Al-Naimi: OPEC deal has potential to balance oil market

Saudi Arabia still has production potential, says former Petroleum and Mineral Resources Minister Ali Al-Naimi.
Updated 05 December 2016
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Al-Naimi: OPEC deal has potential to balance oil market

WASHINGTON: OPEC’s agreement to cut production for the first time in eight years has the potential to balance the oil market, as long as everyone sticks to it, former Petroleum and Mineral Resources Minister Ali Al-Naimi was quoted as saying in a Bloomberg report.
“The only tool they have is to constrain production,” Al-Naimi said of OPEC at an event in Washington.
OPEC recently agreed to cut production by 1.2 million barrels a day, while Russia and other oil producers committed to reducing their own output by another 600,000.
According to Bloomberg, Al-Naimi also that said he was not opposed to production cuts in 2014, as long as everyone participated. They would not, he said.
“There’s not much you can do if there is no maximum cooperation between the producers,” said the former minister.
He also expressed skepticism that Russia, considered a wildcard during talks, would follow through on its promise to reduce output. “Will Russia cut 300,000?” he said. “I do not know. In the past, they did not.”
Saudi Arabia still has production potential, Al-Naimi said in the report.

Technology
During a panel discussion with Hess Corp. CEO John Hess and former Schlumberger CEO Andrew Gould, Al-Naimi said that Saudi Arabia has untapped shale oil and gas reserves, and advancing technologies would only bring shale production costs lower.
Two sources earlier told Reuters that OPEC will meet non-OPEC countries to finalize a global oil limiting pact on Dec. 10 in Vienna.
OPEC hopes non-OPEC countries will contribute another 600,000 bpd to the cut. Russia has said it will reduce output by around 300,000 bpd.


Disney again makes history with takings above $7bn for 2018

Updated 11 December 2018
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Disney again makes history with takings above $7bn for 2018

  • Box office gross marks second biggest year for Disney
  • Latest offering "Mary Poppins Returns" expected to dominate box office

LOS ANGELES: Walt Disney Studios is again ending the year on a high note, posting more than $7 billion in global box office earnings, thanks to hits such as "Black Panther" and "Avengers: Infinity War."
"This is only the second time in history any studio has surpassed the $7 billion mark, after Disney's own industry-record 2016 global gross of $7.6 billion," the company said in a statement on Monday.
"The Studios' estimated international box office gross through December 9 is an estimated $4.069 billion, marking our second biggest year and the third biggest in industry history," it added.
Disney's success comes as the studio is set to release "Mary Poppins Returns" on December 19, which is expected to top the box office during the holiday season.
"To date, four of the top eight worldwide releases of the year are from The Walt Disney Studios, including the top two global and top three domestic releases," the company said.
"Avengers: Infinity War," made by Disney's Marvel subsidiary, led the way, earning $2 billion alone. It is followed by superhero movie "Black Panther," which earned $1.35 billion worldwide.
"Incredibles 2," made by Pixar, another Disney subsidiary, earned $1.24 billion.
Other top box office earners for 2018 are "Ant-Man and The Wasp," "Solo: A Star Wars Story," and "Ralph Breaks the Internet," which has held the number one spot at the North American box office for the third consecutive week.