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Home > Energy Week > Episode 30 - Harold Hamm pulls out of OPEC Seminar | OPEC meeting Previews | Watch for the Saudi/Russian bromance
Podcast: Energy Week
Episode:

Episode 30 - Harold Hamm pulls out of OPEC Seminar | OPEC meeting Previews | Watch for the Saudi/Russian bromance
Category: Government & Organizations
Duration: 00:43:57
Publish Date: 2018-06-19 15:58:03
Description: Harold Hamm pulls out of OPEC Seminar: https://www.reuters.com/article/us-oil-opec-contl-resources/continental-resources-ceo-harold-hamm-pulls-out-of-opec-meeting-idUSKBN1JE1VW Several of the CEOs of American energy companies have decided not to attend the pre-OPEC meeting seminar organized by OPEC. Could this be to send a message to OPEC about the cartel's relevance (or non-relevance) to US energy producers? Hamm has met with OPEC oil ministers before in Houston. Other CEOs will still attend - Pioneer and Hess. Russian oil minister Alexander Novak also pulled out of his appearance and will not join OPEC in Vienna until later in the week. OPEC meeting Previews https://www.platts.com/latest-news/oil/london/saudi-arabia-russia-say-oil-market-cooperation-21086527 https://www.cnbc.com/2018/06/16/russia-saudi-arabia-get-chummy-ahead-of-opec-may-affect-oil-prices.html https://www.reuters.com/article/us-usa-trump-oil/trump-iran-spar-over-oil-prices-ahead-of-opec-meeting-idUSKBN1J91ID Watch for the Saudi/Russian bromance. Al Falih and Novak are looking to push through a production increase but Iran and Iraq claim to be dead set against it. Saudi - Russian relationship is key here - the two oil ministers even met to prepare tactics while Putin and Mohammad bin Salman watched the Saudi-Russia soccer match together (spoiler alert - Russia won 5-0!!!) Overview of OPEC's activities since November 2016 when the group (along with Russia and others) agreed to a cut production by 1.8 million barrels per day. Ellen's forecast: Probable agreement to increase production a total of between 300,000 bpd and 600,000 bpd with possibly 1 million bpd increase as high end. WTI/Brent spread is 10$ - How will this be impacted by an OPEC production increase? Will China try to use US oil exports as a bargaining chip in ongoing trade "negotiations"/trade war? https://www.reuters.com/article/us-usa-trade-china-oil-graphic/chinas-tariffs-on-u-s-oil-would-disrupt-1-billion-monthly-business-idUSKBN1JE0CD India informs its refiners that they will no longer be able to pay for Iranian oil in euros: http://www.asianage.com/business/in-other-news/150618/iran-oil-payment-route-to-be-blocked-from-november-3.html?__twitter_impression=true Ellen on Axios: https://www.axios.com/newsletters/axios-generate-6326df6a-3c6a-441b-ac1a-f794e178c0fd.html also on Thomson Reuters: https://blogs.thomsonreuters.com/financial-risk/trading/opec-and-the-future-of-oil-production-cuts/
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