The Annual Offshore Oil & Gas Event
logo

The 25thBeijing International Offshore Oil & Gas Exhibition

ufi

BEIJING,CHINA

March 26-28,2025

LOCATION :Home> News > Industry News

OPEC-Russia oil freeze coalition struggles with its very first step

Pubdate:2016-03-11 11:14 Source:mcc Click:
VIENNA, Austria (Bloomberg) -- A month after promising co-operation that would re-balance global oil markets, the producer coalition forged by Saudi Arabia and Russia is having difficulty taking its first step.
 
OPEC members and rival producers have yet to decide when, or where, to hold talks on a proposed accord to freeze oil output, a strategy aimed at curbing the worldwide oversupply. Dates and locations suggested by one producer—this month or next, in Moscow, Doha or Vienna—are promptly snubbed by another in the fledgling alliance. On Wednesday the process received another setback when a gathering of Latin American producers scheduled for Friday in Quito, Ecuador, was pushed back.
 
OPEC members and Russia reached a tentative agreement on Feb. 16, their first in 15 years, to cap oil output to ease a crude-price slump that’s pummeled economies, markets and companies. Benchmark Brent oil has since recovered from the 12-year low it reached in January. While a production freeze alone is seen as inadequate to tackle the oil surplus, Saudi Arabia’s description of the deal as “the beginning of a process” spurred speculation that more concrete steps may be taken.
 
“It’s funny to hear almost each day the different dates, different locations or the lack of invitation for this producer meeting,” said Giovanni Staunovo, an analyst at UBS Group AG in Zurich. “Talking about the freeze has been supporting prices, but talk is cheap. Even if a freeze is agreed, it won’t eliminate near-term global oversupply.”
 
Welcomed by most OPEC members, the pact struck between Saudi Arabia, Russia, Venezuela and Qatar also received some support from other producers. Azerbaijan is prepared to join the agreement, ANS TV reported, citing State Oil Co. of Azerbaijan President Rovnaq Abdullayev on March 6, while Oman’s oil minister described the deal as positive on Feb. 23. Kazakhstan said in January that its production is already projected to decline this year.
 
Still, the initiative will have little impact on the global surplus without the co-operation of Iran, which is unlikely to participate, according to Commerzbank AG. Poised to restore as much as 1 million barrels of daily exports previously blocked by sanctions, Iran has dismissed the proposal as “ridiculous.”
 
There are other signs the accord may be fraying before it even begins, as countries that initially welcomed the idea push for bolder action. Freezing output is “insufficient” given the scale of the oversupply, Algerian Energy Minister Salah Khebri said in Algiers on March 9. Ecuadorean Oil Minister Carlos Pareja said the planned Quito gathering of Latin American producers—now on hold—may have pushed for output cuts.
 
That would clash with the stated policy of OPEC’s biggest member, Saudi Arabia, whose Oil Minister Ali al-Naimi said Feb. 23 that the freeze would not become a cut.
 
Quito Postponed
 
Ecuador’s Pareja said the planned conference of regional producers would be postponed until late March or early April because of scheduling difficulties, according to government news agency Andes. Even if the region’s exporters agreed to cap supply, International Energy Agency data indicate there would be little impact on markets as output from most Latin American producers is set to stagnate or decline through next year anyway.
 
Getting to the next round of talks has been a tangled process.
 
Speaking at the IHSCera Week conference in Houston last month, Saudi Arabia’s al-Naimi said the process of devising a freeze agreement would continue with more discussions in March. Two weeks later, Nigerian Petroleum Minister Emmanuel Kachikwu said those talks would be held in Russia on March 20. While RBC reported the meeting would be in St. Petersburg, Russia’s Energy Ministry said later that day no date or location had been decided.
 
On March 4, Russian Energy Minister Alexander Novak told state television channel Rossiya 24 that a meeting could take place between March 20 and April 1 in Russia, Doha or Vienna. In the interim he’ll travel to Iran March 14, his spokeswoman Olga Golant said Thursday.
 
“The meeting may not go ahead, there is the probability it will be inconclusive if it does go ahead and, whatever is agreed if there is an agreement, is unlikely to impress the market,” said David Hufton, CEO of brokers PVM Group in London.
主站蜘蛛池模板: 免费在线观看你懂的| 男女一级免费视频| 日本高清免费在线视频| 国产无遮挡无码视频免费软件| 午夜精品久久久久蜜桃| 亚洲人成777在线播放| tube8最近日本护士| 精品久久久久久中文字幕大豆网| 成人浮力影院免费看| 国产成人亚洲精品91专区高清| 免费看黄a级毛片| 东方美女大战黑人mp4| 黄色激情视频在线观看| 欧美日韩在线不卡| 女人高潮被爽到呻吟在线观看| 国产亚洲精品精品精品| 亚洲av之男人的天堂网站| 欧美性另类高清极品| 欧美欧洲性色老头老妇| 女人18毛片a级毛片免费| 国产99re在线观看只有精品| 中文字幕无线码免费人妻| 美团外卖猛男男同38分钟| 小芳啊灬啊灬啊灬快灬深用力| 免费萌白酱国产一区二区| 中文在线观看www| 色狠狠色狠狠综合天天| 成人欧美日韩一区二区三区| 免费福利在线播放| 99久久精品美女高潮喷水| 狠狠色丁香九九婷婷综合五月| 在线视频中文字幕| 亚洲国产成人一区二区精品区| 国产激爽大片高清在线观看| 果冻传媒和精东影业在线观看 | 性欧美video在线播放| 国产乱人伦无无码视频试看| 中文天堂在线www| 狠狠亚洲婷婷综合色香五月排名 | 欧美性猛交xxxx| 国产成人精品123区免费视频|