saudi energy minister keeping close eye on us oil producers
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Minister of energy Khalid Al-Falih

Saudi energy minister keeping close eye on US oil producers

Arab Today, arab today

Arab Today, arab today Saudi energy minister keeping close eye on US oil producers

Minister of energy Khalid Al-Falih
Houston - Arab Today

Khalid Al-Falih, minister of energy, industry and mineral resources says the Organization of the Petroleum Exporting Countries’ (OPEC) production cuts are working to bolster crude prices and Saudi Arabia will look at whether other oil-producing nations are living up to their promises to curtail pumping before deciding whether to extend the cutbacks beyond this summer.
In a nod to the US’ ability to offset much of the OPEC cuts by pumping oil from shale formations, Al-Falih said Tuesday that he is watching the US producers closely after American oil production bounced back quickly as prices rose last year.
“Some have not lived up to expectations,” he said, “but as a whole if you look at the totality the agreement is working well.”
According to the Energy Department, US production rose to an average of 8.8 million barrels per day (bpd) in the fourth quarter after dropping below 8.7 million barrels (bpd) in the third quarter. The department forecast increases to 9.2 million bpd this year and 9.7 million — a possible record — in 2018 in a market outlook issued Tuesday.
Oil prices have stabilized above $50 a barrel — a rebound from early 2016, when they plunged below $30 a barrel — although some analysts had expected closer to $60.
Speaking at a conference known as CERAWeek by IHS Markit, the Saudi energy minister also said growth in developing nations means that demand for oil will remain strong for the year despite efforts to curb carbon emissions, advances in energy efficiency, and competition from renewable energy.
OPEC Secretary General Mohammad Barkindo of Nigeria met during the Houston conference with CEOs of several leading US shale-oil operators. They told Barkindo how they cut costs and became more efficient.
“They did a great job,” Barkindo said of his organization’s American rivals. Still, some went bust, and layoffs swept the oil patch.
Al-Falih also spoke briefly about Saudi Aramco’s pending IPO. He highlighted Aramco’s investments in the US, including taking control over a Texas refinery that had been run in a joint venture with Royal Dutch Shell, which said it would get $2.2 billion from Saudi Aramco.
In discussing the US shale rebound, Al-Falih said: “The green shoots are definitely here in the US, and maybe they are growing too fast…I am monitoring the watering of the green shoots.”

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

saudi energy minister keeping close eye on us oil producers saudi energy minister keeping close eye on us oil producers

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

saudi energy minister keeping close eye on us oil producers saudi energy minister keeping close eye on us oil producers

 



GMT 10:10 2017 Thursday ,09 February

3 Important Elements You Have to Consider

GMT 04:03 2017 Monday ,24 April

Bella Hadid ‘dying’ to visit Palestine

GMT 19:25 2016 Wednesday ,25 May

The Brooklyn Desk by Oeuf NYC

GMT 07:49 2018 Friday ,05 January

2 Russian servicemen killed

GMT 07:58 2018 Monday ,01 January

Italy orders N. Korea's envoy to leave

GMT 08:45 2017 Wednesday ,20 December

US military imagines war without GPS

GMT 17:26 2017 Sunday ,17 December

Putin thanks Trump for help in foiling attack plot

GMT 22:19 2017 Monday ,16 October

Cairo-hosted Fatwa conf. new contribution

GMT 02:27 2016 Friday ,10 June

Video hints Japan abetting illegal ivory trade

GMT 07:04 2017 Wednesday ,19 April

1,883 Bahrainis found jobs in March

GMT 14:24 2016 Tuesday ,22 November

Citi and JPMorgan top list of ‘globally banks’

GMT 21:43 2017 Friday ,01 September

People question Nazaruddin`s repatriation expenses

GMT 09:41 2017 Wednesday ,19 April

OIC concerned over violence in Mali

GMT 01:30 2017 Friday ,27 October

May22/Jun21

GMT 05:38 2016 Friday ,30 December

Dubai Airports divert 13 flights due to heavy fog

GMT 11:38 2017 Saturday ,14 January

Mexico names new ambassador to US

GMT 12:03 2017 Wednesday ,22 March

Kuwait to mark World Water Day

GMT 15:00 2017 Wednesday ,27 September

HM King receives invitation from Egyptian President

GMT 02:45 2017 Tuesday ,05 December

President Bashir arrives in Chad

GMT 02:45 2017 Wednesday ,16 August

Turkmen President Visits Pakistan
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday