«Oil of Russia», 06.09.16, Moscow, 09:33 Russia and Saudi Arabia, together controlling more than 21% of world oil production, agreed to take care of the stability of the oil market. Russian Energy Minister Alexander Novak and his Arab colleague Khaled bin Abdul Aziz al-Faleh signed a joint declaration by which the price of a barrel of oil jumped up for a short time, almost $ 3.
In the text of the Russian-Saudi agreement referred to in mainly the desire of the two countries to contribute to maintaining stability in the oil market and sustainable level of investment in the industry. As a result of the signing Novak called the statement a historic moment.
According to him, this is a new stage of relations between the two countries, within and outside OPEC. The Russian minister said that Moscow and Riyadh have agreed on joint action to stabilize the oil market, and there are specific tools, including freezing production.
The Russian side wants to say more clearly that the cautious Arabs have given in to write a statement. The consisting of four points, the ministers recognized the need to curb excessive volatility in the oil market and noted the presence of the countries-suppliers of long-term challenges in the global oil market, which is also carried on the reduction of worldwide investment in oil production, particularly in exploration. The statement said the establishment of a joint monitoring working group which will monitor the oil market and to develop some recommendations for joint action.
On the production of frozen Russian dream in April ahead of a meeting of representatives of oil-producing countries in the Qatari capital Doha. Our country was one of the initiators while maintaining the level of oil production at the January level. But then come to an agreement failed. Saudi Arabia insisted on the participation of Iran in the agreement. But Tehran has declared its readiness to freeze production only after reaching the dosanktsionny volume of 4 million barrels. a day and I found it inexpedient to participate in the meeting in Doha. By the way, Alexander Novak said yesterday that it is just a wish. “We expect that the major countries such as OPEC and non-OPEC, will also be consolidated to act on the market”, – he added
The price of oil could rise to 52 dollars per.. barrel after the joint statement of Russia and Saudi Arabia signed on Monday, but to maintain the upward trend should support this statement and other oil-producing countries, said TASS leading expert of the national energy security Foundation Igor YUSHKOV.
it is known that the Russian budget 2016 was imposed from the benchmark of $ 50. per barrel, however, as stated on the East economic forum, Minister of economic development of Russia Alexei Ulyukayev, the average price of oil will be $ 42 in 2016. per barrel. The budget deficit threatens to exceed the planned 3%.
The news of the signing of the statement slightly pushed oil prices up, but experts believe that the impact of today’s event should not be overestimated. We all remember that the Doha negotiations have failed because of the Prince and Defense Minister of Saudi Arabia, Muhammad bin Salman. As reported in Financial Times, a few hours before the start of negotiations, delegates called Prince of Saudi Arabia, and told them to leave the meeting. The Saudis remained in Doha, but the outcome of the negotiations was a foregone conclusion.
This time, however, the signing of the statement by the Ministers of Energy was preceded by a meeting of Russian President Vladimir Putin’s successor and Saudi Crown Prince Salman ibn Muhammad. “The theme of cooperation in the field of oil was mentioned at the meeting of Russian President Vladimir Putin and the” twenty “Fields told reporters presidential press secretary Dmitry Peskov.
Immediately after the announcement of the agreement value of the futures on Brent oil delivery in November 2016 at the stock exchange in London rose by 5.4% – to 49.15 dollars per barrel.. According to the analyst Mark Goikhman Teletrade, it has supported and short “yes”, Vladimir Putin, in response to a question about the feasibility of exporting frozen production.
«Quotations black gold make another attempt to break the mark of $ 50., But this fuse can cool the data on stocks of raw materials in the United States – said deputy chairman of the Loko-Bank Andrei Lyushin. – If the market will see the implementation of these agreements, it will be possible to see oil prices above this level that the immediate positive impact on the Russian currency »
But the Orientalist, a member of the expert council Eldar Kasaev Russian Oil and Gas Union pessimistic. on the joint Russian-Saudi statement. “Voluntary reduction of production will be neither from Russia nor from Saudi Arabia. The decline in production is possible only in case of lack of resources for its growth. There are serious doubts that the outcome of the upcoming informal OPEC meeting in Algeria cartel participants reduce consolidated production of black gold – the organization is too loud sounds internal discord “, – he said,” NG »
« Saudi Arabia has already shown. an unreliable negotiator during the April meeting in Qatar, so trusted the Saudis are not worth it. The signed document is unlikely to “repent” kingdom, which is the constant growth of its own oil production contributes to a violation of Article 2 of the Charter of the OPEC, which spelled out the duty of the organization to ensure stable oil prices. The quota system has remained only on paper. In reality, the cartel led by Saudi Arabia, produces the maximum, “- he said Kasaev
However, the expert noted positive aspects of the new agreement.. “Establishment of a bilateral working group will not change anything fundamentally in the physical oil market, but the impact on the quotes” paper oil “. Due to the promises to stabilize the oil market parties can make good money “, – says economist
Anatoly Komrakov Learn more at http:. //www.oilru.com/news/531473/
Istochnik: Nezavisimaya Gazeta
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