GPS News  
OIL AND GAS
Putin steps back into OPEC production fray
by Daniel J. Graeber
Moscow (UPI) Nov 29, 2016


disclaimer: image is for illustration purposes only

After deferring to his energy minister, the Kremlin said Russian President Vladimir Putin was reviewing production proposals with OPEC member Iran.

The Kremlin said Putin spoke by phone with his Iranian counterpart, Hassan Rouhani, to survey prospects for stronger economic ties. With both countries relying on oil to drive their economies, the Kremlin said the focus of the conversation was a production proposal under consideration in Vienna.

"The two presidents agreed to continue coordinating steps in global hydrocarbon markets, including as part of the Russia-OPEC energy dialogue, and noted the critical importance of measures taken by OPEC to limit crude oil production as the key factor in stabilizing the global oil market," the president's office said in a statement.

The Organization of Petroleum Exporting Countries is working to agree on a production ceiling that is meant to pull a market tilted toward the supply side back into balance. Russia and Iran are both producing oil at or near record highs, and Tehran has said it needs to keep up that pace in order to regain a market share lost to sanctions.

The Kremlin said the phone call with Rouhani came at Iran's initiative.

More than two dozen representatives from top oil and gas companies in Russia, including Gazprom, traveled to Tehran in mid-November to discuss opportunities in the opening Iranian energy sector. The two countries have established energy ties, with Russia supplying some of the fuel needed to power the Bushehr nuclear power plant in Iran.

OPEC is leaning in part on non-member states like Russia to make a production proposal stick. Putin said Russia was ready to "freeze production" at current levels, which are at post-Soviet highs.

OPEC ministers are gathered in Vienna this week to review prospects for a production ceiling. Putin's spokesman this week said the president was staying out of the debate, deferring matters to Oil Minister Alexander Novak.

Novak has said there were no considerations for a cut in output from Russia.


Comment on this article using your Disqus, Facebook, Google or Twitter login.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
OIL AND GAS
Why Mexico's Oil Reform Is A Huge Opportunity For Investors
London, UK (SPX) Nov 29, 2016
When a massive country de-nationalizes its entire energy sector and opens its oil and gas doors for the first time ever to foreign companies, the opportunities are staggering. Welcome to the 'new' Mexico, and welcome to the early stages of an oil and gas game that will be bigger-from an investor's perspective-than anything in history. Mexico's move to implement historic energy reform legislation ... read more


OIL AND GAS
Rice farming used as 'summer crop' by early Indus civilization

Watching how plants make oxygen

Riders on the waves: China's jellyfish-hauling mules a dying breed

Soybean plants with fewer leaves yield more

OIL AND GAS
For wearable electronic devices, NIST shows plastic holes are golden

Making spintronic neurons sing in unison

World's fastest quantum simulator operating at the atomic level

Tracking the flow of quantum information

OIL AND GAS
Bolivia may purchase Brazilian Super Tucanos

Airbus delivers final EC135 T2+ helicopters to Australia

Bell-Boeing team receives $267M modification for MV-22 support

Chinese travel site Ctrip buys Skyscanner for $1.7 bn

OIL AND GAS
Could moving walkways be the key to car-free cities of the future?

Five things to know about VW's 'dieselgate' scandal

How much attention do drivers need to pay

A novel catalyst design opens possibility to hydrogen vehicle

OIL AND GAS
Five on trial linked to $7.6 billion China 'Ponzi scheme'

Surging homeowner loans in China raise alarms over debt

Trump's TPP withdrawal gives China chance to redraw trade map

Chinese Coca-Cola workers strike over asset sale

OIL AND GAS
Tribal protesters with arrows try to enter Brazil's Congress

Remote Amazon tribe kills illegal gold miners: officials

Large forest die-offs can have effects that ricochet to distant ecosystems

Global boreal forests differ but not immune to climate change

OIL AND GAS
NASA Selects Launch Services for Global Surface Water Survey Mission

NASA launches Advanced Geostationary Weather Satellite for NOAA

Who knew? Ammonia-rich bird poop cools the atmosphere

How lightning strikes can improve storm forecasts

OIL AND GAS
Researchers use acoustic waves to move fluids at the nanoscale

Researchers use graphene templates to make new metal-oxide nanostructures

Nano-scale electronics score laboratory victory

First time physicists observed and quantified tiny nanoparticle crossing lipid membrane









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.