeting in Vienna, Austria on December 6, 2018 © Gaurav Sharma 2018.