Tag Archives: Organization of the Petroleum Exporting Countries

Saudi vitality minister to carry press convention on Tuesday

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FILE PHOTO: Saudi Arabia’s new Power Minister, Prince Abdulaziz bin Salman takes a tour on the exhibition throughout the 24th World Power Congress in Abu Dhabi, United Arab Emirates September 9, 2019. REUTERS/Satish Kumar/File Picture

RIYADH (Reuters) – Saudi Arabia’s vitality minister Prince Abdulaziz bin Salman will maintain a press convention on Tuesday following the assaults on Aramco services in Abqaiq and Khurais which have lower the corporate’s crude oil provide by about 50 %, the media ministry mentioned.

Prince Abdulaziz had mentioned on Sunday Aramco would have extra info to share inside 48 hours.

Reporting By Stephen Kalin; Writing By Maha El Dahan

Our Requirements:The Thomson Reuters Belief Rules.

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Trump says he doesn’t need struggle after assault on Saudi oil amenities

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WASHINGTON/DUBAI (Reuters) – U.S. President Donald Trump stated on Monday stated it appeared like Iran was behind assaults on oil vegetation in Saudi Arabia however burdened he didn’t need to go to struggle, because the assaults despatched oil costs hovering and raised fears of a brand new Center East battle.

Iran has rejected U.S. fees it was behind the strikes on Saturday that broken the world’s largest crude-processing plant and triggered the biggest soar in crude costs in many years.

Relations between the US and Iran have deteriorated since Trump pulled out of the Iran nuclear accord final yr and reimposed sanctions over Tehran’s nuclear and ballistic applications. Washington additionally needs to stress Tehran to finish its assist of regional proxy forces, together with in Yemen the place Saudi forces have been preventing Iran-backed Houthis for 4 years.

America was nonetheless investigating if Iran was behind the Saudi strikes, Trump stated, however “it’s definitely trying that manner at this second.”

Trump, who has spent a lot of his presidency making an attempt to disentangle the US from wars he inherited, made clear, nonetheless, he was not going to hurry into a brand new battle on behalf of Saudi Arabia.

“I’m any person that would love to not have struggle,” Trump stated.

A number of U.S. Cupboard members, together with Secretary of State Mike Pompeo and Vitality Secretary Rick Perry, have blamed Tehran for the strikes. Pompeo and others will journey to Saudi Arabia quickly, Trump stated.

A day after saying the US was “locked and loaded” to reply to the incident, Trump stated on Monday there was “no rush” to take action.

“We’ve got a whole lot of choices however I’m not taking a look at choices proper now. We need to discover definitively who did this,” he stated.

Iranian President Hassan Rouhani stated the strikes had been carried out by “Yemeni folks” retaliating for assaults by a Saudi-led navy coalition in a struggle with the Houthi motion.

“Yemeni persons are exercising their professional proper of protection,” Rouhani instructed reporters throughout a go to to Ankara.

Iranian Overseas Ministry spokesman Abbas Mousavi referred to as the allegations “unacceptable and completely baseless.”

The assaults lower 5% of world crude oil manufacturing.

Oil costs surged by as a lot as 19% after the incidents however later got here off their peaks. The intraday soar was the most important for the reason that 1990-91 Gulf disaster over Iraq’s invasion of Kuwait.

The market eased from its peak after Trump stated he would launch U.S. emergency provides and producers stated there have been sufficient shares saved up worldwide to make up for the shortfall. Costs had been round 12% larger by afternoon in the US.

SAUDI SUSPICIONS

Saudi Arabia stated the assaults had been carried out with Iranian weapons, including that it was able to responding forcefully and urging U.N. consultants to assist examine the raid.

Crown Prince Mohammed bin Salman stated Iranian threats weren’t solely directed towards the dominion however towards the Center East and the world.

Whereas the prince didn’t immediately accuse Tehran, a Overseas Ministry assertion reported him as calling on the worldwide group to sentence whoever was behind the strike.

“The dominion is able to defending its land and folks and responding forcefully to these assaults,” the assertion added.

Saudi Arabia and Iran have been enemies for many years and are preventing quite a lot of proxy wars.

Trump stated he had not made commitments to guard the Saudis.

A satellite tv for pc picture displaying injury to grease/gasoline Saudi Aramco infrastructure at Khurais, in Saudi Arabia on this handout image launched by the usGovernment September 15, 2019. U.S. Authorities/DigitalGlobe/Handout through REUTERS

“No, I haven’t promised Saudis that. We’ve got to sit down down with the Saudis and work one thing out,” he stated. “That was an assault on Saudi Arabia, and that wasn’t an assault on us. However we would definitely assist them.”

Two sources briefed on state oil firm Saudi Aramco’s operations instructed Reuters it’d take months for Saudi oil manufacturing to return to regular. Earlier estimates had advised it may take weeks.

Saudi Arabia stated it will be capable to meet oil clients’ demand from its ample storage, though some deliveries had been disrupted. At the very least 11 supertankers had been ready to load oil cargoes from Saudi ports, ship monitoring information confirmed on Monday.

RISING TENSIONS

Stress within the oil-producing Gulf area has dramatically escalated this yr after Trump imposed extreme U.S. sanctions on Iran geared toward halting its oil exports altogether.

For months, Iranian officers have issued veiled threats, saying that if Tehran is blocked from exporting oil, different international locations will be unable to take action both. However Iran has denied a task in particular assaults, together with bombings of tankers within the Gulf and former strikes claimed by the Houthis.

U.S. allies in Europe oppose Trump’s “most stress” technique, arguing that it gives no clear mechanism to resolve points, making a danger the enemies may stumble into struggle.

Trump has stated his aim is to drive Iran to barter a more durable settlement and has left open the opportunity of talks with Rouhani at an upcoming U.N. assembly. Iran says there may be no talks till Washington lifts sanctions.

U.N. Yemen envoy Martin Griffiths instructed the U.N. Safety Council on Monday it was “not fully clear” who was behind the strike however he stated it had elevated the possibilities of a regional battle.

However the U.S. ambassador to the world physique, Kelly Craft, stated rising info on the assaults “signifies that duty lies with Iran” and that there isn’t any proof the assault got here from Yemen.

Iran’s Yemeni allies have promised extra strikes to return. Houthi navy spokesman Yahya Sarea stated the group carried out Saturday’s predawn assault with drones, together with some powered by jet engines.

“We guarantee the Saudi regime that our lengthy arm can attain anyplace we select and on the time of our selecting,” Sarea tweeted. “We warn firms and foreigners towards being close to the vegetation that we struck as a result of they’re nonetheless in our sights.”

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U.S. officers say they consider that the assaults got here from the wrong way, presumably from Iran itself reasonably than Yemen, and will have concerned cruise missiles. Wherever the assaults had been launched, nonetheless, they consider Iran is guilty.

The assaults have raised questions on how the dominion, one of many world’s high spenders on weaponry, a lot of it equipped by U.S. firms, was unable to guard oil vegetation from assault.

Sensing a business opening, President Vladimir Putin stated Russia was prepared to assist Saudi Arabia by offering Russian-made air protection techniques to guard Saudi infrastructure.

Russia and China stated it was unsuitable to leap to conclusions about who was guilty for the assault on Saudi Arabia.

Reporting by Steve Holland in Washington and Rania El Gamal in Dubai; Writing by William Maclean, Mike Collett-White and Doina Chiacu; Modifying by Alistair Bell and Peter Cooney

Our Requirements:The Thomson Reuters Belief Ideas.

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OPEC and allies extend oil supply cut in bid to boost prices

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VIENNA (Reuters) – OPEC and its allies led by Russia agreed to extend oil output cuts until March 2020 on Tuesday, seeking to prop up the price of crude as the global economy weakens and U.S. production soars.

The logo of the Organisation of the Petroleum Exporting Countries (OPEC) is seen at OPEC’s headquarters in Vienna, Austria July 1, 2019. REUTERS/Leonhard Foeger

The alliance, known as OPEC+, has been reducing oil supply since 2017 to prevent prices from sliding amid increasing competition from the United States, which has overtaken Russia and Saudi Arabia to become the world’s top producer.

Asked by reporters whether agreement had been reached, Saudi Energy Minister Khalid al-Falih said: “Yes.”

Benchmark Brent crude LCOc1 has climbed more than 25% so far this year after Washington tightened sanctions on OPEC members Venezuela and Iran, causing their oil exports to drop.

The approval of the pact extension on Tuesday follows a decision by OPEC producers the previous day.

Fears about weaker global demand as a result of a U.S.-China trade spat have added to the challenges faced by the 14-nation Organization of the Petroleum Exporting Countries.

Prolonging the output pact is likely to anger U.S. President Donald Trump, who has demanded OPEC leader Saudi Arabia supply more oil and help reduce fuel prices if Riyadh wants U.S. military support in its standoff with arch-rival Iran.

A jump in oil prices might lead to costlier gasoline, a key issue for Trump as he seeks re-election next year.

Brent was trading slightly weaker at just below $65 per barrel. [O/R]

The OPEC+ extension comes after Russian President Vladimir Putin said on Saturday he had agreed with Saudi Arabia to prolong the pact and continue to cut combined production by 1.2 million barrels per day, or 1.2% of world demand.

Oil prices could stall as a slowing global economy squeezes demand and U.S. oil floods the market, a Reuters poll of analysts found.

Saudi Arabia’s Falih said on Monday he was growing more positive about the global economy after a G20 meeting of world leaders over the weekend.

“The global economy in the second half of the year looks a lot better today than it did a week ago because of the agreement reached between President Trump and President Xi (Jinping) of China and the truce they have reached in their trade and the resumption of serious trade negotiations,” Falih said.

The meeting on Tuesday also agreed on a charter for long-term cooperation between OPEC and non-OPEC producers.

Oil output in OPEC’s exempt nations: tmsnrt.rs/2Fx7Lcc

Additional reporting by Alex Lawler, Rania el Gamal, Ahmad Ghaddar, Shadia Nasralla and Vladimir Soldatkin; Writing by Dmitry Zhdannikov; Editing by Dale Hudson

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