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: 天天摸天天摸色综合舒服网| 精品人妻VA出轨中文字幕| 欧亚专线欧洲s码在线| 国产精品无码AV天天爽播放器| 国产精品黄大片在线播放| 人人妻久久人人澡人人爽人人精品| 亚洲乱亚洲乱少妇无码| 香蕉视频在线看| 欧美日韩第一区| 国产精品成人va在线观看| 亚洲国产精品一区二区九九| porn在线精品视频| 最近更新中文字幕在线| 国产成人刺激视频在线观看| 久久婷婷人人澡人人喊人人爽| 97久久人人超碰国产精品| 欧美色成人综合| 国内黄色一级片| 亚洲国产欧美在线人成北岛玲| chinese激烈高潮HD| 激情偷乱在线观看视频播放| 天堂网www在线资源网| 亚洲欧美日韩在线观看| 手机在线观看精品国产片| 日韩高清一级毛片| 国产乱子伦手机在线| 三上悠亚国产精品一区| 用我的手指搅乱吧未增删翻译| 成人免费毛片观看| 众多明星短篇乱淫小说| 91久久国产精品| 最近的2019中文字幕hd| 国产午夜福利在线播放| 中文字幕丰满乱孑伦无码专区| 青草青在线视频| 成年18网站免费视频网站| 他强行给我开了苞| 色www永久免费| 日本动态图免费观看| 免费特级黄色片| 最近免费中文在线视频|