Sunday, 22 September, 2019

New Saudi oil minister endorses production cuts

New Saudi energy minister urges producers to share burden New Saudi oil minister endorses production cuts
Russell Knight | 11 September, 2019, 00:39

The new factor is the trade dispute between the United States and China, whose tit-for-tat tariffs have created fears of a global recession that will undermine demand for oil.

The OPEC petroleum exporters' cartel and key non-OPEC members want to halt a slide in prices that has continued despite previous production cuts and USA sanctions that have squeezed supply from Iran and Venezuela.

Abu Dhabi is also hosting this week a meeting of the Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ alliance for a supply cut deal reached a year ago.

Dan Brouillette, a deputy U.S. energy secretary who attended Monday's event, said he hoped Saudi Arabia would instead choose to go with a so-called "123 Agreement" like the United Arab Emirates.

He said political effects and concerns about global trade tensions rather than levels of supply and demand were affecting the market.

Nasser said on Tuesday that a domestic market listing would take place "very soon".

"OPEC has traditionally resorted to production cuts in order to shore up the prices", said MR Raghu, head of research at Kuwait Financial Centre (Markaz).

Aramco is "ready" for the giant stock market debut but the timing is a "government decision", Amin Nasser told reporters on the sidelines of the World Energy Congress.

Our oil supply-demand outlook for 2020 calls for additional OPEC production cuts to keep inventories near normal. Furthermore, a slowing global economy could weigh on prices.

Previous supply cuts have mostly succeeded in bolstering prices.

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Offering a glimpse into how he's approaching the job of energy minister, Prince Abdulaziz described himself as a "kitchen or basement man".

Oil futures hit a six-week high on Tuesday, rising for a fifth day on optimism that OPEC and other countries may agree to extend production cuts in a bid to support prices.

"Clearly, the Kingdom wants higher oil prices". This will be further confirmation that the OPEC-led production cuts are working to drive down US inventory.

Meanwhile, both crude benchmarks consolidate near six-week highs, awaiting the United States weekly Crude Stocks data for near-term trading impetus ahead of the key OPEC meeting scheduled on September 12.

The deliberations also coincide with stymied production from Iran and Venezuela and slower growth in U.S. output, meaning that supplies are not excessively high.

At 09:42 GMT, October WTI crude oil is trading $57.97, up $0.12 or +0.22% and December Brent crude oil is at $61.75, up $0.12 or +0.19%.

"The options for a change of policy are relatively limited", said Olivier Jakob, analyst at Petromatrix.

Saudi Arabia, which has long planned an worldwide IPO of Aramco, now plans a gradual listing of the world's top oil producing company on its home market, sources familiar with the matter said on Monday.

Saudi Arabia's King Salman Bin Abdulaziz named his son Prince Abdulaziz as the country's energy minister, replacing Khalid Al-Falih, who led three years of active Opec (Organization of Petroleum Exporting Countries) diplomacy to forge a global alliance with producers such as Russian Federation to limit production in order to prop up prices.

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