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Committee looking to extend the OPEC production cut


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History of edits:: 10/09/2016 8:43 • 124 visits readable
Iraq participates meeting Algeria's oil and underlines its support for any decision to raise prices
{Baghdad} Euphrates News confirmed the oil ministry, they will participate in the International Energy Forum, which is scheduled to take place in Algeria, the end of this September.
He said ministry spokesman Assem Jihad , in a press statement, that "Iraq will attend the meetings of Algeria slated for the end of September / September, and will be represented by Minister of Oil Jabbar Allaibi." 
He stressed that "Iraq with any decision reached by the producing countries will contribute to raise the price of oil." 
The spokesman for the ministry to that "Iraq has a vision to be discussed with the OPEC countries to support oil prices, and would abide by any decision is in favor of higher prices , " noting that "there are conflicting views of the oil - producing countries of OPEC, of which seeks to reduce production and some others see the need to increase production. " 
He expressed the hope in the success of the conference, noting that" we hope to reach the producing countries to effective solutions at a meeting of Algeria. " It is 
noteworthy that, OPEC Member States as well as non - members, you can not through repeated to reach an agreement to install its meetings roof Alosar.anthy
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OPEC: collective consensus among oil producers to support market

economy

 Since 09/11/2016 10:00 (Baghdad time)

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Follow-up scales News

The news agency quoted Algerian Noureddine Bouterfa, Algerian Energy Minister as saying that there is a consensus of opinion within the Organization of Petroleum Exporting Countries (OPEC) and outside about the need to stabilize the oil market to support prices.

Bouterfa was speaking after a meeting with Saudi counterpart Khaled al-Faleh, and OPEC Secretary-General Mohammed Barkindo in Paris in the late first on Friday.

Bouterfa traveled to Qatar, Iran and Russia last week to press for the stability of the oil price to between $ 50 and $ 60, and said he was confident of a result of the OPEC meeting to be held in Algeria from 26 until September 28 / September.

Bouterfa said that Algeria would submit a proposal to stabilize prices during the meeting, adding, "suggests our consultations with our partners to have a consensus on the need to stabilize the market, and this is a positive point."

He added that Algeria is in contact with members of OPEC and the Secretary General of the Organization countries, and that this part of the work to reach a consensus, noting that he feels optimistic.

Bouterfa said that there is support from Saudi Arabia, Qatar, Iran, Venezuela, Kuwait and non-members of OPEC, especially Russia.

Furthermore, the Secretary General of OPEC, Mohammad Barkindo, said the organization does not seek a specific price range for oil during a meeting later this month in Algeria, but they want to stabilize the market.

The agency said he made his comments after a meeting late on Friday with the ministers of Algeria's energy and Saudi Arabia in Paris.

The agency quoted Barkindo as saying that "the oil market should be stabilized through a less volatile prices, so what we are trying to achieve in the context of our consultations aimed to make the member countries are working in one direction, namely, the achievement of lasting stability to the market."

Algeria is hosting the International Energy Forum, along with the OPEC meeting later this month, he said he had discussed Bouterfa meetings with al-Faleh and Barkindo in Paris.

And Algeria's oil-producing countries that have been affected greatly reduce the price of crude in half during the past two years.

And it began moves towards a global agreement to stabilize oil production after five months of talks were intended to make it happen when Saudi Arabia insisted on Iran's accession to the agreement fails.

Tehran says it supports any action to stabilize the market, but did not go curb to note that it will join a global agreement before it reaches its production to four million barrels per day, a level that says she was produced before the imposition of Western sanctions in 2012.anthy 29 / D 24

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Economy News / Baghdad

The Ministry of the oil, it will participate in the International Energy Forum, which is scheduled to take place in Algeria, the end of this September.

He said ministry spokesman Assem Jihad, in a press statement, I followed the "Economy News", Iraq, Algeria will attend the meetings slated for the end of September / September, and will be represented by Minister of Oil Jabbar Allaibi. "

The spokesman for the ministry to that "Iraq has a vision to be discussed with the OPEC countries to support oil prices, and would abide by any decision is in favor of higher prices , " noting that "there conflicting views of the oil - producing countries of OPEC, of which seeks to reduce production and some others see the need to increase production. "
He stressed that "Iraq with any decision reached by the producing countries will contribute to raise the price of oil."  

He hopes in the success of the conference, noting that "we hope to reach the producing countries to effective solutions in the Algiers meeting."

It is noteworthy that, OPEC Member States as well as non - members, you can not through repeated to reach an agreement to install a ceiling price of its meetings .

AJ

Views 112   Added 11/09/2016 - 18:24   Last updated 12/09/2016 - 14:04   No. Content 5099
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History of edits:: 9.13.2016 13:50 • 68 visits readable
International Power: continuing glut of oil until the first half of 2017 with slowing demand
[Oan- follow - up] 
and the International Energy Agency said on Tuesday that a sharp decline in global oil demand growth in conjunction with rising inventories and oversupply means that the crude market will remain oversupplied in the first six months of 2017 at least.
She said the agency "indicate our expectations in a report this month that show the movement of demand and this probably will not change dramatically in the coming months. As a result, the supply will continue exceeded demand during the first half of next year at the very least." 
The International Energy Agency predicted earlier the disappearance of the oversupply of the market in the second half of this year. 
the report said the expected increase in operating global refinery utilization rates at the slowest pace in at least a decade this year , which will reduce demand for crude oil with high inventories in developed countries to a new record high 3.111 billion barrels. 
she said the agency "with the most pessimistic of the activity of refineries , our expectations for the second half of 2016 and our amendments relating to crude supplies, the expected withdrawal [of stocks] in the third quarter of 2016 is less now , while increased the pace of the rise in inventories in the last quarter of 2016 ".
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The International Energy: high oil prices, massive and exceed $ 120 next year

Ali Abdul Salman 60  09/15/2016


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He said the latest report of the International Energy Agency, in declining investment in the oil and gas sector to the lowest level in 60 years, is a threat of a crisis in supply with the second half of next year and lead to skyrocketing oil prices is greater than any rise was followed by falling prices in the previous crisis.

A report by the Organization of Petroleum Exporting Countries (OPEC) has been issued a few days ago pointed to the continued imbalance of supply and demand with a glut in supply, compared with global demand, which means the continuation of low prices in the next year.

According to the International Energy Agency, an adviser in the field of energy states Development Organization for Economic Cooperation report, the global demand continues to decline against the increased supply, but the production capacity reserve in the world also strongly back down, and now more than 1.7 million barrels per day, with the arrival of the production of senior Exporters to full capacity.

And any natural cycle of oil prices that prices rise sharply after the landing, but the continued fall in prices since the summer of 2014 led to a dramatic decline in investment in the sector and the failure to reach a new oil discoveries to meet demand in the event of increase it.

According to the IAEA report, annual investment in the global energy sector in the last two years of $ 780 billion, fell to $ 450 billion, it does not seem that they will recover in the near future.

The total depletion of existing wells, the rate of 9 per cent annually, the report adds: "There is evidence that the decline in investments has led to a dramatic reduction in oil discoveries to come down to an unprecedented level in 60 years."

Observers believe that this decline in investments and discoveries will give OPEC producers Russia and a great advantage with the continuation of the world's dependence on oil.

And it separates the "Global Energy Investment Report 2016" issued by the International Energy Agency, how the biggest decline in investments is in the major industrialized countries, the Gulf states and Russia did not see a big drop.

But the benefits of declining prices and investment that the cost of production is declining, making reasonable margin of profit even with lower prices, in most producers of OPEC countries do not exceed the cost of production of $ 10 a barrel.

And analysts estimate in the oil market, that this session of the movement of prices does not resemble any of its predecessors, as usual in the event of falling prices due to oversupply to take the demand to grow, but what happens to global demand growth in the decline did not increase in the last quarter to 800 thousand barrels per day.

The prevailing belief that other energy sources can compensate global dependence on oil is not supported by electric cars or hybrid sales figures, and the replacement of electric power generated from renewable sources at the expense of those generated by gas-fired plants or oil derivatives.

 

Many analysts and observers agree that if the current situation continues, the lower prices until the second half of 2017 could lead to a dramatic rise in an unprecedented probably exceed the level of prices before June 2014, when the price per barrel was about $ 120

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The article states, "He said the latest report of the International Energy Agency, in declining investment in the oil and gas sector to the lowest level in 60 years, is a threat of a crisis in supply with the second half of next year and lead to skyrocketing oil prices is greater than any rise was followed by falling prices in the previous crisis."

And

"According to the International Energy Agency, an adviser in the field of energy states Development Organization for Economic Cooperation report, the global demand continues to decline against the increased supply, but the production capacity reserve in the world also strongly back down, and now more than 1.7 million barrels per day, with the arrival of the production of senior Exporters to full capacity."

And

"And any natural cycle of oil prices that prices rise sharply after the landing, but the continued fall in prices since the summer of 2014 led to a dramatic decline in investment in the sector and the failure to reach a new oil discoveries to meet demand in the event of increase it.

According to the IAEA report, annual investment in the global energy sector in the last two years of $ 780 billion, fell to $ 450 billion, it does not seem that they will recover in the near future."

And

"But the benefits of declining prices and investment that the cost of production is declining, making reasonable margin of profit even with lower prices, in most producers of OPEC countries do not exceed the cost of production of $ 10 a barrel."

This article says a quite a bit.  Having worked in the oil and gas related industry, I have heard the major oil companies have, for the most part, have shelved a significant portion of their capital projects and laid off people who could execute those projects.  As a result, a lot of people in the manufacturing industries supplying the equipment and materials for supporting the capital projects have also had drastic cut backs in their labor force, too.  The declining investment (in relative terms) is the lowest in 60 years.

As could be anticipated, the ripple effect of the lower oil prices does have an impact on crude oil demand by lowering the demand so temporarily, this has a tendency to exaserbate the glut.  However, without drilling new wells and reworking existing wells (requiring capital projects), the oil supply will go down over time.  Older wells deplete and are no longer economically viable.  Also, "senior Exporters to fully capacity" could be another reason Iran was brought back?  With Iran back to trading their oil internationally potentially removes any black market crude oil trading effects so that crude oil prices are controlled directly.

The capital reinvestment is now nominally 60% of what it had been.

I had heard that Middle East land based oil only cost $9 - $20/barrel to produce.  Anything a Middle East country gets for crude oil above that is profit and they can spend on their government funding and citizen subsidies.  So countries like Saudi Arabia suddenly find themselves in a financial deficit with the low oil prices because of the cost of government and citizen subsidies.

There are a couple encouraging conclusions.  Looks like the oil and gas industry will likely boom like no other time in history as crude oil prices go back up.  As a result, the oil and gas industry (and supporting manufacturing industry) will be pulling people back in like no other time in history potentially the later half of 2017 and could be a really good area to be employed in.

The other encouraging conclusion is Iraq basing their budget on $43/barrel and will have no problem paying their bills - and maybe even us will a revalued IQD!

:o       :D       :twothumbs:       :backflip:

 

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Bad for my tuna boat's gas tank; good for da RV!

Oil prices could be facing a significant jolt after Federal Chair Janet Yellen, in her annual speech at the Jackson Hole economic symposium in Wyoming, said that the case to increase interest rates had strengthened. The extent of the jolt that may be felt is far from certain however.

Due to the quotations of crude oil in U.S. dollars, there is often a bind between the fate of the greenback and the costs of oil per barrel, as the balance of oil trade and the effect on market psychology can be hugely influential.

There are, however, other significant factors in the oil price equation, including high production rates and inventories.

Spencer Welch, director of downstream energy consulting at IHS Markit explained that “a rate hike would strengthen the U.S. dollar, which would make oil more expensive globally, so this would tend to reduce oil demand slightly, but it takes a while for this effect to play out, and would therefore likely reduce oil market price.”

“By how much? That depends on the size of the interest rate increase. It is likely to be less than $1/bbl in oil price impact, but that is not based on historical statistics.”

Different nations Welch believes, are effected by a rate rise in varying ways, depending if they are net exporters or importers of oil. old oil gusher

Importers are more likely to be hurt by a rate rise as oil would become more expensive due to a rising dollar, net exporters of oil would benefit as a result of selling oil in dollars, with the dollar being stronger.

“I would say yes, rate rise impacts are smaller compared to other oil market impacts, such as declining U.S. oil production, high oil inventories, high oil production rates in other countries, including production in Saudi Arabia, Russia, Iraq, Iran, and in the North Sea.” Spencer Welch continued.

A recent paper by Morgan Stanley highlighted that the correlation between trade weighted U.S. dollars and oil was high until May this year, when large supply outages and then product market concerns subsequently brought oil back into focus, due to the increased market anxiety.

The investment bank also points out that in July, the oil and dollar price association was disrupted by fears of product overhang, although recently there are signs that the correlation is returning.

If this relationship stays firm, then Morgan Stanley believes that this could help support oil prices in the near term. Overall the bank’s forex team sees the dollar weakening further, before resuming an upwards trajectory next year.

The paper also points to how global market factors can have a huge impact on oil prices, outweighing the influence of a rising or falling dollar, as evidenced by the influence of the upcoming OPEC meeting taking place alongside the International Energy Forum in Algiers.

Any production deal to combat oversupply in the market must engage with Iran’s conditional demands, that OPEC will have to agree to allow it to return to its pre-sanction production levels.

Morgan Stanley also said that even if the meeting is a successful one, an OPEC freeze would likely be a short term positive but a medium term negative for oil prices.

Other factors such as the United States’ burgeoning production of shale oil has also been mentioned as a game changer for the oil price and dollar relationship, as argued by Goldman Sachs’ Jeffrey Currie in a study published in 2014.

He said that in 2008 the U.S. was importing on a net basis nearly 12 million barrels per day of oil and products. Today, owing largely to shale technology, that number is less than 5 million barrels per day, disturbing the oil price and dollar correlation.

According to the United States Energy Information Administration, the volume of shale oil production peaked at 4.5 million barrels of oil per day in early 2015, before falling to 4 million a day this year.

It’s uncertain by how big a margin shale oil production has transformed the oil price and dollar relationship, as the United States remains a net importer of oil.

Read the original article on OilPrice.com. Copyright 2016.

http://www.businessinsider.com/a-rate-hike-will-give-oil-prices-a-significant-jolt-2016-9?ref=yfp 

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History of edits:: 09.20.2016 14:09 • 65 visits readable
OPEC members were holding an emergency meeting after the Energy Forum in Algeria

{International: Euphrates News} said Algerian Energy Minister Noureddine Bouterfa Tuesday that members of the Organization of Petroleum Exporting Countries, OPEC countries {} may decide to hold an emergency meeting to discuss prices immediately after an informal meeting in Algiers next week.

He Bouterfa, in a statement, said he is optimistic that the participants would reach a consensus on how to stabilize the crude markets over the Algiers meeting , which will include producers inside OPEC and outside the organization from 26 to 28 September / September of this. 
The Algerian foreign minister, Ramtane Lamamra, called Iraq, to actively participate in the meeting of the World energy Forum end of September of this, during a meeting with Foreign Minister Ibrahim al - Jaafari. 
a spokesman for the oil Ministry , Assem Jihad, he said in the tenth of September of this, that "Iraq will attend the meetings of Algeria slated for the end of September / September , and will be represented by Minister of oil Jabar Luaibi , "adding that" Iraq with any decision reached by the producing countries will contribute to raise the price of oil. " 
the spokesman for the ministry to that" Iraq has a vision to be discussed with the OPEC countries to support oil prices, and would abide by any decision is in favor of high prices , "noting that" there are conflicting views of the oil - producing countries of OPEC, of which seeks to reduce production and some others see the need to increase production , ".anthy
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History of edits:: 09.19.2016 14:16 • 115 visits readable
Algeria calls on Iraq to attend the meeting of the energy of the agreement on oil prices
{Baghdad} Euphrates News called Algerian Foreign Minister Ramtane Lamamra, during a meeting with Foreign Minister Ibrahim al-Jaafari, Iraq to actively participate in the meeting of the World Energy Forum the end of this September.
A statement by the Office of the Minister of Foreign Affairs, received by the agency {Euphrates News}, said al - Jaafari , "met with Algerian Foreign Minister Ramtane Lamamra, During the meeting , they discussed bilateral relations between the two countries and ways of strengthening them to serve the interests of the two brotherly peoples, also reviewed the overall political developments and security in the pan the region and the world, and efforts to return security and stability to the peoples of the region. " 
the Foreign Minister of Algeria Ramtane Lamamra, according to the statement," the importance of enhancing cooperation and coordination between Iraq and Algeria in various fields , "calling on Iraq to" actively participate in the meeting of the global Forum energy end of this month in Algeria, and play an important role in reaching agreement on the collapse happening in oil prices between oil - producing countries. " 
the statement quoted al - Jaafari, saying that" our security forces Besnovha all achieved great victories, and regained much of the territory of Iraq from the grip of terrorists Daesh , "adding that" the unity of Iraqis reflected in the field, and check the progress in the decisive war against Daesh terrorist gangs. " 
He called on al - Jaafari, to" the need for concerted international efforts to counter terrorism, and to prevent its spread, and safeguarding the interests of nations and peoples of the world ".anthy
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Barrels of oil, Brent crude - XYZ

Barrels of oil, Brent crude - XYZ

Shafaq News / The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) on Tuesday that a potential agreement to support oil prices among the top oil producers in the world may continue for a period of one year, which is longer than alluded to other officials.

And discuss OPEC and producers outside of Russia, including an agreement to stabilize the market by installing the production at least, but not after the disclosure of key details such as the timeframe of the Basic Agreement and the standard for him.

He was quoted by RIA news agency Mohamed Barkindo Secretary General of OPEC, saying "one year .. We look forward to one year."

And the complexity of Russia and the Member States in an informal OPEC meeting in Algeria on 28 September. Said Algerian Energy Minister on Monday that any move by OPEC to install production would contribute to the stability of the market for six months at least.

He called a number of producers to install production in order to curb the oversupply that led to the collapse of prices in the last two years, including damaged Baaradathm. Previous talks have failed to freeze production levels in April.

The Iran's insistence on increasing production after the lifting of sanctions imposed on it in January, one of the potential obstacles but it has become less important this time because Iran itself data indicate that oil production is approaching the levels before the sanctions.

And through two sources of OPEC's optimism about the possibility of reaching an agreement in principle.

He said an OPEC source familiar with the discussions, "I think we are likely to reach a consensus. There will be no decision. The decision will be postponed until we meet in November. "

According to the source the meeting next periodic report of OPEC ministers scheduled for November 30 in Vienna.

Another source said OPEC that there is a strong impetus on reaching at least to agree on the outline of the agreement next week.

The source added, "install production is what we all want, but I'm not sure if we will complete all the discussions at this meeting."

 

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Iraq: market conditions suitable for a global agreement on oil

 

 

Thursday 22-09-2016 | 10:14:17

 
 
 
 

OPEC logo .. XYZ

OPEC logo .. XYZ

Twilight News / Iraq's ambassador to the Organization of the Petroleum Exporting Countries said OPEC Falah al-Amiri on Thursday that oil market conditions are the best raw producers inside and outside the organization to reach an agreement to support the market when they meet in Algeria next week.

Amiri said he believed that the meeting would be different this time because the conditions have improved so as to help producers to reach agreement in response to a question about the prospects for reaching a deal on oil production.

It is expected that greets producers inside and outside OPEC agreement on the stabilization of crude production when they meet in Algeria during the period from 26 to 28 September, after a similar initiative collapsed in the Qatari capital Doha in April because of Iran's refusal to restrict the size of its oil production.

During the Gulf Intelligence forum of energy markets in Fujairah, United Arab Emirates Al Ameri said that some oil producers have had access to the market share of the best, compared with earlier in the year, and that Iran's production is higher than before after the lifting of sanctions on Tehran, which makes it a good time to reach an agreement .

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Now is the ‘right time’ for OPEC to reach oil-output deal, Iraq says

By Anthony DiPaola on 9/22/2016

FUJAIRAH, United Arab Emirates (Bloomberg) -- Now is the right time for OPEC to reach an agreement on oil output, and crude prices may fall if its members fail to take a decision when they meet next week in Algiers, Iraq’s governor to the producer group said.

Conditions in the oil market are better than in April when members of the Organization of Petroleum Exporting Countries tried without success to strike a deal with other producers, including Russia, to stabilize markets, Falah Al-Amri said at an energy event in Fujairah in the United Arab Emirates. Countries including Iran have boosted output and reached their targets, and current oil prices are not good for producers, he said.

“This is the right time” for an agreement, Al-Amri said. Crude is unlikely to rise above $50/bbl unless OPEC reduces production, he said.

OPEC’s 14 members will hold talks on Sept. 28 in Algiers to address a global supply glut that led prices to drop by more than half from their 2014 peak. They may discuss proposals to cap production along with Russia and other countries outside the group. The planned talks signal that OPEC may reconsider a Saudi-led policy the group adopted in 2014 that lets members boost output to defend their market share. Benchmark Brent crude was 0.9% higher at $47.27/bbl at 11:23 a.m. in London.

‘Gradual’ Increase

Iraq won’t participate in any action that will reduce prices, and it won’t flood the market, said Al-Amri, who is also the director general of the country’s Oil Marketing Co., known as SOMO. The nation pumped 4.775 MMbopd in January, a modest increase from its output in 1979 of 3.8 MMbopd, he said.

Iraq, OPEC’s second-biggest producer after Saudi Arabia, is selling all of its current production of 850,000 bpd of Basrah Heavy grade crude, and it needs to pump more to meet existing customer demand, he said. It will continue increasing output “gradually and quietly,” Al-Amri said, without specifying a target.

OPEC’s last attempt to reach a deal, which also involved Russia, the largest non-OPEC producer, fell apart in Doha in mid-April when Saudi Arabia insisted that Iran also had to freeze production. Iran had refused because it was just starting to revive exports after the end of international sanctions.

Iran is exporting 2.3–2.4 MMbpd, and National Iranian Tanker Co. is seeking to regain its share of the oil-shipping market, the state-run company’s Commercial Director Nasrollah Sardashti said at the event in Fujairah.

Saudi Arabia and Iran met Wednesday, along with fellow OPEC member Qatar, at the group’s headquarters in Vienna, according to three people familiar with the matter. They were making preparations for the informal discussions planned in Algiers, the people said, asking not to be identified because the talks were private

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Iraq supports his way to the production of 5 million barrels of oil a day
 
 
 
 
 
 
Iraq 's oil minister, said Jabar Ali Allaibi, on Thursday, that his country would support a cap on oil production at an informal meeting between oil producers in Algeria , but they are aimed at defending its share of production ranging between 4.75 million and five million barrels a day.

Allaibi said in a statement, "Iraq's consistent policy aimed at preserving Iraq's share estimated at between 4.75-5 million barrels per day."

It is expected that salutes the Organization of Petroleum Exporting Countries (OPEC) and the Producers are not members of the Organization agreement on the installation of production for the first time in eight years when they meet in Algeria from 26 to 28 September / September after the collapse of a similar initiative in Doha in April / April because of Iran's refusal to curb supplies.

The lifting of Iraq - as well as Saudi Arabia, Iran and Russia - production to historic lows over the last year as the struggle for market share with the producers with the high cost ,such as the United States where production falls due to low oil prices.

And it looks to Iraq, according to the agency "Reuters" as one of the obstacles that stand in the way of reaching an agreement on the world oil production because it wants to continue to increase production in the next year, while Iran and Russia may have reached a maximum output energies, while Saudi production reached record levels.

But the Iraqi representative to OPEC, Falah al - Amiri, said on Thursday that Baghdad would not thwart agreement. He added that his country does not intend to flood the market , but intends to support and will not participate in any action that would reduce prices .

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LMAO!!!! Don't you just love the mentality of the folks from the Middle East? It's the "right time" to reach a deal for the OPEC oil out-put. These countries are on the verge of bankruptcy an Iraq comes out with a statement like that, now that's funny.

With summer over an the demand for gasoline will surely go down, which of the OPEC nations will cut their out-put. Can you just imagine Iraq which budget depends on 90% on oil an Iran, Russia, Saudi Arabia cutting back on their out-put? 

In my opinion June would have been the best time cut the out-put if that was the plan. That supply an demand for summer driving would have reinforced their effort. They will probably double down on their out-put an pump baby pump....

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History of edits:: 22.9.2016 23:13 • 181 visits readable
Oil Minister: Iraq aims to share 5 million barrels per day of global production
[Oan- up] 
Oil Minister Jabbar Ali Allaibi said on Thursday that Iraq would support a cap on oil production at an informal meeting between oil producers Algeria , but aimed to defend its share of the production ranging between 4.75 million and five million barrels a day.
He said Allaibi in a statement , "Iraq 's consistent policy aimed at maintaining the share of the country 's estimated between 4.75 to five million barrels per day." 
It is expected that salutes the Organization of Petroleum Exporting Countries [OPEC] and Producers are not members of the Organization agreement on the installation of production for the first time in eight years when they meet in Algeria from 26 to 28 September after the collapse of a similar initiative in Doha in April because of Iran 's refusal to curb supplies. 
the lifting of Iraq - as well as Saudi Arabia, Iran and Russia - production to historic lows over the last year as the struggle for market share with those with a high cost , such as the United States where production falls because of low oil prices producers. 
viewed Iraq as one of the obstacles that stand in the way of reaching an agreement on the world oil production because it wants to continue to increase production in the next year , while Iran and Russia may have reached a energies maximum productivity while Saudi production reached record levels. 
but the representative of Iraq at the OPEC Falah al - Amiri , said Thursday that Baghdad would not frustrate the agreement. 
he added that his country does not intend to flood the market , but intends to support and will not participate in any action that would reduce prices.
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Why are the Saudi's, Russian, Iraq and others now interested in talking quotas? IMO, I think the time is right for OPEC talks and they just might hold. As oil crashed in price two years ago, The countries that depended on the oil revenue to run their budgets encountered crushing deficits which brought their economies to their knees.

In the two or three years since the crash these countries have to take on cost cutting measures with regards slimming down government, laying off employees, cutting back on big projects, and handing out money for certain government program. Some of these countries have even resorted to instituting taxes.

instead of depending  on $70.00 Pb of oil, these same countries have adjusted their budgets so they can survive on less, say about fourty dollars a barrel. Now what will happen is when oil starts to creep upwards in price again, they will start running surpluses while maintaining the the new agreed upon production level. This will all be a plus for the OPEC countries, and hopefully us DV investors. We see this happening in Iraq where they have adopted their next budget based on $35.00  pb. I have read this about some other OPEC countries are doing and again I think it may work this time.

Dave, AKA: Seabee

Edited by Seabee
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2017 budget pending the stability of the oil market

 

 

   
 

 
 


9/25/2016 0:00 

 BAGHDAD - The joy of pumice   
with the completion of the draft general budget law in 2017 by the government and headed the House of Representatives to approve, called financial expert to include clauses take into consideration the rise in crude oil prices in world markets, particularly with a positive outlook obtaining resolving in prices after the Saudi position pro to install Organization production (OPEC) and some countries outside the organization. 
He guessed expert Thamer al - Azzawi «morning», that «experiencing global markets , arise in oil prices during the second half of next year», expecting «price 55 - $ 65 per barrel production 
 (OPEC)» . 

tentative agreement 
however has called al - Azzawi to «install a government and parliament items in the budget to benefit from higher prices, especially since the data positive on reach (OPEC) and countries outside the organization , such as Russia, an agreement starts from the end of this year and lasts for a year and then is reached a long - term agreement ». 
he was Iraq 's ambassador to the Organization of petroleum exporting countries (OPEC) , Falah al - Amiri , had confirmed that oil market conditions are the best raw producers from within the organization and outside to reach an agreement to support the market when they meet in Algeria this week. 
Amri said in a statement quoted by Reuters that he believed the meeting would be different this time because the conditions have improved so as to help producers to reach agreement in response to a question about the prospects for reaching a deal on oil production. 

crude production 
is expected to restore producers inside OPEC and outside an agreement on theinstallation of crude production when they meet in Algeria during the period from 26 to 28 September now , after a similar initiative in the Qatari capital Doha collapsed in April because of Iran 's refusal to restrict the size of its oil production. 

oil producers 
and during the Gulf Intelligence forum of energy markets in Fujairah , United Arab Emirates, Al Ameri said: some oil producers have had access to the market share of thebest , compared with earlier in the year, though Iran 's production is higher than before after the lifting of sanctions on Tehran 's what makes a good time to reach an agreement. 

reasonable agreement 
and continued Azzawi: «if it was reasonable agreement between the states , the 2017 budget year will rebound and will be the deficit by less, as the government will be in better shape than before the financial situation ». 
in the meantime, MP for the coalition of Kurdish blocs Rinas Gano, would be to put the draft 2017 budget law as soon as the House of Representatives sessions. 
said Jano in a press statement: «We are in the process of the legislative term for this period ends and the issue of the budget for the coming year will be on the agenda as soon as possible, and we know that the Ministry of Finance and the government in general has completed the draft budget 
and submitted». 
It is said that a member of the legal Committee of the parliamentary Secretary Baker has stressed that the 2017 budget law is still in the corridors of the Council of 
 Ministers.
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  • yota691 changed the title to Committee looking to extend the OPEC production cut

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