OPEC may not play a role anymore flex product in the oil market

[yota691]

OPEC may not play a role anymore flex product in the oil market

 

10/14/2014 14:34:00

 

 

 

      

OPEC may not play a role anymore flex product in the oil market

 

Said Antoine Halff chief analyst for the International Energy Agency said on Tuesday that OPEC may not play necessarily anymore role Product flex that achieves balance in the oil market. 
added that he may have to cut production of the projects are high cost, such as the production of oil shale in the United States and production of crude oil from oil sands in Canada and the deep waters of Brazil to achieve a balance in the market when prices are falling.PUKmedia for Reuters
 

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[yota691]

$2.79 gal here regular leaded.....drop .12 since Sunday

[gymrat76541]

It would not surprise me in the least if evidence came out that OPEC were responsible for ISIS. They know that Iraq pumping oil at a decent rate will cut into their profits! They have enjoyed decades of high oil prices & Iraq can undercut their monopoly on the market.

 

In the end - follow the money!

Edited October 14, 2014 by gymrat76541

[Hotcurl]

Does anyone know why Diesel prices have not followed Gas prices down ?

 

I paid $2.96 ,on the card, for unleaded regular today and the diesel was still $3.89 ?

[gymrat76541]

Gas/diesel prices are high - why? Because they can get away with it!

[yota691]

Rules «companies» and «auditors» and «Industry» issued before the end of the year «Economy»: lower oil prices will not affect the development plan in the UAE

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Shehhi speaks during a press conference (Photo by Hamid Hahol)

Date Published: Wednesday, October 15th, 2014

Bassam Abdasameea (Abu Dhabi)

Engineer Mohamed Al Shehhi, Undersecretary of the Ministry of Economy for Economic Affairs, yesterday, that does not effect the drop in oil prices recently on the development plans in the UAE.

"The sector contributes about 30% of GDP, compared to 70% for the non-oil sectors, where the State has adopted the policy of economic diversification early, what is the true face of fluctuations in world oil prices."

He said al-Shehhi in remarks to reporters on the sidelines of the Abu Dhabi annual meeting of the German Emirati Joint Council for Industry, "The diversity of sources of income policy pursued by the state contributed to the strengthening of its position on the map of economic and trade around the world, has also strengthened competitive national economy.

 

He stressed that under the plan the development of the national economy, and to create a favorable environment for doing business, thereby contributing to the achievement of balanced and sustainable development of the state, has been the completion of the 3 laws expected to be published before the end of the year include "companies" and "Industry" and "auditors", while the ministry is working in collaboration with the Ministry of Justice to carry out the investment law during the next few days.

 

He explained Shehhi laws the previous three awaiting the issuance of the decree, as has been revised draft law on foreign investment with the Fatwa and Legislation Department of the Ministry of Justice, and discussed some of its articles again in the Council of Ministers and review before the legislative committee, has shown Committee observations on this law, and in the light of the observations re- for the ministry to express an opinion, and then lifted again to the Technical Committee of the legislation.

Al-Shehhi said, "The Ministry of Economy is working hard to consolidate the foundations of the national economy and promote the development and capabilities of the state competitive."

He explained Shehhi that the development of the legislative system the state's economic comes in the context of supporting the growth of the GDP, and enhance business performance, and to ensure balanced economic growth, taking into account the requirements at the local level, and commitment to the agreements and international laws such as the WTO and free trade agreements.

He pointed out that the ministry has established a special department for small and medium enterprises to follow the application of the law which was released this year on the sector as well as cooperation and coordination with the private sector in the various emirates in the UAE, pointing out that the new legislation aims to strengthen the capacity of the state competitive institutional, and achieve comprehensive development, according to the government's strategy Federal and UAE Vision 2021, and stressed that the law of small and medium enterprises will contribute to the promotion of sustainable economic development in the state and strengthen their competitiveness regionally and globally, and to support the policy of economic diversification, and accelerate steps towards becoming a state of the knowledge economy based on creativity and innovation.

He added that strengthening the role of small and medium enterprises occupy a privileged position in the development strategy of the United Arab Emirates in view of the role is important and vital in the process of sustainable development taking place in the State, and to provide job opportunities, especially for young people, and promote the entrepreneurial spirit and creativity they have, and to support the economic diversification policy followed by the countries.

He stressed that the completion of this legislation comes within the strategy of the ministry, which has been recently adopted within the government's plan, which includes strategic 7 axes vital mission to achieve sustainable development, and adoption of a set of laws in support of the creation of an environment conducive to doing business, thereby contributing to the achievement of balanced development.

He added that the strategy for the years from 2014 to 2016 include seven strategic objectives, including the development of policies and economic legislation, according to the best international standards for a competitive economy cybernetic, and the development and diversification of national industries, organize and develop the small and medium enterprises and entrepreneurship national, and increase the attractiveness of the country for investments.

He added: materialize the objectives of the strategy through the enactment and update economic legislation, and foreign trade policies, and the development of industries and the national exports, and the development and promotion of investment and the organization of the competition, and the development sector, small and medium enterprises, and strengthen laws to protect consumer rights and intellectual property, and the diversification of economic activities under the leadership competencies and national, according to the criteria creativity and excellence and global knowledge economies.

The aim of the ministry's strategy to enable sound business practices and consumer protection, intellectual property rights, and enhance the competitiveness of the state in the markets of foreign trade and the development of its relations with the countries, in order to serve their business interests, and to ensure the delivery of administrative services of all, in accordance with the standards of quality, efficiency and transparency.

He explained that the initiatives and directions of the ministry during the last period formed the essential support for all the vital sectors in the country, with the aim of achieving continued growth of the UAE economy and maintain stability and provide a favorable environment for business expansion and development.

At the beginning of the meeting praised Shehhi through the floor level of the main forum partnership between the UAE and Germany, noting that the volume of trade exchange between the two sides amounted to 49.6 billion dirhams (10.7) billion euros by the end of last year, Germany occupies the seventh rank among the largest trading partners of the UAE , pointing out that the UAE is looking to increase trade volume to more than 15 billion euros over the next few years.

He said that there is a need to increase the balance in trade flows between the two sides, according to the recommendations of the ninth session of the Committee's meetings Emirati German in Berlin in April as well as the need to exert more efforts in order to increase joint investments in both countries, especially in the sectors of energy, infrastructure and tourism, transport and small and medium enterprises, education and training and health care.

He called on businessmen from both sides to explore promising opportunities in trade and investment between the two sides in the framework of supporting the strategic partnership extending between the two countries since more than ten years, pointing to the role played by the Joint Business Council to help companies from both sides in exploring opportunities of economic cooperation

He stressed the commitment of the Commission as the common between the two countries to implement a powerful framework for the development of cooperation between the two countries and create more opportunities in the sectors of trade for businessmen from both countries.

The meeting discussed economic relations between the UAE and Germany, continue to deepen and strengthen how to cooperate in many fields, pointing out that the Expo 2020, hosted by Dubai will provide great opportunities for German companies to transfer knowledge and expertise in the areas of advanced technology.

The meeting also discussed the challenges and opportunities between the two countries joint economic and industrial cooperation, pointing out that the efficiency of the German vocational training and further education, which is one of the most important factors in the success of the German economy is vocational training is the backbone of the mystery of Excellence for German companies small and medium enterprises.

During the meeting, the launch of the slogan "Training of making Germany", also made by representatives of German companies an overview about the various activities and the estimated number of German companies active in the state by about a thousand companies and are running about 48 thousand employees and contribute to strengthening trade relations between the two countries.

 

[yota691]

Sources ruled out an emergency meeting to discuss the falling prices

 

 

LONDON (Reuters):

OPEC sources said on Tuesday that it is unlikely that calls for OPEC to hold an emergency meeting as proposed by Venezuela to discuss falling oil prices.This is an indication that OPEC is not in a hurry to discuss collective action in response to the sharp decline in oil prices. She called Venezuela a member of OPEC last week to hold an emergency meeting to discuss ways to stop the decline in oil prices, which fell to below $ 88 a barrel, their lowest level since 2010, but the proposal was met with lukewarm response from other members of OPEC and seemed organization is divided on whether it should take any action to stop the fall in prices and the nature of such a procedure.

It is scheduled to hold its next periodic OPEC on November 27 at its headquarters in Vienna. A delegate to OPEC, who asked not to be named, "The meeting is not a league away. Will be a surprise if OPEC met Say it." He added that demand during the winter season would support the oil market in the coming months and that the rise in the dollar partly offset the impact of lower oil prices for some producers. "At this time of year than normal incidence of some weakness in prices".

He also played in the last OPEC source of the possibility of holding an emergency meeting, saying "do not conduct any preparations. Idea seems to have faded almost".

[yota691]

Thanks to solid financial hedges Experts rule out the Gulf states affected by the decline in oil

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Producing countries outside OPEC will be most affected by the decline in prices (Reuters)

Date Published: Friday, October 24, 2014

Kuwait (AFP)

(Kuwait - AFP)

Analysts stressed that the Gulf states are able to face the repercussions of lower crude oil prices in other producing countries are working to curb falling prices on the back of high supply and a pessimistic outlook for the global economy. Crude prices fell to their lowest levels in four years and lost a quarter of its value since June, due to abundant supply, low demand, and negative expectations for the growth of the global economy.

The payment of this situation members of the Organization of Petroleum Exporting Countries outside of the Gulf Cooperation Council to talk about production cuts to support prices. It produces GCC 17 million barrels of oil per day, including between 12 and 13 million barrels are exported. And get these countries to 90% of its revenue from oil revenues public.

 

 

The economist said the Saudi Abdullah QIZ «I do not think that the GCC countries are affected deeply down prices in the short term, and the impact on OPEC countries outside the Gulf Cooperation Council will be much larger». He added that the majority of the Gulf Cooperation Council formed a solid financial hedges allow them to deal with the fallout, and all the Gulf states, calculated on the basis of the budget price of $ 80 a barrel or less.

 

He said Kuwaiti analyst Moses cybernetic that Gulf countries «in solid site to withstand a few years» If a row broke out about production levels. He said that the majority of the GCC countries are able to cope with the pressures exerted in order to reduce production, and thus losing market share ».

Said Matt Smith of Schneider Electric Saudi Arabia has issued seven million barrels of crude per day were considered a «comfortable with the level of prices at $ 90 a barrel,» he said, adding that Riyadh is interested in more than their share of the market prices of interest. Spin crude prices are currently around $ 85.

According to the Research Unit International Bank, HSBC, Saudi Arabia has enough financial hedges to continue at the same level of current spending for three years. It was agreed that the QIZ and a knowledge that the possibility of lower prices to the level of $ 70 a barrel on the list, which will inflict damage to levels much greater than the oil-producing countries outside the Gulf Cooperation Council, especially Russia and Iran.However, the IMF warned that the current prices are close to the reference rate adopted by the Gulf states to calculate their budgets, and therefore, any further reduction in these countries will enter the circle deficit.

[yota691]

Iran says oil price decline new attempt to undermine its economy

 

21.10.2014 | (Voice of Iraq) - Add Comment - DUBAI (Reuters) 

Iran accused the Islamic countries in the Middle East, of conspiring with the West to lower oil prices as a means of further damage to its economy, which undermined the sanctions. Oil prices have fallen by about a quarter since June, prompting the government of President Hassan Rohani to rush to search for alternative sources of income to meet their expectations for revenue in the current budget, which assumes an oil price of $ 100 a barrel. said Mohammad Baqer Noboukt government spokesman in front of Shia clerics in their stronghold city of Qom on Monday, "some called Islamic countries in the region serve the interests of America and the arrogant powers (the other) in the attempt to put pressure on the Islamic Republic. "and "The cause (the West) in the lower our production of oil from four million barrels per day to one million barrels per day .. and this decline that has occurred in recent times on oil prices is the latest tricks. " came the decline in the price of oil as a result of increased supply and signs of weakening demand growth and the failure of Saudi Arabia and the major producers others in the Organization of Petroleum Exporting Countries, OPEC, apparently for a cut in supplies to raise prices.cohesion crude European benchmark Brent near $ 86 a barrel on Tuesday after he fell from more than $ 110 a barrel in June. hurried Islamist militants in Iran to download Arabia responsible for low prices, but the president Rohani and his moderate in order not to antagonize the Riyadh OPEC member also and their competition regional in order to improve relations in the future. , and after growing criticism " To reply to negative "on the drop in oil prices is a spiritual and Oil Minister Bijan Zanganeh late last week for creating" a more effective use of diplomacy "to prevent further decline in prices. , Iran was among the first members of OPEC who claim usually to reduce supplies to support prices. Analysts say Iran needs prices relatively high to make a balance between revenues and expenses its budget. , but Iran has changed its approach this month and said that it can withstand lower oil prices and that there was no plan for an emergency meeting of OPEC to stem falling prices. noted some OPEC members, including Saudi Arabia and Kuwait that it is unlikely to cut the organization of production to support prices at its meeting on 27 November. hinted some analysts that Saudi Arabia is ready to absorb the impact of lower oil prices to help the West and the weakening of Moscow's position in its negotiations on Ukraine's sovereignty and weaken Iran's position in the negotiations with the West, also to reach agreement on its nuclear program. rejected Gulf sources in the oil sector this idea, describing it as pure fiction. (Mustafa Saleh preparation for the Arab Bulletin - Edit Mohamed Abdel Aal)

 

Khamenei: reliance on oil puts Iran at the mercy of the big powers

 

22/10/2014 | (Voice of Iraq) - Add Comment - DUBAI (Reuters) 

said Iran's supreme leader Ayatollah Ali Khamenei said on Wednesday that his country's reliance on oil revenues puts the Islamic Republic at the mercy of the big powers. Oil prices have fallen by about a quarter since June This prompted the government of President Hassan Rohani to rush to search for alternative sources of income. based budget on Iran to an oil price of around $ 100 a barrel, but the price of crude measurement of the European Brent is currently less than $ 87.dropped prices due to increased supply and concerns that cause slow growth of the economy in Europe and China to weaken demand. Khamenei said, pointing to the sharp decline in crude oil prices, "the management of our country is dependent on oil revenues leaves the Iranian economy at the mercy of policy makers adults in the world." and added: "It is quite clear what future awaits such a state ... Instead of relying on its mineral resources .. should be for Iran to rely on the talent and potential of young people. " He continued saying, "Only then will the Iranian economy to banish him from the influence of forces" global. spokesman accused the Iranian government Islamic countries in the region on Monday of conspiring with the West to lower oil prices as a means for further damage to its economy, which undermined the sanctions. hurried Islamist militants in Iran to download Arabia responsibility for low prices, but the president Rohani and his moderate in order not to antagonize the Riyadh OPEC member also and their competition regional in order to improve relations in the future. , Iran was among the first members of the OPEC who claim usually to reduce supply to support prices, but Iran has changed its approach this month and said that it can withstand lower oil prices and that there was no plan for an emergency meeting of OPEC to stem falling prices. noted some OPEC members, including Saudi Arabia and Kuwait that it is unlikely to cut the organization of production to support prices in its next scheduled meeting on 27 November. (Mustafa Saleh preparation for the Arab Bulletin - Edit Mohamed Abdel Aal)