Committee looking to extend the OPEC production cut

[yota691]

BP: price of $ 35-40 oil would be sufficient to adjust the budget by 2021

History of edits:: 2.28.2017 22:16 • 277 visits readable

[Where - Follow - up] 
British oil giant BP said it will be able to balance its books at a low price for a barrel of oil is between $ 35 to $ 40 by 2021 , with the company to rein in spending.

BP added that the upstream activities where the main fields of oil and gas production will generate free cash flow before tax of between 13 and 14 billion dollars a year by 2021, while the downstream business , which includes refining and marketing between nine and ten billion dollars will flow. 
Brian Jylvara Chief Financial Officer of the company said in a statement on Tuesday , ahead of a presentation to investors about the company 's strategy "Over the next five years we expect this figure to fall to around $ 35-40 per barrel for the group as a whole."

[yota691]

Despite some problems at the start of the application

OPEC: the participating countries is very strong commitment to reduce production

 

 

Capitals (Reuters ) - Mohammed Barkindo Secretary - General of OPEC said that production cuts led by the Organization agreement thrown good support from all participating countries , despite some start the application on the part of non - member States problems. Barkindo told a press conference in Abuja "for countries not members of OPEC , is the first time so it can be some of the challenges of the roll - out expected. But the commitment of all the ministers and all the participating countries is very strong."

 OPEC surprised the market so far a record level of commitment to production cuts may increase its commitment in the coming months at a time in which it pledges to the United Arab Emirates and Iraq - two less committed to the organization - fast access to productivity goals. Organization of Petroleum Exporting Countries has pledged to cut oil production by about 1.

2 million barrels per day from the first of January, the first cut production in eight years to enhance the price and get rid of the oversupply. Usually the obligation production constraints is problematic in OPEC's history, but this time the organization has carried out up to 90 percent of the targeted reductions in just the first month of the agreement.

 This prompted the International Energy Agency to describe these reductions as one of the biggest reduction rates at all. Iraq and the United Arab Emirates and carried fewer cuts that they have made, according to their data and estimates showed OPEC production issued by government agencies and consulting firms and the media involved in the sector.

 But officials and sector sources say that the UAE will try to move towards achieving the goal set forth in the OPEC agreement in the coming months so as to enhance compliance with the average reduction during the period of six months instead of focusing on performance month by month. He said the United Arab Emirates, OPEC governor Ahmed al-Kaabi told Reuters in a statement that his country was fully committed to production cuts and take the necessary actions to ensure full compliance during the OPEC agreement of six months.

 And the UAE among the key members of the Gulf OPEC who usually show a high level of commitment to the agreements relating to production. Emirates focused in recent years on increasing production capacity rather than restricting production. The average price of OPEC's commitment to the rate, according to estimates by the International Energy Agency and 90 percent in January and 88 percent, according to the average production surveys conducted by Reuters.

 And reduced Saudi Arabia's largest oil exporter in the Organization produced more than required by the agreement, including OPEC helped boost the level of commitment shown according to their data and those of independent analysts. According to data issued by the United Arab Emirates and Iraq that the two countries should exert more effort than the rest of the major producers in OPEC to reach target levels for their production. According to data provided by OPEC countries to cut production so much that they were in January, but they have cut supplies from the top of the reference levels which it is based agreement levels which means they technically did not commit to the agreement at all.

 

[yota691]

oil giants gather after a price war for two years

 24 minutes ago

 

 

Twilight News / meet the biggest names in the world of oil this week to attend the largest gathering for the sector since the end of a price war, which lasted two years between the Middle East exporters and companies that led the revolution of shale oil in the United States.

When OPEC teamed up in November with several producers from outside of the agreement on a historic reduction in production organization was calling for a truce in the battle of market share, which pushed oil prices to their lowest levels in 12 years and put a lot of shale oil producers in trouble.

And oil prices are high, about 70 percent reported when oil ministers and executives of major energy companies meeting in Houston a year ago to attend the "Week walk" is the largest annual meeting of the sector in the Americas.

It will be the feelings of enthusiasm in the face of rising revenues both parties welcome compared to the atmosphere of gloom that prevailed a year ago when prices were at their peak war.

He said Dan Yergin points vice president of IHS Market organized the conference and historian oil Pulitzer-winning "The oil market Award regain their balance and influential forces of supply and demand works successfully.

"The mood will be different this year."

And dominate OPEC agreement signed in November and opportunities for continuation and improvement of the investment sector on alert discussions with oil producers, government and large corporations a positive shift in the highly volatile business cycle expectations.

This year will be attended by, for example, the number of OPEC ministers who participated in the last year, in addition to senior energy officials in Russia and India.

And it will deliver the Saudi Energy Minister Khalid al-Falih, who took office last spring and contributed to his country as much as OPEC production cuts speech to the meeting on Tuesday.

And speaks Russian Oil Minister Alexander Novak, who played a key role in the involvement of non-members of OPEC to cut parallel on Monday.

Listen and the chief executives of five of the world's oil producers who have been affected severely - BP, Chevron, ExxonMobil, Royal Dutch Shell and Total - the statements of ministers to see if it will be decided to extend production cuts after the end created in June.

The meeting will not be without muted tensions between oil producers and OPEC Americans. One of the big questions in regard to the oil market quickly enhance their supply of shale oil producers. It has invalidated a large increase in US shale oil production to reduce the impact of the global oil supply glut led the Saudi deal.

And growing activity in the basin Bermaan most important US oil fields and indeed on an area of 75 thousand square miles in western Texas. The number of land-based drilling rigs operating in the United States 55 percent in the last twelve months and a lot of them in Bermaan.

Said Peter Boylan, CEO of Cypress Energy Partners Oilfield Services, which operates in Texas and North Dakota, "It is interesting now to see the number of drilling rigs increases and corporate activity is accelerating again."

* More spending

Oil boom is not confined to America. This year, Total, BP has launched a multibillion-dollar deals to expand in Brazil and Mauritania respectively.

Recently, Exxon pledged to boost spending 16 percent this year in order to expand operations, especially shale production.

It is expected that Saudi Aramco, Exxon beyond later this year as the largest oil producer is included.

But the new investment activity predicted to increase production of shale limit the recovery. You may find the price of oil, according to a Reuters poll difficult to break $ 60 a barrel, regardless of the size of the OPEC cut if the United States continued to increase production.

It closed Futures US crude at $ 53.33 a barrel in trading on Friday.

BHP Billiton and boosted investment in oil shale operations since last fall expected that the sector becomes the single largest source of cash flows for the petroleum business within five years.

Said Steve Pastor Chairman of petroleum activities in BHP "We expect a balanced oil market in 2017 for the first time in nearly three years."

   

 

 

 

[tigergorzow]

Oil edges up after Iraq urges extension of OPEC cuts

by Mohamed Mostafa Mar 6, 2017, 7:22 pm

Workers look at a drilling rig of the Rosneft-owned Prirazlomnoye oil field outside Nefteyugansk, Russia, August 4, 2016. REUTERS/Sergei Karpukhin/File Photo

 

(Reuters) Oil prices reversed course on Monday, edging up after Iraq’s oil minister said OPEC would likely need to extend its production cuts into the second half of 2017.

The market has been rangebound for more than 60 days, constrained by concerns that U.S. production growth may counter the Organization of the Petroleum Exporting Countries’ agreement to reduce output during the first half of the year.

Iraq’s oil minister Jabbar Al-Luaibi said the production cuts will likely need to be extended into the second half of 2017, according to a Bloomberg report. Iraq is ready to join in such an effort, according to Bloomberg.

Iraq agreed to lower its production by 210,000 barrels per day under the deal but OPEC’s second-largest producer had originally sought to be exempt from any cuts, saying it needed the revenue to fight an Islamic State insurgency.

Brent crude reversed course and traded up 17 cents a barrel at $56.07 by 10:44 a.m. EST (1544 GMT). U.S. crude traded up 5 cents a barrel at $53.38.

“I think that has stopped some of the selling pressure that we opened with,” said Gene McGillian, head of market research at Tradition Energy.

Still, he cautioned that OPEC’s cuts have not yet altered the overhang in oil inventories substantially.

“The idea that we can extend it would be supportive in the medium term,” he said. Statements from Saudi Arabia, OPEC’s largest member, would be needed to push the price substantially higher, he said.

Earlier in the session, oil had retreated as China lowered its growth target for the year to 6.5 percent, compared with 6.7 percent last year, and tightened regulatory controls in an effort to tackle pollution.

Investors are watching the moves carefully for signs they could dampen demand for oil.

The news, along with concerns over Russia’s compliance with a deal between OPEC and other producers to trim oil output, reversed some of the late-week gains that came on the back of attacks on Libya’s oil ports.

“It’s a market where there are no signs of extreme tightness,” said Olivier Jakob, managing director at PetroMatrix. “It makes it hard to get a sustained rally.”

Still, rival Libyan factions continued to battle for control of export terminals Es Sider and Ras Lanuf. East Libyan forces carried out fresh air strikes on Monday as they attempted to win back control, and the turmoil forced a production cut of 35,000 barrels per day.

http://www.iraqinews.com/business-iraqi-dinar/oil-edges-iraq-urges-extension-opec-cuts/

Edited March 7, 2017 by tigergorzow

[tigergorzow]

Iraq’s oil minister Jabbar Al-Luaibi said the production cuts will likely need to be extended into the second half of 2017, according to a Bloomberg report. Iraq is ready to join in such an effort, according to Bloomberg.

Iraq agreed to lower its production by 210,000 barrels per day under the deal but OPEC’s second-largest producer had originally sought to be exempt from any cuts, saying it needed the revenue to fight an Islamic State insurgency.

 

*****Iraq is pushing hard to extend OPEC cuts on production so they can continue to rake in the "Big Money"

GO OIL Prices!!

 

Edited March 7, 2017 by tigergorzow

[yota691]

of Iraq is premature to decide on the extension of OPEC production cuts

 

    

 

 

 5 hours ago

Twilight News Iraqi Oil Minister / said on Monday it was premature to say whether it should extend to OPEC production cuts and that Baghdad is ready to participate if the organization decided to extend the restrictions to supply the second half of the year.

 

Minister Ali Jabbar Luaibi said at a conference of the energy sector in Houston "too early to talk about any changes .. it will depend on oil prices and stabilize the market. If OPEC decides to cut cuts, Iraq

 

[yota691]

Iraq: It is too early to decide on the extension of OPEC production cuts

 

 

Economy News / Baghdad ...     Said Iraqi Oil Minister Ali Jabar Luaibi, Monday, that it was premature to say whether it should extend to OPEC production cuts.   Allaibi said at a conference of the energy sector in Houston, and I followed, "Economy News", that "it is too early to say whether it should be for OPEC to extend production cuts," pointing out that "Baghdad is ready to participate if the organization decided to extend the restrictions before the second half of year. "   He Allaibi it was "too early to talk about any changes," noting that "it will depend on oil prices and stabilize the market and OPEC decided cuts, Iraq will be reduced."   Members agreed OPEC and some countries from the outside to reduce oil production by 1.2 million barrels, an effort to raise the oil, which amounted to less than $ 25 in January 2016 prices.       mm
Views 17   Date Added 07/03/2017 - 10:10   Last updated 03/07/2017 - 13:37   No. Content 6849

[Wiljor]

Iraq, March 7, 2017 

Russia and Iraq said on Monday it was too early to discuss an extension of a historic deal to curb oil output beyond June while cash-strapped Angola supported the move to boost oil prices.

Members of the Organization of the Petroleum Exporting Countries (OPEC) including Iraq and non-OPEC countries such as Russia last year agreed to cut oil production by some 1.8 million barrels per day (bpd)for six months beginning Jan. 1 to reduce global oil supplies that have weighed on prices.

On Tuesday, all eyes will be on Saudi Arabia's Energy Minister Khalid al Falih who is scheduled to speak at the CERAWeek energy conference in Houston. Falih met his Russian counterpart, Alexander Novak, on Monday and the two voiced satisfaction with the deal so far. He also met with Exxon Mobil Corp CEO Darren Woods, an industry source said.

'It's premature to talk about extending the agreement,' Novak told reporters on Monday.

Russia agreed to cut its output by 300,000 bpd under the deal, and would reach that target by the end of April, Novak said in remarks translated from Russian. So far, Russia has cut about half of that, he said.

Iraqi Oil Minister Jabar Ali al-Luaibi also was cautious on the possibility of an extension.

'It's very premature to talk about any changes or to predict anything,' Luaibi said.

Iraq, which seeks to sharply increase its output by the end of the decade, would participate in cuts if OPEC extended the agreement beyond June, he added.

Iraq agreed to cut its production by 210,000 bpd as its part of the bargain in November.

Russia led the non-OPEC producers that joined the deal, which has lifted global oil prices more than 10 percent since November.

Russia expects oil prices to stay at between $55 to $60 per barrel in 2017, he said. Benchmark Brent crude settled at $56.01 a barrel on Monday.

Saudi Arabia said last week it would like to see oil prices rise to $60 per barrel in 2017.

Angola, which agreed to cut 80,000 bpd under the November agreement, would welcome an extension of the six-month deal, said the chief executive of Sonangol, the West African nation's state-run oil company.

'We feel that there is a great deal of upside (to the cuts) and it was about time OPEC had an agreement,' CEO Isabel dos Santos told Reuters.

'If an extension came along, we would comply with it... Considering the current environment, it could be positive.'

Russia has been the subject of Western economic sanctions for its annexation of Crimea and conflict in Ukraine. In December, former President Barack Obama authorized expanded U.S. sanctions against Russia for intervening in the U.S. election.

It is unclear if those sanctions will remain in place under President Donald Trump, an advocate for more cooperation between the United States and Russia.

Novak said there was lots of 'untapped potential' for Russia and the United States to cooperate on energy matters.

indiatimes

http://iraqdailyjournal.com/story-z14911533

[yota691]

Oil Minister: Iraq is committed by 85% to OPEC's agreement to cut output

History of edits:: 3.8.2017 9:14 • 179 visits readable

[Oan- up] 
Oil Minister Ali Jabbar Luaibi said that Iraq has made a commitment to 85 percent to OPEC 's agreement to cut crude oil supply by 210 thousand barrels per day.

He Allaibi on Tuesday on the sidelines of an energy conference in Houston in session that "our production increases , but our exports at the level of the OPEC agreement." 
The Allaibi said at the same conference on Monday that "it was premature to say whether it should extend to OPEC production cuts , " adding that Baghdad " is ready to participate if the organization decided to extend the restrictions to supply the second half of the year." 
The Minister of Oil, Iraq is ready to reduce its production of crude again if OPEC decided , "noting that " too early to talk about any changes, it will depend on oil prices and stabilize the market, if OPEC decided cuts, Iraq will be reduced. "

[yota691]

The International Energy: Iraq will regain second place in the "OPEC" By 2022

economy

 Since 07/03/2017 16:39 pm (Baghdad time)

Scales News - Follow-up

He expected the International Energy Agency on Tuesday that "OPEC" organization will increase its production capacity by about two million barrels per day by 2022, particularly driven by increased production in Iran and Iraq, while confirming that this would disrupt the global oil market, noting that Iraq will regain second place in the "OPEC" by 2022.

The agency suggested OPEC crude production capacity for sustainable growth to 37.85 million barrels per day by 2022 from 35.9 million bpd in 2016.

The agency, based in Paris, that the increase, led by Iraq, Iran, the UAE and Libya came assuming achieve political stability in the past, and to resume the production of common fields between Saudi Arabia and Kuwait in the neutral zone.

The agency had predicted in February 2016 energy growth, "OPEC" by 800 thousand barrels per day between 2015 and 2021 to 36.44 million barrels a day.

The agency assumes investment abroad is relatively limited in exploration and production projects in the Islamic Republic over the next six years to increase production capacity by 400 thousand barrels per day to 4.15 million barrels a day.

The agency added that "Iraq will regain second place in the" OPEC "By 2022, at least, as the agency expects to increase Iraq's production by 700 thousand barrels per day to 4.15 million barrels Aumia.anthy 29/1's

[tigergorzow]

Iraq can produce 5 million barrels a day in 2nd half of 2017

March 08 2017 05:41 PM

Iraqi Minister of Oil Jabbar Ali Al-Luiebi

Iraq will be able to produce 5 million barrels of oil a day in the second half of 2017, CNBC quoted Iraqi Minister of Oil Jabbar Ali Al-Luiebi as saying.
 

If Iraq were able to achieve that feat, it would come ahead of the market's expectations and potentially complicate Iraq's commitment to cut production under a deal with the Organization of the Petroleum Exporting Countries.

"We achieved this great achievement of 4 million barrels per day ... middle of 2016, and now we have climbed up and we are reaching about 5 million barrels per day beginning of second half of this year," Al-Luiebi said during an interview at CERAWeek by IHS Markit.

Iraq's production was nearly 4.47 million barrels a day in January, according to secondary sources cited by OPEC. Baghdad is supposed to be producing only 4.35 million barrels per day for the first six months of 2017 as part of an agreement by OPEC members to cut output in order to reduce brimming oil stockpiles.

Asked how an extension of the OPEC agreement would affect plans to reach 5 million barrels a day, Al-Luiebi said, "It would premature to comment" because it is too early to tell whether the deal will be extended.

OPEC officials said they will reassess the agreement — and whether it should be extended by another six months — at their May meeting.

It is unclear how much oil Iraq is removing from the market at this point. A compliance committee will meet later this month to assess reductions by participating producers.

Al-Luiebi's comments are significant because the time frame he offered for producing 5 million barrels a day is well ahead of expectations, said John Kilduff, founding partner at energy hedge fund Again Capital. Previous forecasts were for Iraq to hit that production level by year-end at best and perhaps not until 2018.

"Obviously, it's bearish. They're going to have to show considerable production constraint having that spare capacity. That's the kind of capacity historically only the Saudis have had," he said.

It would also make it harder for oil prices to rally on other supply disruptions if Iraq had more spare capacity, he added. Baghdad could presumably tap that spare capacity during such disruptions.

http://www.thebaghdadpost.com/en/story/7889/Iraq-can-produce-5-million-barrels-a-day-in-2nd-half-of-2017

[Synopsis]

The last article states, "Iraqi Minister of Oil Jabbar Ali Al-Luiebi Iraq will be able to produce 5 million barrels of oil a day in the second half of 2017, CNBC quoted Iraqi Minister of Oil Jabbar Ali Al-Luiebi as saying."

 

The could be very good news regarding the non reported oil leaving Iraq through the Kurdistan region on, potentially, black market crude oil sales and implying that this portion of crude oil corruption is being eliminated. If I remember right, Deloitte and Touche noted Kurdistan was producing 910,000 barrels per day of crude oil while the 2017 budget noted 550,000 barrels a day of crude from Kurdistan. This is a gap of 360,000 barrels per day of crude oil reported from Kurdistan. The article states about 5 million barrels per day while Iraq's production was noted as 4.47 million barrels per day. 4.47 + 0.36 = 4.83 million barrels per day. Other articles have noted the crude oil under reporting through Basra due to corruption and the oil wells not producing due to having been set on fire by ISIS could be nominally 170,000 barrels per day (0.17 million barrels per day) or nominally 3.8% of 4.47 million barrels per day.

 

I suspect all the work Deloitte and Touche along with Ernst & Young have done to account for all the crude oil being exported from Iraq to include all of Kurdistan and to include all the non reported crude oil black market sales is really paying off so that crude oil sales corruption is removed and further supports the revenues distributed via the HCL to the citizens once the HCL is passed.

 

The statements here made by the Iraqi "Lubemeister" may be an indication that corruption is being fast removed in the crude oil sector and actual numbers will be reported in the second half of 2017 (maybe before that?) without having to drill and put new oil wells on line.

 

Also, looks like Kurdistan and Baghdad have agreed to send the Kurdistan crude oil through the Turkish Ceyhan port. So, it looks like they are playing nice and may lend toward Kurdistan and the rest of Iraq unity and provide more of a solid basis for the HCL for all of the Kurdistan and other Iraqi citizens. The accurate reporting of all crude oil through Kurdistan and the rest of Iraq may be a precursor to other good things we have all been waiting for. With all the other good news from a variety of different dimensions in Iraq and external international support (especially the significant loans received by Iraq very recently from different sources) we may land in the very near future!

 

I think this is good supporting news!

 

Go Moola Nova!

Edited March 8, 2017 by Synopsis

[Wiljor]

IRAQ CAN PRODUCE 5 MILLION BARRELS A DAY IN SECOND HALF OF 2017, OIL MINISTER SAYS

Iraq, March 8, 2017  Iraq will be able to produce 5 million barrels of oil a day in the second half of 2017, the country's Minister of Oil Jabbar Ali Al-Luiebi said Tuesday. If Iraq were able to achieve that feat, it would come ahead of the market's expectations and potentially complicate Iraq's commitment to cut production under a deal with the Organization of the Petroleum Exporting Countries. 'We achieved this great achievement of 4 million barrels per day ... middle of 2016, and now we have climbed up and we are reaching about 5 million barrels per day beginning of second half of this year,' Al-Luiebi said during an interview at CERAWeek by IHS Markit. OPEC secretary general on Trump administration: So far, so good 10 Hours Ago | 02:25 Iraq's production was nearly 4.47 million barrels a day in January, according to secondary sources cited by OPEC. Baghdad is supposed to be producing only 4.35 million barrels per day for the first six months of 2017 as part of an agreement by OPEC members to cut output in order to reduce brimming oil stockpiles. Asked by CNBC how an extension of the OPEC agreement would affect plans to reach 5 million barrels a day, Al-Luiebi said, 'It would premature to comment' because it is too early to tell whether the deal will be extended. OPEC officials said they will reassess the agreement — and whether it should be extended by another six months — at their May meeting. It is unclear how much oil Iraq is removing from the market at this point. A compliance committee will meet later this month to assess reductions by participating producers. Al-Luiebi's comments on Tuesday are significant because the time frame he offered for producing 5 million barrels a day is well ahead of expectations, said John Kilduff, founding partner at energy hedge fund Again Capital. Previous forecasts were for Iraq to hit that production level by year-end at best and perhaps not until 2018. 'Obviously, it's bearish. They're going to have to show considerable production constraint having that spare capacity. That's the kind of capacity historically only the Saudis have had,' he told CNBC. It would also make it harder for oil prices to rally on other supply disruptions if Iraq had more spare capacity, he added. Baghdad could presumably tap that spare capacity during such disruptions. Iraq, OPEC's second largest producer, has presented obstacles to production cuts. In addition to missing its target in the first month of the deal, Baghdad quarreled with the producer group over how cuts would be measured. In November, OPEC agreed to reduce production by 1.2 million barrels a day, and 11 other exporters committed to cutting a combined 558,000 barrels a day. cnbc http://iraqdailyjournal.com/story-z14917687

[DinarThug]

CNN. Broadcasting Well Ahead Of Expectations Aboard A Speedy Camel !

 

(by backdoc)

LINK

Iraq can produce 5 million barrels a day in second half of 2017, oil minister says

 12th March, 2017

 
Iraq will be able to produce 5 million barrels of oil a day in the second half of 2017, the country's Minister of Oil Jabbar Ali Al-Luiebi said Tuesday.
If Iraq were able to achieve that feat, it would come ahead of the market's expectations and potentially complicate Iraq's commitment to cut production under a deal with the Organization of the Petroleum Exporting Countries. "We achieved this great achievement of 4 million barrels per day ... middle of 2016, and now we have climbed up and we are reaching about 5 million barrels per day beginning of second half of this year," Al-Luiebi said during an interview at CERAWeek by IHS Markit.
Iraq's production was nearly 4.47 million barrels a day in January, according to secondary sources cited by OPEC. Baghdad is supposed to be producing only 4.35 million barrels per day for the first six months of 2017 as part of an agreement by OPEC members to cut output in order to reduce brimming oil stockpiles. Asked by CNBC how an extension of the OPEC agreement would affect plans to reach 5 million barrels a day, Al-Luiebi said, "It would premature to comment" because it is too early to tell whether the deal will be extended. OPEC officials said they will reassess the agreement and whether it should be extended by another six months at their May meeting.
It is unclear how much oil Iraq is removing from the market at this point. A compliance committee will meet later this month to assess reductions by participating producers. Al-Luiebi's comments on Tuesday are significant because the time frame he offered for producing 5 million barrels a day is well ahead of expectations, said John Kilduff, founding partner at energy hedge fund Again Capital. Previous forecasts were for Iraq to hit that production level by year-end at best and perhaps not until 2018. "Obviously, it's bearish. They're going to have to show considerable production constraint having that spare capacity. That's the kind of capacity historically only the Saudis have had," he told CNBC.
It would also make it harder for oil prices to rally on other supply disruptions if Iraq had more spare capacity, he added. Baghdad could presumably tap that spare capacity during such disruptions. Iraq, OPEC's second largest producer, has presented obstacles to production cuts. In addition to missing its target in the first month of the deal, Baghdad quarreled with the producer group over how cuts would be measured. In November, OPEC agreed to reduce production by 1.2 million barrels a day, and 11 other exporters committed to cutting a combined 558,000 barrels a day.

 

[Big_J]

55 minutes ago, DinarThug said:

5 million barrels per day

GAN DinarThug AND DV. Equates to, too much money not to change those numbers!

[yota691]

16-03-2017 12:52 PM

More than 4.5 million production b / d in February, and we are committed to OPEC's agreement

 

 

 

The Oil Ministry announced on Thursday, the daily average production and exports for the month of February. 

He said ministry spokesman Assem Jihad, said that ' the daily average of the national production of crude oil to the pan of oil fields in Iraq amounted to 4,000,566 thousand barrels per day in oil exports averaged across the southern and northern ports 3,000,869 thousand barrels per day. " 

Jihad said that 'Iraq is committed to the decisions of reducing assessed by OPEC production to support oil prices and control the glut of crude in the international markets.'

[yota691]

Oil's [where]: Prices below the level of ambition despite the positive cartel agreement

History of edits:: 17.3.2017 12:36 • 14 visits readable

[Special Oan-] 
promised the Oil Ministry, crude oil prices in global markets, as without the level of ambition. "

Range price of Brent crude is currently between 50-52 dollars per barrel. 
He said the ministry spokesman, Assem Jihad, told all of Iraq [where] that "still too early to decide on the extension of the cartel agreement or not , and even though he has had a positive impact on prices , but still below the level of ambition." 
He added, " The agreement was to control the oversupply of oil and try to achieve a balance of supply and demand in the oil market and raise prices." 
And Jihad, "and whatever there was alternative energy sources such as shale oil demand for crude oil as a commodity consumer remains head of the world but are affected by many reasons , including related Ptkhmh supply and speculation and geopolitical effects." 
He stressed , "Now is too early to judge the impact of OPEC 's agreement on prices that were below the level of ambition , " noting that "Iraq is looking forward to the price of $ 60 a barrel." 
He pointed out that "we are waiting for the Report of the Committee of the Petroleum Exporting Countries, which monitors the market in addition to our experts and national marketing company Sumo and Sntaty with market changes and share with the countries of OPEC members to take steps crisis in this direction , " he said . "We said from the early to judge the renewal of reduction procedures for periods of additional or sufficiency him and we'll see that over the next three Alashahra variables and see. " 
The Organization of Petroleum Exporting Countries [OPEC] - which is composed of 14 countries, joined them recently Indonesia agreed on 28 December last to reduce the total production of the organization for the first time since 2008 in order to restore the balance in the market; which would raise world oil prices relatively . 
Iraq participated in the agreement Btjamd production quantity of 210,000 barrels per day. 
The Minister of Oil Jabar Luaibi, said last week that Iraq is ready to reduce its production of crude again if OPEC decided. 
He said Allaibi during a conference of the energy sector was held in Houston last week , "It is too early to say whether it should be for OPEC to extend production cuts , " adding that Baghdad " is ready to participate if the organization decided to extend the restrictions before the second half of the year."

[tigergorzow]

OPEC cut deal based on crude oil exports, not output: Iraq's oil min.

March 18 2017 06:57 PM

Iraq's oil minister, Jabbar al-Luaibi

Over the first two months of OPEC's crude output cut agreement, Iraq has been the member furthest from compliance with production some 91,000 b/d above its allocation, according to the latest S&P Global Platts OPEC survey.

But Iraq's oil minister, Jabbar al-Luaibi, in a wide-ranging interview with Platts in Washington over the weekend, said the OPEC deal was based on exports and not production totals.

"This time, for the first time, OPEC implied that production should be separate from export and their baseline is exports not production," Luaibi said.
 

Using this as his basis, the minister said Iraq was in almost total compliance with the OPEC deal, and would remain as such.

"Iraq is definitely resolved and Iraq is committed to be in line with OPEC," he said.

Luaibi's comments will be news to the other 12 members of OPEC.

Luaibi  clarified several times during the interview that the deal was based on exports, not production.

"All countries -- export," Luaibi said when asked whether only Iraq was required to reduce exports, not production, under the deal. "It's export."

In his interview with Platts, Luaibi pegged current Iraqi output at 4.63 million b/d.

Iraqi exports were in the range of 4.3 million-4.4 million b/d, of which 3.23 million-3.24 million b/d were from Iraq's southern ports, Luaibi said. A lack of transparency on exports from the north of Iraq through pipelines controlled by the semi-autonomous Kurdistan Regional Government made it difficult to get a more exact overall Iraq export figure, he said.

"If you take the export [figures], that should be in line with the OPEC declaration," Luaibi said.

A five-country monitoring committee is scheduled to hold a ministerial meeting March 25-26 in Kuwait City to discuss compliance with the agreement and discuss next steps.

The committee is chaired by Kuwaiti oil minister Essam al-Marzouq, along with ministers from OPEC members Algeria and Venezuela, and also Oman and Russia, who are representing the 11 non-OPEC countries that have committed to a combined cut of 558,000 b/d in concert.

http://www.thebaghdadpost.com/en/story/8307/OPEC-cut-deal-based-on-crude-oil-exports-not-output-Iraq-s-oil-min

[Wiljor]

Iraq, March 18, 2017 

Oil prices are set to close out the week unchanged from a week earlier, having moved up and down over the past few days. The latest report from the EIA was a merciful one for crude, showing a small but all-important drawdown in crude inventories. Had crude stocks jumped again last week, oil prices surely would have dropped significantly. Still, there is a weak case for much higher oil prices in the near-term, given that U.S. inventories are still at a record high and oil production is rising.

Saudi Arabia prepared to extend cuts if inventories remain high. Saudi Arabia’s energy minister Khalid al-Falih said in a Bloomberg interview that OPEC would be prepared to extend the production cuts “if it’s needed.” He said that if inventories are still above the five-year average by June, or if the markets are still not confident, then an extension would be warranted. “We would signal to them that we are going to do what it takes to bring the industry back to a healthy situation.” OPEC will meet in May to assess market conditions and discuss their plans. Al-Falih also said that the market shouldn’t “pass judgement” on non-OPEC countries like Russia and Kazakhstan who have not yet reduced their output to their targeted levels. He said they are “fully committed” to living up to their end of the deal. His comments provided more assurance to the market after recent reports suggested he has become “fed up” with non-compliance from Iraq and Russia, in particular. In short, al-Falih’s comments provided further evidence that OPEC is willing to extend its deal through the end of the year.

Analysts confident in OPEC extension. Six out of 10 oil analysts polled by Reuters believe that OPEC will extend its deal for another six months. 'If OPEC is genuinely pursuing an inventory target, then an extension to current supply restraint is needed,' BNP Paribas analyst Harry Tchilinguirian said.

Iraq could complicate extension. Iraq’s oil minister said that his country plans on boosting oil production capacity to 5 million barrels per day this year, up from around 4.5 mb/d. The comments could confound OPEC’s ability to rollover the production cuts.

 

yahoo

http://iraqdailyjournal.com/story-z14969945

[George Hayduke]

Damn the torpedoes, full steam ahead Iraq!

[yota691]

Oil exports for nine countries in the OPEC {} after reducing output

3/23/2017 0:00    Capitals / follow - up to the morning  since the declaration of "OPEC , " the Organization of the end of last November, reaching an agreement on the total production of the Organization reduced by 1.2 million barrels from the first of January 2017 for a period of six  months.   It has started to show positive results from this agreement, especially since oil prices began to improve   gradually.  According to the reports issued from "Judy" the institution concerned to publish oil data, nine Member States exports in the "OPEC" of crude oil by 3.9 percent , fell on a monthly basis.  And "Judy" international organization, was established by decision of the oil producers around the world , the beginning of the nineties of the last century, aimed at collecting numbers and statistics on oil production around the world and present it in the form of studies of interest to oil producers and consumers to the extent   either.  The survey was based on a joint initiative of the oil data numbers "Judy" recently released, which showed a decline in the nine countries exports to 20.197 million barrels per day in January, compared to 21.027 million barrels per day in December.  The nine countries that recorded a decline in its exports are: Saudi Arabia, Iraq, Iran, Kuwait, Nigeria, Angola, Algeria, Qatar, Ecuador.  And it casts a production cut, which is committed by the Organization of Petroleum Exporting Countries "OPEC" starting from the beginning of this year a shadow on the exports of the Member States agreement.  According to the data (Judy) that you get from "OPEC" and the International Energy Agency, Saudi Arabia's crude oil exports dropped by 3.8 percent on a monthly basis, to 7.713 million barrels per day in December   Two.  Iraq 's exports fell, by 4.1 percent to 3.882 million barrels per day, Iran increased by 6.4 percent to 2.2 million barrels a day, and Kuwait by 7.2 percent to 1.93 million barrels a day.  Angola 's exports fell by 0.5 percent to 1.53 million barrels per day, and Algeria by 21.9 percent to 507 thousand barrels per day, and Qatar by 9.3 percent to 446 thousand barrels per day, and Ecuador rose 5.9 percent to 382 thousand barrels   per day.  Unlike the rest of the members of the "OPEC" countries, Nigeria 's exports rose 10.8 percent to 1.607 million barrels per day, compared to 1.45 million barrels last December.

[yota691]

Oil exports for nine countries in the OPEC {} after reducing output

3/23/2017 0:00    Capitals / follow - up to the morning  since the declaration of "OPEC , " the Organization of the end of last November, reaching an agreement on the total production of the Organization reduced by 1.2 million barrels from the first of January 2017 for a period of six  months.   It has started to show positive results from this agreement, especially since oil prices began to improve   gradually.  According to the reports issued from "Judy" the institution concerned to publish oil data, nine Member States exports in the "OPEC" of crude oil by 3.9 percent , fell on a monthly basis.  And "Judy" international organization, was established by decision of the oil producers around the world , the beginning of the nineties of the last century, aimed at collecting numbers and statistics on oil production around the world and present it in the form of studies of interest to oil producers and consumers to the extent   either.  The survey was based on a joint initiative of the oil data numbers "Judy" recently released, which showed a decline in the nine countries exports to 20.197 million barrels per day in January, compared to 21.027 million barrels per day in December.  The nine countries that recorded a decline in its exports are: Saudi Arabia, Iraq, Iran, Kuwait, Nigeria, Angola, Algeria, Qatar, Ecuador.  And it casts a production cut, which is committed by the Organization of Petroleum Exporting Countries "OPEC" starting from the beginning of this year a shadow on the exports of the Member States agreement.  According to the data (Judy) that you get from "OPEC" and the International Energy Agency, Saudi Arabia's crude oil exports dropped by 3.8 percent on a monthly basis, to 7.713 million barrels per day in December   Two.  Iraq 's exports fell, by 4.1 percent to 3.882 million barrels per day, Iran increased by 6.4 percent to 2.2 million barrels a day, and Kuwait by 7.2 percent to 1.93 million barrels a day.  Angola 's exports fell by 0.5 percent to 1.53 million barrels per day, and Algeria by 21.9 percent to 507 thousand barrels per day, and Qatar by 9.3 percent to 446 thousand barrels per day, and Ecuador rose 5.9 percent to 382 thousand barrels   per day.  Unlike the rest of the members of the "OPEC" countries, Nigeria 's exports rose 10.8 percent to 1.607 million barrels per day, compared to 1.45 million barrels last December.

[yota691]

Oil Minister confirms Iraq's commitment to "fully" to OPEC's agreement

 

stock market

•  Saturday: March 25, 2017
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[yota691]

Oil Minister: Iraq is fully committed to OPEC's agreement

 

Saturday, 25 March 2017 17:36

 

Alsumaria News / Baghdad Oil Minister Ali Jabar Luaibi, said on Saturday that Iraq is fully committed to OPEC's agreement on the reduction of oil production.   Allaibi said according to " Reuters ", " The market is a critical factor in making a decision on the extension of the Organization of Petroleum Exporting Countries cuts oil agreement (OPEC)."         He added that "the market will decide. Market is a critical factor," adding that "Iraq is fully committed to OPEC's agreement in force with effect from January until the end of June."   The OPEC agreed to cut production by 1.2 million dollars per day, starting from the first of January last.

[yota691]

COMMODITIES | Sun Mar 26, 2017 | 8:43am EDT

OPEC, non-OPEC to look at extending oil-output cut by six months

 

 

Oman Oil Minister Mohammed bin Hamad Al Rumhy shakes hand with a representive of Kuwait Oil Company during OPEC 2nd Joint Ministerial Monitoring Committee meeting in Kuwait City, Kuwait, March 26, 2017. REUTERS/Stephanie McGehee

 

 

By Vladimir Soldatkin and Rania El Gamal | KUWAIT

A joint committee of ministers from OPEC and non-OPEC oil producers has agreed to review whether a global pact to limit supplies should be extended by six months, it said in a statement on Sunday.

An earlier draft of the statement said the committee "reports high level of conformity and recommends six-month extension".

But the final statement said only that the committee had requested a technical group and the OPEC Secretariat "review the oil market conditions and revert ... in April, 2017 regarding the extension of the voluntary production adjustments".

It was not immediately clear why the wording had been changed, although a senior industry source said the committee lacked the legal mandate to recommend an extension.

The Organization of the Petroleum Exporting Countries and rival oil-producing nations were meeting in Kuwait to review progress with their global pact to cut supplies.

OPEC and 11 other leading producers including Russia agreed in December to cut their combined output by almost 1.8 million barrels per day (bpd) in the first half of the year.

The original deal was to last six months, with the possibility of a six-month extension.

"Any country has the freedom to say whether they do or they don't support (an extension). Unless we have conformity with everybody, we cannot go ahead with the extension of the deal," Kuwaiti Oil Minister Essam al-Marzouq said, adding that he hoped a decision would come by the end of April.

The oil ministerial committee "expressed its satisfaction with the progress made toward full conformity with the voluntary production adjustments and encouraged all participating countries to press on toward 100 percent conformity," the statement said.

The December accord, aimed at supporting the oil market, has lifted crude LCOc1 to more than $50 a barrel. But the price gain has encouraged U.S. shale oil producers, which are not part of the pact, to boost output.

The committee said it took note that certain factors, such as low seasonal demand, refinery maintenance and rising non-OPEC supply had led to an increase in crude oil stocks. It also observed the liquidation of positions by financial players.

"However, the end of the refinery maintenance season and noticeable slowdown in U.S. stock build as well as the reduction in floating storage will support the positive efforts undertaken to achieve stability in the market," it said.

It asked the OPEC Secretariat to review oil market conditions and come back with recommendations in April regarding an extension of the agreement.

"This reaffirms the commitment of OPEC and participating non-OPEC countries to continue to cooperate," the statement said.

Russian Energy Minister Alexander Novak said it was too early to say whether there would be an extension, although the agreement was working well and all countries were committed to 100 percent compliance.

 

'ENCOURAGING ELEMENTS'

Before the meeting, Iraqi Oil Minister Jabar Ali al-Luaibi told reporters there were some encouraging elements that suggested the oil market was improving, and that if all OPEC members agreed measures to help price stability, Iraq would support such steps.

"Any decisions taken unanimously by members of OPEC ... Iraq will be part of the decision and will not be deviating from this," Luaibi said.

 

Iraq's oil production is running at 4.312 million bpd this month, Luaibi said, adding that his country had cut its oil exports by 187,000 bpd so far and would reach 210,000 bpd in a few days.

Compliance with the supply-cut deal was 94 percent in February among OPEC and non-OPEC oil producers combined, Russia's Novak said.

Russia is committed to cuts of 300,000 bpd by the end of April, Novak said.

Novak said he expects global oil stockpiles to decrease in the second quarter of this year.

"The dynamics are positive here, I believe," Novak said, adding that inventories in the United States and other industrialized countries had risen by less than in the past.

Kuwait's oil minister said the market may return to balance by the third quarter of this year if producers comply fully with their production targets.

"More has to be done. We need to see conformity across the board. We assured ourselves and the world that we would reach our adjustment to 100 percent conformity," Marzouq said.

 

(Reporting by Rania El Gamal, Vladimir Soldatkin, Ahmed Hagagy; Editing by Dale Hudson and Susan Thomas)