Committee looking to extend the OPEC production cut

[Goggles]

Here it comes! Ready... set... go RV! 

[yota691]

Iraq wants oil price to reach $ 60

 

 

Economy News Baghdad:  Oil Minister Jabbar Allaibi, Monday that three countries , members of the "OPEC" would like the arrival of the price of a barrel of oil to $ 60, stressing that the countries are Saudi Arabia, Iraq, Kuwait , and is ready to support an additional cut production next month.  "Iraq, Saudi Arabia and Kuwait aim to raise oil prices to 60 dollars a barrel, to push the economies of the three countries, and to stimulate the production of more oil shale, and support for the reduction of oil production during the next month," Al-Allaibi said.  "The US oil shale is more affected by the rise and fall in energy prices compared to other types of energy, while Kuwait needs to raise prices to improve its economy, and Iraq to get more revenue and compensate for the effects of political violence."  OPEC officials confirm that the price of a barrel of oil if it reaches $ 60 will make the OPEC countries able to start their economies, which will allow them to invest in the energy sector without relying too much on reducing the production of US rock oil, which is vulnerable to the rise and fall in price movements, Greater than most other oil production.
Views 294   Date Added 17/04/2017 - 19:44   Last updated 04/18/2017 - 1:42   No. Content 7170

[10 YEARS LATER]

Crude Oil and Commodity Prices
April, Monday 17 2017 - 21:03:27              Here Ya go Bubba

WTI Crude Oil $52.65 ▼-0.53    -1.01% 2017.04.17 end-of-day

Brent Crude Oil $55.36 ▼-0.53    -0.96% 2017.04.17 end-of-day

Crude Oil Price by OIL-PRICE.NET ©

Price Change 2017.04.17 - $ 52.65  -0.53 -1.01%  1 Year Forecast $60 / Barrel

http://oil-price.net

[new york kevin]

 SO, Iraq wants oil to rise to $60 a barrel. If they raise the international value of their currency to a minimum of $1.14, then I will allow the price of oil to rise to $60 ppb. That's my offer. Agree now or I'll just sit on my hands until soon comes around.  

[yota691]

18-04-2017 11:52 AM

For the first time .. OPEC honors Iraqi minister since 2003 (document)

 

 

 

Honored Organization of Petroleum Exporting Countries (OPEC), Oil Minister Jabbar Allaibi certificate of thanks and appreciation, which is the first time honors the organization to the Minister of Iraqis since 2003. 

The Oil Ministry said, that ' the Organization of Petroleum Exporting honored by the minister as a result of the great efforts made on the reduction of oil production to the countries of the oil exporter, after a round of negotiations that lasted months on the lifting of global oil prices. " 

She added that 'oil minister , had an active role in the marathon negotiations conducted to cut oil production, which Iraq cut its oil production significantly. " 

The source explained that the 'honor came to the commitments shown by Iraq towards the Organization of Petroleum Exporting Countries, to cut production, noting that' Allaibi had a prominent role in the convergence of views between the members of the organization '.

[Half Crazy Runner]

9 hours ago, new york kevin said:

 SO, Iraq wants oil to rise to $60 a barrel. If they raise the international value of their currency to a minimum of $1.14, then I will allow the price of oil to rise to $60 ppb. That's my offer. Agree now or I'll just sit on my hands until soon comes around.  

I'm backing you up on this offer. I agree 100%. 

Never thought I'd see the day when I'd be cheering for oil prices to go up 😄

[ChuckFinley]

8 hours ago, Half Crazy Runner said:

I'm backing you up on this offer. I agree 100%. 

Never thought I'd see the day when I'd be cheering for oil prices to go up 😄

Makes two of us. 

[alreis]

Do I hear $70/barrel. Heck why not $75.

more money for them, more money for us.

[SnowGlobe7]

1 hour ago, alreis said:

Do I hear $70/barrel. Heck why not $75.

more money for them, more money for us.

if only it worked that way

[yota691]

 

The stability of oil prices at $ 54 a barrel after the secretary-general of OPEC's statements two hours ago Last updated 12:56 PM       Follow - up / Tomorrow 's Press:  Oil prices stabilized on Wednesday after the Organization of the Petroleum Exporting Countries (OPEC) , "it is committed to reducing the oversupply in the global markets experienced by the market since 2014, although the increase of production and stocks in the United States continues to press on crude. "  Recorded crude futures for global measurement of Brent crude to $ 54.92 a barrel by 0741 GMT, a level approaching the closure of the previous session, according to a report published by "Reuters" and seen by "Tomorrow 's Press."  Futures contracts for WTI was also recorded in US mediator little at $ 52.43 a barrel change.  Traders said that "prices received support from the Secretary General of OPEC 's statements Mohammed Barkindo" in which he said that "committed to restoring stability to the market by reducing the global stocks organization to reach the average level in five years."  OPEC has agreed and independent producers such as Russia to reduce production by about 1.8 million barrels per day during the first half of this year, to reduce the glut of global fuel supplies hit the market since the middle of 2014. The  market also received some support from lower shipments Saudi Arabia.  According to the Joint Data Initiative data (Judy) Saudi exports fell to 6.96 million barrels per day in February , from 7.7 million barrels per day in January, but the Kingdom 's production rose to ten million barrels per day in February , compared with 9.75 million barrels per day in January.

[Luigi1]

Luigi found this news article of Dinarian interest.

Economic downgrade is due to OPEC production cuts & not the Iraq economy in general.

Still a 3.1% economic growth forecast is impressive in spite of voluntary OPEC cutbacks.

All the more reason to get ER done.

 

 

IMF Revises Down Iraq GDP Forecast...

April 19, 2017 in Iraq Industry & Trade News, Politics

By John Lee. The International Monetary Fund (IMF) has revised down its forecast GDP growth for Iraq from 0.5 per cent to a contraction of 3.1 per cent this year, due to the oil production cuts agreed within OPEC. Forecasts for 2018 and 2019 are 2.6 percent and 1.6 percent growth respectively. Consumer price inflation […]

read more at Iraq Business News.

[Tonygrasso]

I'm calling🐪Shiite on this one. That place is getting ready to explode with investment this year

[Luigi1]

Iraq may seek exemption from OPEC oil cuts to boost own output: Hakim...

Cairo (Reuters) Iraq may seek to be exempt from a deal between oil exporters to reduce global supply in order to support crude prices and ask to boost its own output, the leader of the nation’s Shi’ite ruling coalition Ammar al-Hakim told Reuters.

OPEC is due to meet in May to decide on an extension of supply curbs decided late last year to lift prices.

Speaking in Cairo, Hakim cautioned that Baghdad could ask to be exempted from taking part in the supply curbs as the nation needed its oil income to fight Islamic State.

“Given these sensitive circumstances, it is the right of Iraq to hope for an exemption by the other OPEC member states and have an opportunity to increase its production,” Hakim, an influential cleric, said in an interview late on Wednesday.

“But we are with the principle of reducing the overall OPEC supply to lift prices.”

Hakim is the president of the National Alliance, a coalition of the main Shi’ite political groups including Prime Minister Haider al-Abadi’s Dawa party. The Shi’ite community forms a majority in Iraq.

Read more at Iraq News/business.

[boosterbglee]

Thanks Luigi!

[Boozer]

Supply and demand ,

[10 YEARS LATER]

On 4/19/2017 at 11:51 AM, Tonygrasso said:

I'm calling🐪Shiite on this one. That place is getting ready to explode with investment this year

[ChuckFinley]

On April 19, 2017 at 2:51 PM, Tonygrasso said:

I'm calling🐪Shiite on this one. That place is getting ready to explode with investment this year

Oh ha. 

[Luigi1]

Luigi found these business news articles of Dinarian interest...

How to finance the MR and the IQD RV!

GOI & CBI both stated they needs $60 barrel oil to finance MR & the Dinar RV.

It looks like we could possibly see $60 barrel oil in very near future.

OPEC oil prices poised to take another increase due to disruptions & voluntary cutbacks.

 

Oil Rises On Libyan Supply Disruption.

24 April 2017  Reuters News Service...

Oil prices on Wednesday extended gains from the previous session, lifted by supply disruptions in Libya and expectations that an OPEC-led output reduction will be extended into the second half of the year.

Front-month Brent crude futures, the international benchmark for oil, rose 29 cents, or 0.6 percent, to $51.62 per barrel by 0653 GMT.

In the United States, West Texas Intermediate (WTI) crude futures were up 34 cents, or 0.7 percent, at $48.71 a barrel.

The gains added to a rise of more than 1 percent for both crude benchmarks the previous day.

 

 

OPEC To Look At Extending Oil Output Cuts By 6 Months.

24 April 2017  Reuters News Service...

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.

[yota691]

Thanks Luigi...need links for Iraq News section...

[Luigi1]

4 minutes ago, yota691 said:

Thanks Luigi...need links for Iraq News section...

 

Sorry bout that Buddy... I ment to put this post in the Iraq News Section.

 

http://www.iraqinews.com/business-iraqi-dinar/opec-non­-opec-look-extending-oil-output-cut-six-months/

http://www.iraqinews.com/business-iraqi-dinar/oil-rises-libyan-supply-disruptions-likely-opec-output-cut-extension/

[yota691]

Talks to extend a cut in oil production agreement

4/26/2017 0:00    Baku / Follow-up to the morning Looking Energy Minister of Azerbaijan Aliyev, speaking today with his Saudi counterpart Khaled al-Faleh to extend a cut in oil production agreement in order to balance the crude market Alaalmih.ooaln Energy Minister of Azerbaijan Aliyev, speaking yesterday that his country will support the extension of the reduction of world oil production agreement. Aliyev said he would discuss the possible extension of the reduction of world oil production agreement at a meeting planned on Wednesday with his Saudi counterpart Khaled al - Faleh.  He told reporters , "We will discuss several issues , including , of course , the policy of (OPEC) regarding oil prices." And ends with the reduction of the existing production agreement between OPEC and producers outside at the end of next June.  The Minister of Energy and Industry Saudi Mineral Resources, Khaled Al- Faleh, announced last week that the oil - producing countries have reached a tentative agreement to extend the reduction of oil production agreement, but not with the participation of all producers.  He pointed out that the extension of the agreement period is not important because the main objective is "to balance the market.", He said . "Will it be 6 months or 9 months or a year , this is not important, stressing that the goal is still the same balance in the market."  And he saw that all the Gulf states share the same concern about what will happen to this sector over the next few years, if the decline continues in the flow of investments in the sector, which is observed in the past two years.

[yota691]

Chief Executive Officer of Saudi Aramco: The oil market is heading for a balance

economy

 Since 27.04.2017 at 11:58 (Baghdad time)

Follow-up to the balance of News

Confirmed chief executive of Saudi Aramco, on Thursday, the oil market is moving towards the restoration of equilibrium supported by improved fundamentals of supply and demand and lower supply agreement led by OPEC.

Nasser Amin said the conference in Paris, "The market is moving towards the restoration of balance, I see the oil market indicate the upside and I expect to continue to improve" .anthy 29 / A 43

[yota691]

OPEC: stocks need to drop more towards the 5-year average

History of edits:: 2017/4/27 15:05 • 31 times readable

[Where Follow-up] 
Secretary - General of the Organization of Petroleum Exporting Mohammed Barkindo said on Thursday that the glut of global oil inventories are shrinking , but stocks still need to fall more towards the five - year average.

Organization of Petroleum Exporting Countries meets oil and non - OPEC countries on 25 May to discuss the extension of the production cut of 1.8 million barrels per day, two - thirds of OPEC, in an effort to drain the supply glut , which put pressure on prices. 
The International Energy Agency said this month that the stocks in industrialized countries are still higher than ten percent above the five - year average which is monitored by OPEC.

[Wiljor]

Saudi Arabia, the world’s biggest crude exporter, is losing market share to Iraq and Iran as a result of OPEC’s agreement to curb supplies to bolster prices, according to the head of research at Abu Dhabi Investment Authority.

“If you’re talking about winners, you can count Iran and Iraq,” Christof Ruehl said Wednesday at a conference in Dubai.

The Organization of Petroleum Exporting Countries agreed to production limits for most of its members at a meeting in November and brought 11 other nations on board with the deal in December. Saudi Arabia, OPEC’s biggest producer, agreed to cut output by 486,000 barrels a day while Iraq said it would cut 210,000 barrels a day. Iran was permitted to increase output by 90,000 barrels a day, according to the OPEC accord.

Iran has boosted production in part due to the end of sanctions restricting its oil sales in January 2016, while Saudi Arabia has made more than its share of output cuts, said Ruehl, who previously worked as BP Plc’s chief economist. ADIA is the sovereign wealth fund in Abu Dhabi, capital of the United Arab Emirates and holder of most of the country’s oil reserves.

Saudi Arabia knew it would lose share because Iran’s production was on the rebound, said Robin Mills, founder of Dubai-based consultant Qamar Energy. “The Saudis agreed to production cuts at a time when Iranian production was at a high.”

Brent crude slipped 20 cents, or 0.4 percent, to $51.62 a barrel at 9:29 a.m. in Dubai. The the global benchmark plunged from its 2014 high of more than $115 a barrel amid a global supply glut.

There seems to be a consensus that the effort to curb supply should be extended, Saudi Minister of Energy and Industry Khalid Al-Falih told reporters Wednesday in Baku, Azerbaijan. Al-Falih said he’ll talk with his Russian counterpart Alexander Novak by phone this week and meet him within the next two weeks.

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Saudi Arabia cut production from about 10.5 million barrels a day in December to as low as 9.87 million daily in January and 10 million a day last month, according to data compiled by Bloomberg. Iran’s output rose to 3.8 million barrels a day in January, the highest since April 2010, the data show. Iran insisted it needed to recover its market share following years of sanctions that penalized its oil industry. Neighboring Iraq pumped 4.43 million barrels a day in March, down 200,000 barrels for the year, according to the data.

The struggle over market share is most pronounced in Asia, according to Mills and Edward Bell, commodities analyst at Dubai-based lender Emirates NBD PJSC. Iran and Iraq increased crude sales to China last month, while Saudi Arabia slipped behind Russia and Angola as the largest suppliers to the nation, data released Tuesday by the General Administration of Customs show.

“The Saudis are losing out because other countries are able to squeeze out more production,” Bell of Emirates NBD said. Saudi Arabia is cutting crude pricing to Asia to hold on to its share, Bell said. The kingdom will likely release its official crude pricing for June next week, with most other regional producers following.

“The OPEC market share battle hasn’t gone away,” he said.

 

Bloomberg.com

[yota691]

 Iraq's exports of high fuel oil despite OPEC output cut

 

 

Economy News Baghdad: Sources in the oil sector said that Iraq's exports of fuel oil rose since January 2017 despite a decline in crude oil production in line with OPEC's agreement to cut production. This may be a way to promote the production of refined materials and maintain oil revenues. Data for oil research showed that Iraq was issued between 80 and 160 thousand tons of fuel oil in 2016. But the quantities sold to Asia jumped in the current year and exceeded the Iraqi fuel oil exports 500 thousand tons in March, only according to Reuters data. The five-informed sources in the sector that Iraq has treated more oil refineries and turned it into a fuel oil for export.
Views 8   Date Added 05/03/2017 - 13:14   Last updated 03/05/2017 - 14:11   No. Content 7403