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

Oil producers risk severe impact on prices if freeze deal fails

Pubdate:2016-04-13 09:56 Source:mcc Click:
LONDON (Bloomberg) -- The early success of an oil supply accord between OPEC and Russia in reviving crude prices is magnifying the potential costs of failure if producers meeting this weekend fail to complete their deal.
 
Brent crude futures, which sank to a 12-year low in January, have climbed 30% since Saudi Arabia, Russia, Qatar and Venezuela reached a preliminary agreement to freeze output on Feb. 16. While Russia’s energy minister says he’s “optimistic” the accord will be finalized in Doha on April 17, Goldman Sachs Group Inc. warned that the weight of expectation poses a “bearish catalyst’ if the talks fail.
 
“They’ve built this thing up for so long, if they just end up shouting at each other and walking out of the room, the negative impact for pricing is pretty severe,” said Seth Kleinman, head of European energy research at Citigroup Inc. in London. “And they’re probably well aware of that.”
 
Tensions have been visible throughout the negotiations. Saudi Arabia has insisted it would only commit to an output cap if Iran follows suit, a proposal that Iran’s oil minister has dismissed as “ridiculous.” Iraq has ramped up supply to record levels, and Kuwait announced similar plans. As rising prices help OPEC’s rivals stay in business, the rationale for the accord is fraying, Goldman Sachs says.
 
“Why would they reverse course after 18 months of the current environment—we’re starting to finally see the fruits of that” in terms of reduced output, Jeff Currie, head of commodities research at Goldman Sachs, said in a Bloomberg Television interview. There’s a “high risk that the meeting fails to deliver any concrete agreement,” he said in a report.
 
The likely outcome on April 17 will be “a soft agreement which would not really do anything to fundamentals,” Currie said. Anything stronger is “not in anybody’s interest right now,” Currie said.
 
About 16 countries—including most members of the Organization of Petroleum Exporting Countries, as well as non-members, such as Oman and Azerbaijan—have agreed to meet in the Qatari capital on the weekend. While OPEC states that had pushed for production cuts instead of a freeze, such as Venezuela and Algeria, have softened those calls, it’s only served to highlight discord on the group’s Saudi-led policy to let market forces bring supply and demand into balance.
 
Saudi Arabia is only prepared to abide by a freeze “if all countries agree,” Deputy Crown Prince Mohammed bin Salman said in an interview with Bloomberg published on April 1. On the other hand, if other countries raise their output, the kingdom will boost its own sales, he said. Iran, which had sanctions on its crude exports lifted in January, has repeatedly made clear its intention to revive production.
 
Brent futures traded near $43/bbl in London on Tuesday. Prices could tumble to $33 or even $30 if the meeting on April 17 ends without an agreement, Saxo Bank A/S predicts.
主站蜘蛛池模板: 动漫人物美女被吸乳羞羞动漫| 日本xxxx色视频在线播放| 国产高清一级毛片在线不卡| 人妻无码久久中文字幕专区| z0z0z0另类极品| 精品久久久久香蕉网| 幻女free性zozo交| 免费观看国产网址你懂的| 一区二区三区四区在线观看视频| 精品水蜜桃久久久久久久| 性高湖久久久久久久久| 夜色www国产精品资源站| 免费观看一级特黄欧美大片| yellow版字幕网| 激情freesexhd糟蹋videos| 国外免费直播性xxxx18| 亚洲日韩一区二区一无码| 18男男gay同性视频| 欧美一区二区福利视频| 国产成人精品cao在线| 久久午夜羞羞影院免费观看| 色天天天综合色天天碰| 成人免费一区二区三区| 免费一区二区三区四区| 99久久精品免费看国产 | 欧日韩不卡在线视频| 国产日韩欧美成人| 久久久最新精品| 精品综合久久久久久99| 天天干天天插天天| 又粗又大又爽又长又紧又水| segui久久综合精品| 精品国产午夜肉伦伦影院| 天天摸天天做天天爽| 亚洲国产精品成人久久| 成年人网站免费视频| 扒开双腿猛进入女人的视频| 国产乱人伦真实精品视频| 东北妇女精品BBWBBW| 波多野结衣bd| 国产极品美女高潮无套在线观看|