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Iraq expects oil prices to $ 65 in the coming months


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Continued decline in oil prices threatens economic disaster in Iraq


 

Author: AB, HAA 
Editor: AB 6.2.2016 13:30 Number of Views: 228 

 


 

 

Long-Presse / Baghdad

He expected the Iraqi Oil Ministry, on Thursday, rising oil prices to $ 65 during the second half of this year.

The agent said Oil Minister Fayyad grace, in an interview during the oil ministers of member states of the Organization of the OPEC meeting in Vienna, I followed (the long-Presse), said that "oil prices may rise during the second half of this year to between 55-65 dollars per barrel."

The Brent crude oil index, on 26 May 2016, up 1.2% to $ 50.34 per barrel for the first time during the current year, with Analysts attributed the rise to increased demand for crude oil from top oil consumers in the world, had swung the continued rise in oil prices during the This year.

 

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1 hour ago, Adam Montana said:

This article has been linked to in my weekly update, please do not merge it with any other threads. :twothumbs: 

Thanks master yota691 for keeping us informed.

You are an asset to Dinarvets.

Go yota691

Go  Iraq news

Go information

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Iraq is likely to rise in the price of oil for 65 dollars a barrel in six months

 

Iraq is likely to rise in the price of oil for 65 dollars a barrel in six months

Iraqi oil
 
 
 

K24 - Erbil

The Iraqi oil ministry predicted Thursday high oil prices to reach the threshold of $ 65 per barrel over the next six months.

The agent said the ministry's blessing Fayyad told reporters in Vienna that he expected the price of oil between $ 55 to $ 65 a barrel in the second half of this year.

According to Reuters, it has been trading Brent crude futures price of slightly less than $ 50 a barrel on Thursday.

The oil ministers will meet members of the Organization of Petroleum Exporting Countries Countries (OPEC) in Vienna

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2 minutes ago, yota691 said:

Iraq is likely to rise in the price of oil for 65 dollars a barrel in six months

 

Iraq is likely to rise in the price of oil for 65 dollars a barrel in six months

Iraqi oil
 
 
 

K24 - Erbil

The Iraqi oil ministry predicted Thursday high oil prices to reach the threshold of $ 65 per barrel over the next six months.

The agent said the ministry's blessing Fayyad told reporters in Vienna that he expected the price of oil between $ 55 to $ 65 a barrel in the second half of this year.

According to Reuters, it has been trading Brent crude futures price of slightly less than $ 50 a barrel on Thursday.

The oil ministers will meet members of the Organization of Petroleum Exporting Countries Countries (OPEC) in Vienna

Much obliged Master Yota, the game of oil is a well orchestrated game, one that we are not privileged to know. They know something we don't and a 55 to 65 dollar ppb is a price that has been set many months ago. This game is called "The squeeze game" diminish competition, and keep the profits in the hands of the few. Unfortunately we must wait until this game plays out (HCL) I am convinced that it will materialize, we can see the events unfolding before our eyes as things are brought to the negotiating table and the bits of information we get one must read between the lines to decipher its content. 

Iraq has such wealth buried beneath its sands that everyone wants to get their hands on it, but in the end we will see these negotiations end as all negotiations do and be aware DV we are close to see HCL become a reality imho.;)

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History of edits:: 03.06.2016 12:20 • 156 visits readable
Oil prices rise slightly to $ 50.04
[Wayne-Baghdad] 
Oil prices rose slightly, on Thursday, trading in global markets for up to $ 50.04 a barrel.
And Brent crude futures 32 cents or 0.6% to settle at US $ 50.04 a barrel after US $ 50.30 a barrel. 
This is the first time that Brent rises above $ 50 at the settlement since the third of November. 
Rose WTI US mediator in Futures 16 cents or 0.3% to settle at 49.17 dollars a barrel.
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Parliamentary Finance: Oil Rises "plugging" 10 to 15% of the budget deficit

economy

 Since 06/05/2016 18:40 pm (Baghdad time)

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Special - balances News

He stressed the parliamentary finance committee member Ahmed Sarhan, Sunday, that the slight rise in the price of oil would fill 10 to 15 percent of the budget deficit, noting that Iraq gets rid of the deficit at a roadblock the 56 dollars per barrel.

Ahmed said L / balance News / "The slight rise in oil prices can not rely on the fact that exports climb wobbling and unstable."

The member of the Finance Committee that "the slight rise if the case continues could contribute to filling a rate of 10 to 15% of the budget deficit."

He explained that "Iraq could cross the economic crisis if oil to rise above $ exceeded the 56 and remained constant climb."

This is confirmed by the Parliamentary Finance Committee Magda Tamimi, yesterday, that the IMF loan will enter Iraq in other mazes, indicating that it was on Iraq to reduce expenses rather than Alaguetrad.anthy 29/33 h

 

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1 hour ago, Synopsis said:

If crude oil prices continue on their current trajectory, crude oil could hit $56/barrel around mid July.

I agree Synopsis, Iraq is becoming a major player in the extraction, production and export of oil. Many international companies have set up shop in the oil industry and have invested hundreds of millions of dollars there. They know something we don't and since OPEC is a conglomerate they will allow Iraq to succeed in this area and continue to squeeze others out of the game, they are almost there and once satisfied we will see oil rise once again, 55-65 ppb is a benchmark they (OPEC) are shooting for and will achieve, perhaps even higher. 

 

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I've read these articles over an over an can't find what bases (numbers) the oil minister is using to predict (hope) that oil hits 65 dollars in the next 6 months. OPEC couldn't come to any agreement in Vienna the other day so that organization will probably close its doors, their usefulness has run out. There is a resistance at 50 dollars for a barrel of oil lately an with summer kicking in the supply and demand should move it up some. With Iraq exporting record amounts of oil an Iran adding to the market, the oil ministers prediction (HOPE) of 65 dollars could be a big dream...just in my opinion of course.....

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45 minutes ago, DoD said:

I've read these articles over an over an can't find what bases (numbers) the oil minister is using to predict (hope) that oil hits 65 dollars in the next 6 months. OPEC couldn't come to any agreement in Vienna the other day so that organization will probably close its doors, their usefulness has run out. There is a resistance at 50 dollars for a barrel of oil lately an with summer kicking in the supply and demand should move it up some. With Iraq exporting record amounts of oil an Iran adding to the market, the oil ministers prediction (HOPE) of 65 dollars could be a big dream...just in my opinion of course.....

I came across this article DoD that might shed some light. Although it is pure speculation it does say oil creeping up to these prices.

http://www.telegraph.co.uk/business/2016/06/04/opec-is-very-much-alive-as-saudis-learn-to-tread-softly/

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10 hours ago, Wiljor said:

I agree Synopsis, Iraq is becoming a major player in the extraction, production and export of oil. Many international companies have set up shop in the oil industry and have invested hundreds of millions of dollars there. They know something we don't and since OPEC is a conglomerate they will allow Iraq to succeed in this area and continue to squeeze others out of the game, they are almost there and once satisfied we will see oil rise once again, 55-65 ppb is a benchmark they (OPEC) are shooting for and will achieve, perhaps even higher. 

 

Thank You, Wiljor!

I have worked for a very large international oil company.  While there, I worked with an older person who was born in and started his career in Pakistan.  This person is very sharp and keeps up to date with various crude oil industry news.  His belief he shared with me is oil could be sustainably produced to meet the world wide oil demand for the near future at a minimum of around $52/barrel.  He shared a more reasonable oil price would be $55 to $65 and depends on oil supply interruptions, excessive oil production, and other supply/market factors.  Some oil is really accessible and easy to produce.  Other crude oils cost much more to produce and would not be produced unless profitable.  Crude oil that costs nominally $40/barrel or less is likely all that is needed to meet crude oil demand at a $52 to $65/barrel price.  Manufacturing costs for a particular crude are also a factor in the price of that particular crude.

What really drives the oil price up is speculators/folks who buy crude on paper but have no means for either producing or processing the crude oil.  If this speculative/hedging practice was removed, crude oil prices would likely stabilize in the $52 to $65/barrel range.

What happened when crude oil prices went way down is all the crude oil exploration and production companies did was to shelve the capital projects to rework crude oil wells and drill new ones.  Over time, the existing supplies will dwindle since crude oil well production depletes over time without reworking existing wells or drilling new ones.  As a result, crude oil prices could, in the near term, rocket again and get the crude oil exploration and production companies engaged to meet the market volume of crude oil.

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Oil near its highest level in 7 months

 

PM: 01: 48: 07/06/2016Khandan

 

 

 
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Khandan- oil prices remained near its highest level in seven months on Tuesday after the dollar touched the lowest level in almost a month as oil production Nigerian decline due to a series of attacks on infrastructure. The futures rose for Brent 17 cents during the day to $ 50.72 a barrel at 0840 GMT. It had jumped on Monday to the peak level in 2016 at $ 50.83, the highest price also since last November, according to "Reuters" reported. Futures rose US crude 14 cents to $ 49.83 a barrel. Preliminary work began on Monday to resume work in three of the oil refineries , a subsidiary of France 's Total after he stopped working in the context of strikes across the country. a source said that the production of Bonny light in Nigeria dropped by up to 170 thousand barrels per day after the attacks on the infrastructure of pipelines. and failed OPEC to agree on a specific strategy for the production of oil last week , but traders said that Saudi Arabia has vowed not to flood the market provided some support to oil.

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Are you up the price of oil to $ 60 a barrel?

 
 


8/6/2016 0:00 

 LONDON ( Reuters ) - 
 keeps oil prices to stay in the range of fifty dollars per barrel, since the days prevail oil market optimism about the continuing trend to climb for a spin prices at the level of 55 - $ 60 per barrel by the end of year, no surprises disturb the equation of supply and demand did not occur. The 
last reason direct to stabilize the prices are high is the decline in the dollar exchange rate with the disappearance spree markets the possibility to raise US interest rates this month following the monthly figures pointed to fears of a lack of growth of the US economy strength. 
but that could change with any comments from the Federal reserve ( the US central bank) on the possibility of a rate hike and then rise in the dollar , which is inversely proportional to oil, gold and other commodities denominated in dollars of the price. 
but there are other factors, non - real - time, contributed to the stability of the oil price may lead to the continued rise by the autumn and winter. 
those factors related to the equation of supply and demand or as it is called among experts and analysts: market fundamentals. 
there 's consumption of commercial stocks in the United States and other major consuming countries for energy, coinciding with the cessation of production in some locations such as Nigeria as a result of strikes and attacks on oil facilities. 
it absorbs more than a million barrels per day of a surplus of supply over demand existing in the market, which contribute significantly increase Iraq 's production and to some extent Iran. 
in the case under the production of the rest of the major producing countries (OPEC) and outside, such as Saudi Arabia and Russia, without a significant increase will help supply the balance of demand and the continued rise curve . 
it will be back to seasonal factors, such as increased global demand as a result of the use of cars seasons long travel and then the use of heating oil in the northern hemisphere, to affect the market naturally could mean a possible rise in prices to $ 60 a barrel by next winter. The most important factor here is will continue to gradually return of shale oil production to the market, what may make the stability of the market fundamentals fragile, it can put pressure on the prices down. 
With the arrival of the price per barrel to $ 50 began a number of production platforms ,which stopped in the last two years to return to work. 
in the event of continued price increases platforms will revert more to work, and the growing demand for energy is not available will glut the display market. 
more observers of the oil market believes that the month of June the current and next July, would be crucial in determining the trend in oil prices for the rest of next year and may, of course , if surprises did not occur in any of the ends of the market equation: supply and demand.

 

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Parliamentary Finance: rising oil prices affect positively in Iraq

 

 

   
 

 
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8/6/2016 0:00 

 BAGHDAD - Shaima Rashid 
expressed the parliamentary finance committee expressed optimism rising global oil prices, pointing out that this increase will have a positive impact in Iraq , the financial and economic situation, especially that the country 's budget for this year was built on the $ 45 per barrel. 
The increased price of Brent crude to $ 50 a barrel after that prices reinforced the decline in the US dollar may lead to stimulate demand, and the price of futures contracts for Brent international to $ 50.03. MP Committee Jabbar Abdul - Khaliq al - Abadi ,who confirmed, in an interview for the "morning", said the rise in oil prices will impact positively in the general budget of the country, on the grounds that the government and parliament have set in the budget , the price per barrel to $ 45, between that any increase at this price will improve of the economic situation and positively affect the budget, noting that the projections indicate that the price of a barrel of Iraqi oil will reach $ 50, while Brent Salams 60 dollars. Abadi said that the rise was expected since everyone knows that the first half of the year , prices did not exceed forty dollars, pointing out that Iraq did not sell at a price that built the budget it despite arriving in the first half of the year, either during the second half assumed Iraq 's sale of $ 50 to up to the rate at which the budget was built upon. He said al - Abadi said that if the price of a barrel of Iraqi oil rose to above $ 50 , it then needs a supplementary budget and increased oil prices are added in order to be approved for dismissal. 
The Undersecretary of the Ministry of Oil Fayyad blessing predicted that up the price of oil to the threshold of $ 65 a barrel the one in the second half of 2016, saying in a statement to reporters in Vienna that " the price of oil is expected to range between $ 55 to $ 65 a barrel in the second half of this year."
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Sumo describe strategy OPEC b

 
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BAGHDAD / Economy News ...
 
Described Oil Marketing Company (SOMO), the strategy of OPEC in the oil market as "successful", and as pointed to a decline in the movement of investment in the oil sector, confirmed that the fluctuation of oil prices during the remaining period of the year.
The director of the oil marketing company SOMO (SOMO) Falah al-Amiri said in remarks from OPEC headquarters in Vienna, according to Reuters site OPEC has left the market works alone and proved this strategy of success so far, due to the damage to the investment movement. "
He said al-Amiri, said that "investment in the oil sector movement in retreat now, when the movement of investment due to the market, this may take a year or two to resume the production of more oil for the market," adding that "the goal that the strategy of OPEC are going well."
Ameri pointed out that "any adverse situation will face OPEC may come from a possible decline in oil demand," and expressed "its forecast fluctuating prices over the remaining period of this year." He said al-Amiri, "Oil prices may continue at current rates for a few more months and then take another turn through the remaining final months of this year," he said. "That will depend on the likelihood of a decline in demand and keep its oil supplies rate stable or increase their rates."
R
Views 186   Added 06/06/2016 - 10:19   Last updated 06/08/2016 - 00:46   No. Content 3808
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