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Russian Federation proposes a mechanism to monitor crude oil exports

07 Octubre 2017, 09:05 | Azura Castelo

Russian Federation proposes a mechanism to monitor crude oil exports

A Hercules Offshore Inc. jackup shallow-water drilling unit stands idle in the Gulf of Mexico off the coast of Cameron Louisiana U.S. on Saturday

According to Russia's Energy Minister, the country reduced oil production last month as part of a deal with OPEC; the current arrangement will last through March, 2018.

Last month, Kuwaiti Oil Minister Essam Al-Marzouq said it is too early to decide whether to extend the deal beyond March 2018.

Gen. Barkindo called on Asia regions to join efforts to balance the market, while Russian Federation invited Turkmenistan to join the OPEC oil output cut deal.

Oil prices struggled as USA oil production was propped up or was it production propaganda?

Hedge funds reduced their WTI net-long position - the difference between bets on a price increase and wagers on a drop - 1 percent to 249,323 futures and options in the week ended October 3, U.S. Commodity Futures Trading Commission data show.


Saudi Arabia hopes to reach a consensus with Russian Federation and other major oil producers on the future of a global deal to cut oil output before an OPEC meeting in November, Energy Minister Khalid al-Falih said on Friday.

Crude stocks on the East, West and Gulf Coasts, where refineries are mostly supplied by sea, have all fallen in line with the tightening of the global oil market.

Russia had already overtaken Saudi Arabia as the single biggest Chinese oil supplier for 2016, but the OPEC cuts have made that Russian dominance more pronounced this year.

Washington:Export of American crude oil to India will create jobs, economic stability and national security in both countries, US Energy Secretary Rick Perry has said, days after the first-ever shipment of US crude oil landed in Odisha. USA crude oil (USL) (DBO) (OIL) prices fell on October 4, 2017, despite the massive draw in United States crude oil inventories.

Brazilian oil exports to China in January through August surged 41.8 percent to 480,000 bpd, while USA crude sales in China averaged 128,000 bpd-that's more than a 1,000-percent surge, Reuters data shows. West Texas Intermediate, the US benchmark for the price of oil, was up 0.46 percent to $50.21 per barrel.


US government data showed this week that crude exports had risen to a record of almost 2 million barrels per day as domestic production grows.

“The number of active drilling rigs in the USA increased last week, highlighting the fact that higher oil prices will inevitably lead to more production from US shale.

Vladimir Putin and King Salman are expected to focus on extending the commitment to cut crude oil output production, which has helped prop up oil prices.

Benchmark Brent crude futures LCOc1 were down $1.26 at $55.74 a barrel by 2:01 p.m. EDT (1801 GMT), set to snap a five-week winning streak that was the longest since June 2016.




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