Showing posts with label Mohammed Bin Saleh Al Sada. Show all posts
Showing posts with label Mohammed Bin Saleh Al Sada. Show all posts

Monday, July 10, 2017

Tillerson kicks things off with a bit of nostalgia

The current US Secretary of State and the former ExxonMobil boss Rex Tillerson got things off to a nostalgic start by telling the 22nd World Petroleum Congress he misses the industry. 

In town to collect the Dewhurst Award, Tillerson joked he’d be heading to retirement by now, but things just didn’t turn out that way, when President Donald Trump came calling. (Here’s a full IBTimes UK report).

If things didn’t quite turn out the way Tillerson imagined, the WPC – so far – is turning out to be exactly the way half the world’s media thought it would between the Saudis and Qataris who are entrenched in a diplomatic row and keeping their distance from each other.

Qatar’s energy minister Mohammed Saleh Al Sada said his country’s exports of liquefied natural gas (LNG) to major partners remain unaffected by the boycott of Doha by Saudi Arabia and its allies United Arab Emirates, Bahrain and Egypt.

The Qatari minister told the WPC its LNG exports to the UAE, Saudi Arabia and Bahrain accounted for less than 8% of its total. The country's exports to Japan, India, South Korea and China – accounting for nearly 75% of the total - have not been affected.

"Qatar remains committed to all its agreements with its partners and is determined to maintain this status despite the illegal and unjust embargo imposed on it," he added. What’s more, the Qataris are taking legal action against the aforementioned blockaders. (More here).

And just before for one takes your leave, it’s also worth mentioning that OPEC Secretary General Mohammed Sanusi Barkindo has said there would be no further discussion on crude production cuts, since it would be “premature” to discuss this. 

Concurrently, Kuwait's Oil Minister Issam Almarzooq has told Bloomberg that Libya and Nigeria – the two OPEC members exempt from production cuts – may be invited to consider capping production pretty soon.That’s all from Istanbul for the moment folks! Keep reading, keep it ‘crude’!

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© Gaurav Sharma 2017. Graph: Oil benchmark prices year to date © Gaurav Sharma 2017.

Wednesday, February 22, 2017

IPWeek & a crude 'will they, won't they'

The Oilholic joined the great and good of the oil and gas business at the 2017 International Petroleum Week being held in London, with the question on everyone's mind - will OPEC and its new found 11 non-OPEC pals extend their agreed production cuts - in place until the summer - beyond June?

Opec Secretary General Mohammed Sanusi Barkindo promised a "high" level of compliance with the cuts, and dismissed the sceptics. 

Later in the week, Qatari Energy Minister Mohammed Bin Saleh Al Sada, in town to collect his gong as the 'International Energy Diplomat of the Year', hinted that OPEC could indeed extend the cuts beyond the summer by suggesting the oil market might not rebalance before the third quarter of the year. 

Although, the minister did attach a caveat, claiming it was "premature" to indulge in chatter about what may or may not happen in the summer. Who knows for now, but as the oil price is stuck in the $50s and is going nowhere fast, many of the long bets are indeed predicated on OPEC extending its cuts for another three months beyond June

Away from the 'will they, won't they' of producers, yours truly was also delighted debate the level of transformation Arab National Oil Companies are likely to undergo over the coming years at an IPWeek debate, organised by our old friends at Gulf Intelligence. With the industry on the cusp of profound change, it is worth watching this space. However, it will take time. 

That's all for the moment folks. Next major event on the horizon - IHS CERAWeek in Houston, Texas. Keep reading, keep it 'crude'!

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© Gaurav Sharma 2017. Photo: Gaurav Sharma (left) with Paul Young of the Dubai Mercantile Exchange at the International Petroleum Week 2017, GI debate on transformation of Arab NOCs, February 22, 2017 © Gulf Intelligence.

Wednesday, November 30, 2016

OPEC agrees output cut of 1.2m bpd to 32.5m bpd

OPEC has agreed to cut production by 1.2 million barrels per day (bpd) to 32.5 million bpd at the conclusion of its 171st meeting of ministers. If carried out from January, this would be its first cut in eight years.

The oil futures market, which registered a slump of 4% overnight, rallied in response registering a rise of over 8%. 

However, the crude reality is that much of the above cut - i.e. 486,000 bpd - will come from the Saudis. As the Oilholic's report for IBTimes UK outlines, others will pitch in too. OPEC also said it would be counting on 600,000 bpd of non-OPEC cuts, bulk of which would come from Russia. That's where the real riddle is. What sort of compliance will we see from Russia? 

Furthermore, what about internal compliance within OPEC?  Mohammed Bin Saleh Al Sada, Qatar's Minister of Energy and Opec President, said a ministerial monitoring committee chaired by Kuwait, along with Venezuela and Algeria would be established to monitor the cuts.

Al Sada also described the decision as "historic" adding that: "We have no regrets about not having cut production in the summer of 2014. Opec has reacted to current oil market realities in taking this decision and delivered on what we agreed in September [at the International Energy Forum in Algiers]. 

More from Vienna shortly folks, once yours truly has digested this crude bit of news! Keep reading, keep it ‘crude’!

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© Gaurav Sharma 2016. Photo: Mohammed Bin Saleh Al Sada (left), Qatar's Minister of Energy and Opec President unveils an oil production cut of 1.2m barrels per day at the conclusion of its 171st meeting of ministers' in Vienna, Austria on 30 November, 2016. © Gaurav Sharma, November 30, 2016.

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