Saudi power, renewable trade mission heads for America

Updated 10 November 2013
0

Saudi power, renewable trade mission heads for America

A Saudi trade mission comprising 80 businessmen has headed for the United States to visit power and renewable firms. The 4-day mission, sponsored by the US Embassy, Riyadh, is aimed at building stronger commercial ties between the Kingdom and the United States.
US Embassy Minister Counselor Amer Kayani is leading the Saudi delegation. The mission is designed to share practical experiences, knowledge and ideas on the latest power industry trends and challenges facing Saudi Arabia and the United States. As part of this visit, Saudi delegates will attend the POWER-GEN International Conference that will address a wide range of topics of interest to individuals who work in - or have roles related to - power generation industry.
The trade show and conference will feature insightful discussions and networking exchanges with the power sector’s leading companies. Saudi delegates will have the opportunity to network and exchange views with American experts about the technologies and trends on the forefront of the power industry’s future including environmental issues, fossil technologies, gas turbine technologies, renewable energy, plant performance, etc.
The US Department of Commerce staff will organize meetings between Saudi participants and their American counterparts as well as networking sessions with US companies during the visit.
Kayani said: “Power-Gen North America is recognized in the industry as the leading platform for information exchange, networking opportunities and new business development covering all sectors in power generation and renewable energy. One of our top priorities is to bolster trade and investment relations, and this 80-member Saudi trade mission in a critical industry is part of this effort.

We have a proven track record in our partnerships with Saudi companies and we seek to expand our trade relations with Saudi Arabia to include diverse sectors in the economy.”


Oil prices fall as OPEC and Russia weigh output boost

Updated 25 May 2018
0

Oil prices fall as OPEC and Russia weigh output boost

  • Russian Energy Minister Alexander Novak has had talks with Saudi Energy Minister Khalid Al-Falih on an easing of the terms of the global oil supply pact that has been in place for 17 months
  • The energy ministers of Saudi Arabia, Russia and the United Arab Emirates are discussing an output increase of about 1 million barrels per day

LONDON: Oil prices fell below $78 a barrel on Friday as OPEC and Russia considered easing supply curbs to offset disruptions in Venezuela and an expected drop in Iranian exports.
Russian Energy Minister Alexander Novak has had talks with Saudi Energy Minister Khalid Al-Falih on an easing of the terms of the global oil supply pact that has been in place for 17 months, Novak said on Friday.
The energy ministers of Saudi Arabia, Russia and the United Arab Emirates are discussing an output increase of about 1 million barrels per day (bpd), sources told Reuters.
Speaking in St. Petersburg, Falih told Reuters that “all options are on the table” when asked about the targets on production cuts.
Brent crude futures were down 80 cents at $77.99 a barrel by 0914 GMT, having hit their highest since late 2014 at $80.50 this month.
US West Texas Intermediate (WTI) crude futures were at $70.18 a barrel, down 53 cents.
“The debate about a possible relaxation of the production restrictions should preclude any renewed price rise,” Commerzbank analysts said.
“The $80 mark is likely to pose an obstacle that is difficult to overcome because it would significantly raise the probability of a production increase.”
The Organization of the Petroleum Exporting Countries (OPEC) as well as a group of non-OPEC producers led by Russia started withholding output in 2017 to tighten the market and prop up prices.
Global crude supplies have tightened sharply over the past year because of the OPEC-led cuts, which were boosted by a dramatic drop in Venezuelan production.
The prospects of renewed sanctions on Iran after US President Donald Trump pulled out of an international nuclear deal with Tehran have also boosted prices in recent weeks.
As a result, compliance with the deal to reduce output by 1.8 million bpd by the end of 2018 has been at 152 percent, sources said.
Amrita Sen, chief oil analyst at consultancy Energy Aspects, said: “Addressing overcompliance was always likely to be on the agenda amid a tight market and low inventories, but the volume to bring back is still up for debate.”

HIGHER PRICES AT A COST
While Russia and OPEC benefit from higher oil prices, up almost 20 percent since the end of last year, their voluntary output cuts have opened the door to other producers to ramp up production and gain market share.
US crude oil production has risen by more than a quarter in the past two years, to 10.73 million bpd. Only Russia produces more, at about 11 million bpd.
Output from the likes of the United States, Canada and Brazil, which are not bound by the OPEC/Russian-led pact, is likely to rise further as crude prices rise.