Oil market to reach balance this quarter

13 February 2019 | Ekonomie
DUBAI - The oil market should reach a balance between supply and demand in the first quarter of this year, UAE energy minister Suhail Al Mazrouei told Al Arabiya television.

He said he was satisfied with the implementation of an agreement to cut supply by the Organisation of the Petroleum Exporting Countries and allies, including Russia.

OPEC, Russia and other non-OPEC producers - an alliance known as OPEC+ - agreed to reduce supply by 1.2 million bpd from January 1.

Mazrouei said it was premature to discuss compensating crude output losses in some of the exporting countries.

Iran, Libya and Venezuela registered falls in output as a result of unrest and trade sanctions.

"Most OPEC and non-OPEC countries are doing their part" to balance the market, Mazrouei said separately, addressing a conference in Dubai.

He also called on the United States to increase the share of renewables and natural gas in its power mix, and reduce coal, to address climate change concerns.

Antitrust

Meanwhile OPEC secretary-general Mohammad Barkindo said the exporting group was not in the business of fixing oil prices, when asked on Monday to comment on a US House committee passing a bill targeting OPEC oil supply cuts.

A US House of Representatives committee approved a bill on Thursday that would open up OPEC to antitrust lawsuits, but it was uncertain if the measure would be considered by the full chamber.

"OPEC is neither a cartel nor involved in the business of fixing oil prices," Barkindo told Reuters. "It would be a misjudgment to accuse us of such," he said on the sidelines of an energy forum in Cairo.

OPEC and OPEC+ are reducing oil output in 2019 to avoid a potential supply glut that could weigh on prices. A similar action in 2017 got rid of an earlier supply glut.

"OPEC is an open, transparent organisation focused on assisting the oil markets to remain in balance on a sustainable basis, which is a fundamental requirement of investors," Barkindo said.

"The international oil industry needs market stability to plan and invest in a predictable manner in order to guarantee future supplies." – Nampa/Reuters

Soortgelyk

 

Olie, riool in Goreangabdam

17 ure gelede |

Elvira Hattingh - Sedert Windhoek se munisipaliteit (CoW) noodgedwonge alle watersuiweringswerk moes staak, vloei tussen 24 000 m³ en 27 000 m³ onbehandelde en...

Vier moordverdagtes ontsnap

17 ure gelede | Misdaad

Augetto Graig - Vier moordverdagtes, wat by afsonderlike sake in verband met die moord op drie mense betrokke is, het Maandag uit polisieaanhouding in die...

Adjunkminister skuld Agribank N$10,6 m

17 ure gelede | Ministeries

Ellanie Smit - Agribank eis in die hoërhof in Windhoek in drie afsonderlike sake meer as N$10,6 miljoen van die adjunkminister van arbeid, nywerheidsbetrekkinge...

Weer vir 13 Februarie 2019

17 ure gelede | Weer

WEERWAAK: Wydverspreide donderbuie kan hoogs waarskynlik oor die Noordooste plek-plek voorkom BINNELAND: Gedeeltelik bewolk en baie tot bloedig warm oor die westelike binneland. Elders sal...

Eiendomsman Jerome Joseph sterf

17 ure gelede | Mense

Ronelle Rademeyer - Die bekende Windhoekse eiendomsman, mnr. Jerome Joseph (52), is Maandagnag in sy slaap aan vermoedelik ’n hartaanval dood.Hy was die oudste van...

Onmin oor trustfondse

17 ure gelede | Ministeries

Jana-Mari Smith – ‘n Wysiging aan die wet op die administrasie van boedels stel die regering in staat om ten volle beheer van ‘n oorledene...

Geliefde skoolhoof sterf

17 ure gelede | Mense

’n Bekende afgetrede onderwyser en Windhoeker, mnr. Norman Titus (72), alombekend as Meneer Titus of Uncle Norman onder leerlinge, het Saterdag ná n kort siekbed...

Planne kom vir papierlose parlement

17 ure gelede | Regering

Augetto Graig - Toppolitici sal van vanjaar af ál minder papier moet gebruik. Die eerste sitting van die Namibiese parlement vir 2019 vind môre plaas....

Skole fokus op beroepsopleiding

17 ure gelede | Onderwys

Henriette Lamprecht – Spesifieke skole wat oor tegniese geriewe beskik en werkwinkels vir verskeie tegniese rigtings insluit, is in elke streek van die land geoormerk...