{"id":7125,"date":"2016-10-24T20:28:59","date_gmt":"2016-10-25T01:28:59","guid":{"rendered":"http:\/\/nrgibroker.com\/?p=7125"},"modified":"2016-12-12T15:45:30","modified_gmt":"2016-12-12T21:45:30","slug":"russian-gulf-arab-oil-ministers-meet-as-opec-cut-looms","status":"publish","type":"post","link":"https:\/\/nrgibroker.com\/en\/russian-gulf-arab-oil-ministers-meet-as-opec-cut-looms\/","title":{"rendered":"Russian, Gulf Arab Oil Ministers Meet as OPEC Cut Looms"},"content":{"rendered":"

Russia\u2019s energy minister met with counterparts from Saudi Arabia and other Arab Gulf oil-producers to discuss steps to stabilize crude markets amid OPEC\u2019s drive to win cooperation from the biggest supplier outside the group in limiting output to prop up prices.<\/span><\/h4>\n

Ministers from Saudi Arabia, Kuwait, Bahrain, Qatar and the United Arab Emirates gathered in Riyadh for oil talks at the offices of the Gulf Cooperation Council secretariat. Russian Energy Minister Alexander Novak met with them later on Sunday for a separate round of talks and was expected to speak afterward at a news conference. Oman was the only one of the GCC\u2019s six members not attending.<\/span><\/h4>\n

\u201cOil markets are on the way to being re-balanced,\u201d Saudi Arabia\u2019s Energy and Industry Minister Khalid Al-Falih said at the start of the GCC meeting. \u201cLow oil prices are putting pressure on GCC countries\u2019 development plans.\u201d Russia was invited to attend the Gulf ministers\u2019 talks, he said. \u201cWe are working with Russia and other oil producers to stabilize the market.\u201d<\/span><\/h4>\n

Novak is set to meet representatives of the Organization of Petroleum Exporting Countries on Monday in Vienna for talks that could include production cuts, and officials from Russia and Saudi Arabia will hold bilateral discussions later this month. While Russian President Vladimir Putin has pledged to cooperate with OPEC, he\u2019s been vague about whether the country will trim output or just freeze production at September\u2019s post-Soviet record.<\/span><\/h4>\n

OPEC is seeking to attract other producers to join the plan it agreed to last month at a meeting in Algeria to put into effect the group\u2019s first output cuts in eight years. Crude plunged to a 12-year low in January, squeezing the budgets of producers from Venezuela to Saudi Arabia. The price slide led OPEC to abandon its two-year-old Saudi-led policy of allowing members to pump as much as they could in an effort to protect market share.<\/span><\/h4>\n

\u201cWe hope that they can reach an overall agreement on which Russia and other non-OPEC producers will join and cooperate with OPEC members,\u201d Iranian Oil Minister Bijan Namdar Zanganeh told reporters on Sunday in Tehran.<\/span><\/h4>\n

Iraq asked OPEC for an exemption from participation in any cuts, Oil Minister Jabber Al-Luaibi said Sunday at a news conference in Baghdad. He cited Iraq\u2019s war against Islamic militants as the reason the country should be grouped with Iran and Nigeria as members not required to contribute to the collective cuts OPEC agreed on last month in Algeria.<\/span><\/h4>\n

Record Output<\/span><\/h4>\n

Russia is producing about 10.9 million barrels a day on average this year, according to Energy Ministry data. Officials have emphasized the nation\u2019s ability to keep pumping; the latest draft of Russia\u2019s energy strategy sees a potential increase in annual production from 534.1 million metric tons last year to 555 million tons, or 11.1 million barrels a day, by 2020.<\/span><\/h4>\n

OPEC\u2019s 14 members pumped a record 33.75 million barrels a day in September, with the Saudis accounting for 10.58 million barrels, according to data compiled by Bloomberg. Output in Saudi Arabia, the group\u2019s biggest producer, fell short of the 10.66 million-barrel-a-day record in July, the data compiled by Bloomberg show.<\/span><\/h4>\n

Brent crude, the global benchmark, has gained almost 40 percent this year, trading at about $52 a barrel last week. OPEC is trying to determine which members will reduce their output and by how much, with details to be made final at the group\u2019s Nov. 30 meeting.<\/span><\/h4>\n

\"russian<\/a><\/p>\n

Copyright:Bloomberg<\/a><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"

Russia\u2019s energy minister met with counterparts from Saudi Arabia and other Arab Gulf oil-producers to discuss steps to stabilize crude markets amid OPEC\u2019s drive to win cooperation from the biggest supplier outside the group in limiting output to prop up prices. Ministers from Saudi Arabia, Kuwait, Bahrain, Qatar and the United Arab Emirates gathered in […]<\/p>\n","protected":false},"author":1,"featured_media":7127,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1017],"tags":[948,854,728,1139,208,304,300,1138,526],"class_list":["post-7125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-barrels","tag-crude","tag-crude-oil","tag-market","tag-oil","tag-oil-market","tag-opec","tag-russian","tag-saudi-arabia"],"_links":{"self":[{"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/posts\/7125","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/comments?post=7125"}],"version-history":[{"count":0,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/posts\/7125\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/media\/7127"}],"wp:attachment":[{"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/media?parent=7125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/categories?post=7125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/tags?post=7125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}