Space Industry and Business News  
OIL AND GAS
Russia proposes a mechanism to monitor crude oil exports
by Daniel J. Graeber
Washington (UPI) Oct 3, 2017


Ministers from the Organization of Petroleum Exporting Countries attending a conference in Moscow may take up export monitoring, Russia's energy minister said.

Russian Energy Minister Alexander Novak said he expected around 30 ministers from OPEC and non-OPEC producers to show up for a five-day conference in Moscow, which began Tuesday. Before they arrived, he said a mechanism to monitor oil exports could be added to agenda.

"At the latest meeting we agreed to monitor oil exports," he was quoted by Russian news agency Tass as saying. "This is a new instrument, which has not been clearly formed yet, which is why I think it will be one of the main issues on the discussion agenda from the viewpoint of export control mechanism."

Russia is party to a committee monitoring overall compliance to an agreement enacted in January that was designed to drain the five-year surplus in global crude oil inventories with managed production declines.

Calculations from commodity pricing group S&P Global Platts show total Russian oil production for August was down 337,000 barrels per day from the 11.24 million barrels per day in October, the month that OPEC uses to gauge compliance. That means, by Platts' estimates, Russia is 112 percent in compliance.

OPEC Secretary General Mohammad Sanusi Barkindo told those gathered at a regional energy conference in Singapore last week that, at least in terms of growth expectations for demand in the Asia-Pacific, exports from Middle East producers are on pace to rise.

"Crude exports from the Middle East to the Asia Pacific region are expected to increase by 7.5 million barrels per day between 2016 and 2040, rising from 14.5 million barrels per day to 22 million barrels per day," he said. "So, for the foreseeable future, we can count on the Asia-Pacific region to be the primary outlet for OPEC and Middle Eastern export barrels."

Defense over market share could complicate efforts to enact a committee to keep track of exports. Iran last year said it was keen on defending a strong market share in an effort to make up for losses incurred by Western economic sanctions.

Production is relatively easy to monitor, at least in part because of reporting by producers and secondary sources to OPEC economists. Tracking exports, however, would require monitoring tanker traffic, loading schedules and other freight issues.

In the United States, the U.S. Energy Information Administration publishes weekly data on domestic crude oil exports. The Joint Organizations Data Initiative publishes export metrics, though the most recent data are from July.

OIL AND GAS
OPEC-member Libya still in turmoil, EU report finds
Washington (UPI) Oct 1, 2017
A European memo on the status of stability in OPEC-member Libya warns that progress in the war-torn country may be limited. The EUobserver reported Monday it obtained access to a "restricted" report from the European Union's Border Assistance Mission in Libya that describes lingering fractures remaining in Libya six years after civil conflict led to the death of long-time ruler M ... read more

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


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


Comment using your Disqus, Facebook, Google or Twitter login.

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

OIL AND GAS
UV-irradiated amorphous ice behaves like liquid at low temperatures

The 3-D selfie has arrived

Ultracold atoms point toward an intriguing magnetic behavior

Researchers developing new technique that uses light to separate mirrored molecules

OIL AND GAS
82nd Airborne tests in-flight communication system for paratroopers

Spectra Airbus SlingShot Partnership Extension

Airbus prepares the future European Governmental Satellite Communications programme

Northrop awarded contract for support of Air Force communications system

OIL AND GAS
OIL AND GAS
exactEarth Announces Agreement with Alltek Marine to Expand Small Vessel Tracking Service Offering

BeiDou navigation to cover Belt and Road countries by 2018

China's BeiDou-3 satellites get new chips

US Air Force Awards Lockheed Martin GPS M-Code Early Use Ground System Upgrade Contract

OIL AND GAS
Airbus opens first plane-completion centre in China

A beautiful wing design solution inspired by owl feathers

Pilot shortage plagues Air Force

Boeing to manufacture additional F/A-18s for U.S. Navy

OIL AND GAS
Head of Taiwan microchip giant TSMC set to retire

New quantum computer chip uses sounds waves to store data

Move towards 'holy grail' of computing by creation of brain-like photonic microchips

Laser can control a current in graphene within one femtosecond

OIL AND GAS
Scientists monitor Silicon Valley's underground water reserves - from space

OSIRIS-REx views Pacifica on Earth Flyby

How aerial thermal imagery is revolutionizing archaeology

A Box of 'Black Magic' to Study Earth from Space

OIL AND GAS
I.Coast toxic spill victims launch new Dutch court bid

Are plastic nanoparticles causing brain damage in fish?

The waste-collecting cyclists who caught the UN's eye

Nestle tackles 'ocean-polluter' tag in Philippines









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.