Russia oil minster: Crude output deal already being planned for 2019

OPEC and non-OPEC members are already considering an oil output deal for 2019, Russia’s energy minister told CNBC, immediately after the the cartel of major crude producers agreed to raise production from July. “We are planning to sign a new agreement by the end of this year,” Alexander Novak said at the OPEC summit in Vienna. The oil producing allies, including Russia, agreed to raise oil output by a total of one million barrels per day (bpd) in order to balance supply and demand in the second


OPEC and non-OPEC members are already considering an oil output deal for 2019, Russia’s energy minister told CNBC, immediately after the the cartel of major crude producers agreed to raise production from July. “We are planning to sign a new agreement by the end of this year,” Alexander Novak said at the OPEC summit in Vienna. The oil producing allies, including Russia, agreed to raise oil output by a total of one million barrels per day (bpd) in order to balance supply and demand in the second
Russia oil minster: Crude output deal already being planned for 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-06-23  Authors: katrina bishop
Keywords: news, cnbc, companies, output, meeting, oil, 2019, agreement, novak, million, russia, deal, opec, minster, planned, crude, raise


Russia oil minster: Crude output deal already being planned for 2019

OPEC and non-OPEC members are already considering an oil output deal for 2019, Russia’s energy minister told CNBC, immediately after the the cartel of major crude producers agreed to raise production from July.

“We are planning to sign a new agreement by the end of this year,” Alexander Novak said at the OPEC summit in Vienna. “The conceptual framework of that agreement was shared with all the participants of today’s ministerial meeting, so that they could study it and make any amendments.”

His comments come after Saturday’s meeting between OPEC producers and non members. The oil producing allies, including Russia, agreed to raise oil output by a total of one million barrels per day (bpd) in order to balance supply and demand in the second half of the year.

The deal expires at the end of 2018, but Novak said that an additional proposal was already being planned.

“This agreement will, to a large part, be based on the monitoring of the market situation, on the creation and institutionalization of the governing body and the ability to take measures, if necessary, as was done in 2016,” he said.

The draft agreement would be considered again at the next meeting of the monitoring committee in September, Novak added, “with the view to sign it at the ministerial meeting at the end of the year.”

The minister said that this weekend’s deal to raise oil output by one million bdp “should be sufficient,” despite Russia originally arguing that a 1.5 million barrel hike should be implemented.

“We are not yet concerned in any way by this decision because the mechanism we have is quite flexible and allows us to take different decisions in the future,” he added.

As part of Saturday’s deal, Russia plans to increase its output by 200,000 bpd.


Company: cnbc, Activity: cnbc, Date: 2018-06-23  Authors: katrina bishop
Keywords: news, cnbc, companies, output, meeting, oil, 2019, agreement, novak, million, russia, deal, opec, minster, planned, crude, raise


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The world’s biggest sovereign wealth funds in 2017

When it comes to sovereign wealth funds — state-owned investment vehicles — those countries that can afford to squirrel away surplus revenues do. As of September 2017, sovereign wealth funds around the world had amassed $7.4 trillion in assets under management, according to the Sovereign Wealth Fund Institute (SWFI), up from $3.4 trillion almost a decade ago. Of total assets held by SWFs around the world, $4.2 trillion’s worth were held by oil and gas-related funds. China’s SWF is a good example


When it comes to sovereign wealth funds — state-owned investment vehicles — those countries that can afford to squirrel away surplus revenues do. As of September 2017, sovereign wealth funds around the world had amassed $7.4 trillion in assets under management, according to the Sovereign Wealth Fund Institute (SWFI), up from $3.4 trillion almost a decade ago. Of total assets held by SWFs around the world, $4.2 trillion’s worth were held by oil and gas-related funds. China’s SWF is a good example
The world’s biggest sovereign wealth funds in 2017 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2015-07-17  Authors: holly ellyatt, katrina bishop, morten falch sortland, moment, getty images, guang niu – getty images, photo mark runnacles, roslan rahman, afp, richard a brooks
Keywords: news, games, cnbc, companies, funds, amassed, wealth, world, assets, swfs, trillion, worth, sovereign, biggest, worlds, 2017, total


The world's biggest sovereign wealth funds in 2017

When it comes to sovereign wealth funds — state-owned investment vehicles — those countries that can afford to squirrel away surplus revenues do.

As of September 2017, sovereign wealth funds around the world had amassed $7.4 trillion in assets under management, according to the Sovereign Wealth Fund Institute (SWFI), up from $3.4 trillion almost a decade ago. Funds invest in a range of financial assets, from stocks and bonds to real estate and precious metals, but all have an objective to maximize the long-term return from their investments.

Of total assets held by SWFs around the world, $4.2 trillion’s worth were held by oil and gas-related funds. The most prominent examples of these belong to oil-rich countries like Norway, Kuwait and Saudi Arabia whose wealth has been amassed from energy exports. These types of funds are designed to act as a buffer to oil price volatility, as currently seen in markets. There are non-commodity based SWFs too, however, which currently hold a total $3.2 trillion of assets. China’s SWF is a good example of a non-commodity based fund, with $813.8 billion worth of assets amassed since 2007.

CNBC looks at the world’s largest sovereign wealth funds in the world, ranked by total assets under management as of September 2017 according to the SWFI.

—By CNBC’s Holly Ellyatt and Katrina Bishop.


Company: cnbc, Activity: cnbc, Date: 2015-07-17  Authors: holly ellyatt, katrina bishop, morten falch sortland, moment, getty images, guang niu – getty images, photo mark runnacles, roslan rahman, afp, richard a brooks
Keywords: news, games, cnbc, companies, funds, amassed, wealth, world, assets, swfs, trillion, worth, sovereign, biggest, worlds, 2017, total


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