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Oil rises 1% on settlement amid fears of supply shortages


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Release date: 2017/9/6 9:02 • 89 times read
Oil prices are expected to fluctuate between $ 45-55 next year
[Where-up] 
said Russian Energy Minister Alexander Novak, said on Wednesday that oil prices next year may range from $ 45-55 per barrel.
"Brent, we have our expectations and we have different estimates ... 45-55" per barrel, Novak told reporters on Wednesday. 
OPEC and non-OPEC countries reached an agreement on November 30 to reduce their oil production by 1.8 million barrels a day from 2017 to 32.5 million bpd. Outside the Organization, with a total reduction of its production of oil 558 thousand barrels per day, of which 300 thousand barrels by Russia. 
The agreement was signed until the first half of this year with the possibility of extension. On May 25, the agreement was extended for an additional nine months until the end of March 2018. 
The IAEA also raised its forecast slightly on the growth of non-OPEC oil supply in 2017 and 2018 Increasing by 0.7 million barrels per day and 1.4 million barrels per day, respectively.
The agency noted that the decline in oil prices since the beginning of the year pushed the major oil producers in the United States to reduce spending plans in 2017.
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OPEC oil price rises as US production drops sharply as hurricanes bite

September 08 2017 11:18 AM
OPEC oil price rise as US production drops sharply as hurricanes bite
OPEC oil price rise as US production drops sharply as hurricanes bite

 

The price of OPEC basket of fourteen crudes stood at 52.48 US dollars a barrel on Thursday, compared with 52.04 US dollars a barrel on Wednesday, according to OPEC Secretariat calculations.

Oil markets were mixed on Friday, with Brent crude supported by expectations that Saudi Arabia could cut its October supplies, while US crude was weighed down by refinery outages due to damage from Hurricane Harvey, which dented demand, according to Reuters.

Focus was shifting to three other hurricanes that are currently tearing through the Caribbean and Gulf of Mexico.

Brent crude futures LCOc1 were up 8 cents at 54.57 US dollars a barrel at 0735 GMT, with the benchmark for international oil prices earlier marking its highest since April at 54.79 US dollars a barrel.

Saudi Arabia will cut crude oil allocations to its customers worldwide in October by 350,000 barrels per day (bpd), an industry source familiar with Saudi oil policy said.

Harvey’s impact was also felt in oil production. US oil output fell by almost 8 percent, from 9.5 million barrels per day (bpd) to 8.8 million bpd, according to the Energy Information Administration (EIA). C-OUT-T-EIA

Port and refinery closures along the Gulf coast and harsh sea conditions in the Caribbean have also impacted shipping.

“Imports (of oil) to the US Gulf Coast fell to levels not seen since the 1990s,” ANZ bank said.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

 

http://www.thebaghdadpost.com/en/story/16665/OPEC-oil-price-rises-as-US-production-drops-sharply-as-hurricanes-bite

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  • 2 weeks later...
Release date: 2017/9/19 10:23 • 93 times read
Oil Minister: Iraq needs a new reduction in OPEC production
(Reuters) - Oil Minister Jabbar al-Luaibi said on Tuesday it was too early to decide on what OPEC and its outside producers should do after March 2018, when the current cut-off agreement expires.
"It is too early to reach a conclusion or a decision seven months before March, there are talks, dialogues and an exchange of views," the minister told an energy conference in the UAE. He said some oil producers believe the deal should be extended for several months after March, while others want to extend the agreement until the end of 2018 while some believe, including Iraq, that there should be another round of production cuts. "
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2433.jpg
 

Economy News _ Baghdad

Iraqi Oil Minister Jabbar al-Luaibi said Tuesday that it was too early to decide on what OPEC and its outside producers should do after March 2018, when the current cut-off agreement expires.

"It is too early to reach a conclusion or a decision seven months before March, there are talks, dialogues and an exchange of views," al-Allaibi told an energy conference in the UAE and his follow-up.

"Some oil producers believe that the agreement should be extended for several months after March, while others want to extend the agreement until the end of 2018, while some believe, including Iraq, that there should be another round of production cuts."

 

Views 14   Date Added 19/09/2017

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Oil settles amid talk of shrinking supplies of the Middle East

   
 

 
 


20/9/2017 12:00 am 

SINGAPORE -  
Oil has stabilized largely on Tuesday despite OPEC and Saudi Arabia talking about cutting supplies in line with efforts to reduce market supply and boost prices. Price restraint has fueled US rock production growth and fears of a new hurricane in the Caribbean that could disrupt refineries and disrupt shipping routes to and from the United States. Global Brent crude was trading at $ 55.48 a barrel, unchanged from the last  settlement. US WTI hit $ 50 a barrel, up nine cents from the last settlement price. Iraq's oil minister, Jabbar al-Luaibi, said on Tuesday that his country's production of crude was currently 4.32 million barrels, compared to about 4.5 million bpd in May and  June.






His comments came after data showed that Saudi crude exports fell to 6.693 million barrels in July from 6.889 million barrels in  
June. 
The US government said late on Monday that US rock oil production is expected to rise for a tenth month in a row in October  
. According to the Energy Information Administration, production from seven regions is expected to rise by 79,000 bpd to 6.1 million bpd.
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  • yota691 changed the title to World oil prices rise because of Iraq
2017/09/21 (00:01 PM)   -   Number of readings: 177   -   Number (2023)
 
 
World oil prices rise because of Iraq



 Tokyo - Sharjah / Reuters - AFP 
 

Oil prices rose on Wednesday after Iraq's oil minister said the Organization of the Petroleum Exporting Countries (OPEC) and other producers were considering extending the cut production agreement or increasing volumes to reduce the global supply glut, while a report showed a lower-than-expected increase in inventories American. US West Texas Intermediate crude futures rose 33 cents, or 0.6 percent, to $ 49.78 a barrel. London Brent crude <LCOc1> was up 22 cents, or 0.4 percent, at $ 55.37 a barrel.

"While OPEC and other producers are considering options that include extending the production cut for other months, it is too early to say what will happen after the agreement ends in March," Oil Minister Jabbar al-Luaibi told an energy conference in the UAE on Tuesday. "Some producers believe that the agreement should be extended for another three or four months, while others believe that the tide should be until the end of 2018. Some believe, including Ecuador and Iraq, that there is a need for further cuts in production," he said.
The oil minister, Jabbar Ali al-Allaibi, said Tuesday that Iraq aims to develop the oil industry through the national effort and the participation of global investments. "The Ministry is seeking to develop the oil and gas industry in Iraq through its strategic plans," Al-Luaibi said in a statement received by Al-Ghad Press, on the sidelines of a speech at the Energy Markets Forum held in Fujairah in the UAE in the presence of dignitaries and interested in energy markets. And works to implement them through the national effort or cooperation with companies to rehabilitate and develop the oil fields produced in the country, as well as conduct a geological survey to detect the new oil and gas reservoirs. He added that the ministry "pays great attention to the optimal investment of gas associated with oil operations and petrochemical industries and the upgrading of infrastructure."
In a related context, the oil minister said that "Iraq needs oil prices between 55 and 60 dollars a barrel in order to reach a better financial situation," noting that "Iraq is in constant dialogue with producers inside and outside OPEC to find appropriate solutions to address the oil supply and the challenges that Facing the oil market. " "The door of dialogue is open with the brothers in the region to discuss all the outstanding problems according to the principle that the national wealth belongs to all Iraqis and that preserving and developing it is the responsibility of everyone and we must put the national interest and preserve the national wealth above all consideration".
Oil Minister Jabbar al-Luaibi announced on Wednesday that the Iraqi company for transport and trade services would start processing the world's first tanker with operational fuel, saying it was a major achievement after a 30-year hiatus. "The Iraqi company for transport services and oil trade has become the main supplier of operational fuel (bunker) for all ships and tankers of oil and gas entering the Iraqi ports." He added Allaibi, This achievement came as a result of the plans developed by the ministry to develop the performance of our national companies, including the Iraqi oil tankers company. It is a great achievement achieved by the ministry for several considerations including that it will be a detailed strong support for Iraqi ports and development, as well as a financial resource supportive of the Iraqi economy for the financial revenues In addition to contributing to the establishment and development of a global market for the Banker in the south of the country competing with the market of Fujairah and Singapore, which are one of the most important global markets in this area and thus become the Iraqi company of the strongest companies ready for the bunkers in the east Middle East. "
Crude oil inventories rose 1.4 million barrels in the week ending Sept. 15 to 470.3 million barrels, compared to expectations of an increase of 3.5 million barrels, the US Petroleum Institute said. Crude stocks at the delivery point in Kashing, Oklahoma, increased by 422,000 barrels.

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(2024)   -   Number of readings: 128   -   Number (2024)
 
 
-1.jpg?width=400




 

Vienna 
Committee will discuss OPEC and independent control of oil exports and the extension of an agreement reduction 
plans and some OPEC oil producers outside at their meeting on Friday to extend the search cut crude production agreement until after March and discuss export control to assess the extent of compliance with the agreement. The Organization of the Petroleum Exporting Countries (OPEC), together with Russia and other independent producers, are trying to overshadow world oil supply by cutting production by about 1.8 million bpd. The reduction agreement expires at the end of March. 
The ministers are meeting in a committee to monitor the agreement, which includes Kuwait, Venezuela and Algeria, as well as Russia and Oman, which are not members of the organization, in Vienna on Friday.
The meeting was scheduled to start at 0900 GMT, and OPEC delegates said it was likely to be brief. Oil prices have risen more than 15 percent in the last three months to above $ 56 a barrel, suggesting that the deal is making progress in managing surplus supplies. But global stocks showed only signs of a slow decline and the price of crude is still half its level in mid-2014. Ministers and other officials said the meeting on Friday would discuss extension of production cuts after March, but the meeting of the Joint Ministerial Control Committee would only recommend the rest of the group to action Which should be taken, and was not concerned with a final decision.
Russian Energy Minister Alexander Novak said the ministers were also considering monitoring the exports of the countries involved in the oil deal. "We are discussing (controlling oil exports), but there are problems with the accuracy of the data ... In general, we do not oppose this as an additional element. The main factor is production. " OPEC officials said exports have become a key benchmark for the market because they affect the global supply more directly than production. 
The agreement, which came into effect on January 1, sets maximum limits for the production of OPEC and other participating countries but does not impose any restrictions on export levels, allowing some producers to keep their exports relatively high by withdrawing from their reserves. The slow pace of global inventories is due, inter alia, to the continued rise in US rock production.

The meeting of the Joint Ministerial Oversight Committee, chaired by Kuwait, could raise a policy recommendation to the broader group, which will hold its next meeting in November. The meeting will be attended by the Nigerian oil minister and the president of the National Oil Corporation of Liya, whose countries have been exempt from production cuts. 

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  • yota691 changed the title to Oil hits eight-month high as producers say market rebalancing

#BUSINESS NEWS SEPTEMBER 24, 2017 / 9:23 PM / UPDATED 21 MINUTES AGO

Oil hits eight-month high as producers say market rebalancing

Fanny Potkin

3 MIN READ

A gas station worker pumps gas into a car at a gas station of the state oil company PDVSA in Caracas, Venezuela August 29, 2017. REUTERS/Carlos Garcia Rawlins

LONDON (Reuters) - Oil prices rose on Monday to their highest in eight months after major producers said at a meeting in Vienna the global market was well on its way toward rebalancing.

 

The November Brent crude futures contract was up 79 cents at $57.65 a barrel by 1134 GMT (6.34 a.m ET), its highest since January 3.

 

U.S. crude for November delivery was up 41 cents at $51.07 a barrel, close to recent four-month highs.

 

The Organization of the Petroleum Exporting Countries, Russia and several other producers have cut production by about 1.8 million barrels per day (bpd) since the start of 2017, helping lift oil prices by about 15 percent in the past three months.

 

Kuwaiti Oil Minister Essam al-Marzouq, who chaired Friday’s meeting in Vienna of the Joint Ministerial Monitoring Committee, said output curbs were helping cut global crude inventories to their five-year average, OPEC’s stated target.

 

Russia’s energy minister said no decision on extending output curbs beyond the end of March was expected before January, although other ministers suggested such a decision could be taken before the end of this year.

 

Iran expects to maintain overall crude and condensate exports at around 2.6 million bpd for the rest of 2017, a senior official in the nation’s state oil company said, while the UAE’s energy minister said its compliance to supply cuts was 100 percent.

 

Nigeria is pumping below its agreed output cap, its oil minister said.

 

“On the basis of the current IEA estimates, the oil market is more or less balanced in the second half of the year,” said Commerzbank in a note. “For stocks to be reduced any further, however, the oil market would have to show a deficit, so the optimism appears exaggerated.”

 

OPEC’s production cuts have been met with rising U.S. shale oil output, which has tempered the rise in U.S. oil prices relative to the increase in Brent futures.

 

The discount of the benchmark WTI crude contract to Brent futures rose to $6.64, the widest since August 2015. This gap has doubled in the last six weeks as U.S. crude demand has been undermined by hurricane damage to U.S. refineries.

 

U.S. energy firms cut the number of oil rigs operating for a third week as a 14-month drilling recovery stalled.

 

Investors were also eyeing developments in North Korea. U.S. Treasury Secretary Steve Mnuchin on Sunday said President Donald Trump wants to avoid nuclear war with North Korea.

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Good for the middle east and Iraq but bad for our pockets. I've already seen the gas prices creep up. Now here in the city it's hovering around $2.87. It was around $2.45. Wouldn't be a problem if Iraq would RV their currency already.

Edited by NextYear
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3 minutes ago, NextYear said:

Good for the middle east and Iraq but bad for our pockets. I've already seen the gas prices creep up. Now here in the city it's hovering around $2.87. It was around $2.45. Wouldn't be a problem if Iraq would RV their currency already.

We have been dropping here over the last week. It has gone down about a Dime.  I think as TX  comes back on line our price will keep dropping. 

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  • yota691 changed the title to Oil rises 1% on settlement amid fears of supply shortages
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