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: 性欧美丰满熟妇XXXX性 | 国产精品影音先锋| 成人综合伊人五月婷久久| 欧美成人高清WW| 精品三级内地国产在线观看| 精品福利视频导航| 99精品国产在热久久| 中文无码乱人伦中文视频在线V | 国产综合在线观看| 性xxxxx大片免费视频| 日韩欧美成人乱码一在线| 欧美老熟妇乱子伦视频| 精品久久人人做人人爽综合| 麻豆安全免费网址入口| 你懂的视频在线| 91区国产福利在线观看午夜| wwwxxx国产| 一级肉体片在线观看| 丰满少妇被猛烈进入无码| 久草电影在线播放| 亚洲午夜久久久影院伊人| 亚洲欧洲综合网| 亚洲欧美7777| 亚洲欧美视频在线| 亚洲精品国精品久久99热| 伊人久久精品一区二区三区| 又粗又紧又湿又爽的视频| 国产AV无码专区亚洲AV| 国产丰满麻豆videossexhd| 国产成人久久av免费| 国产女人aaa级久久久级| 国产成人精品久久| 国产成a人片在线观看视频下载| 国产欧美日韩一区二区三区在线 | 最近中文字幕大全免费版在线| 欧美一级美片在线观看免费| 欧美不卡在线视频| 日韩在线看片免费人成视频播放 | 国产va免费精品观看精品| 国产亚洲欧美一区二区三区| 国产一精品一av一免费爽爽|