ENERGY HIGHLIGHTS W/E 20/07/18

Posted On July 19th, 2018 - 3:39 pm | by Oil and gas press

The price of OPEC basket of fifteen crudes stood at $69.98 a barrel on Wednesday, 18 July 2018, compared with $70.38 the previous day, according to OPEC Secretariat calculations.

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The Joint Ministerial Monitoring Committee (JMMC) held its 1st Teleconference Meeting, where it reviewed recent market developments, and considered the report provided by the Joint Technical Committee (JTC) regarding the monitoring of the overall conformity levels of participating countries in the Declaration of Cooperation for the month of June 2018.

The JMMC reported that participating countries in the Declaration of Cooperation have achieved a conformity level of 121% in June 2018.

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The current level of oil prices stems particularly from the US trade war, Russia’s Energy Minister Alexander Novak said Friday according to TASS.

“Those are negative signals for the global economy. Crude prices are volatile and respond to existing general signals. The current prices reflect trade wars statements as well,” he explained.

A sharp drop in crude prices started on July 11, as the price of Brent crude oil decreased by $4 on the day to $73 per barrel.

Russia restored oil production by 80% in July against the reduction volume within the OPEC+ agreement, he added.

“Following the decision on increasing production, in July we have already restored reduction by approximately 2/3 or even by 80%,” Novak said.

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Gas supplies to China via Power of Siberia to reach 38 bcm by 2024
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Russia’s Novatek may increase LNG output forecast by 2030
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Iran to Boost Oil Production from North Yaran Field

National Iranian Oil Products Distribution Company (NIOPDC) Prepared to Export Fuel
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Saudi Governor of OPEC: KSA does not try to push oil into the market beyond its customers’ needs

Saudi Aramco’s statement on media reports on its acquisition of a stake in SABIC

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