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Saudi crude oil production decline, global stockpile can handle = Russia

2019-09-16T10:10:31.684Z


[Moscow 16th Reuters]-Russia's Novak energy minister said on the 16th that the oil facility in Saudi Arabia was attacked on the 14th, each country has reserves to make up for a temporary decline in supply due to the attack. Recognition


[Moscow 16th Reuters]-Russia's Novak energy minister said on the 16th that the oil facility in Saudi Arabia was attacked on the 14th, each country has reserves to make up for a temporary decline in supply due to the attack. Showed recognition.

Saudi Aramco, a state-run oil company, explained that two oil facilities were attacked, resulting in a reduction of 5.7 million barrels per day. This represents over 5% of the world oil supply.

Novak pointed to a reporter's question that Russia was ready to expand production, Saudi would first show the expected impact of the attack.

"I understand that there is a commercial reserve that will cover the shortfall globally in the mid-term," he said, and announced that he will be in talks with Saudi Minister of Energy Abdulaziz.

Russia also said that it was too early to talk about changes in production levels, following the coordinated production cut-off agreement between the Organization of Petroleum Exporting Countries (OPEC) and major oil-producing countries, including the country.

Saudi, the United States and China have several hundred million barrels of strategic oil reserves. US President Trump announced on May 15 that he has approved the release of US strategic oil reserves as needed.

The International Energy Agency (IEA) recommends that all member countries secure 90 days of net crude oil imports.

According to OPEC sources, OPEC Secretary-General Barkind consulted with Birol IEA Secretary-General on crude oil market trends and agreed that “the situation is already under the control of the Saudi authorities”.

The Russian presidential office, Peskov spokesman, said on the 16th that the situation should be monitored before taking any action on crude oil production.

Citibank believes that Russia's facilities worth 295,000 barrels a day are shut down, but most of them are likely to be reactivated within the next few days or weeks.

Source: asahi

All news articles on 2019-09-16

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