Oil rises 1% on settlement amid fears of supply shortages

[presence]

Thanks Wiljor, for posting this  encouraging article backed by facts and detail. This is obviously a very important component to Iraq's current and future economomy. Go RV!!!

[Wiljor]

4 hours ago, presence said:

Thanks Wiljor, for posting this  encouraging article backed by facts and detail. This is obviously a very important component to Iraq's current and future economomy. Go RV!!!

 

[ChuckFinley]

1 hour ago, Wiljor said:

 

Thanks there brother. See you made it through the weekend.  

[Wiljor]

2 minutes ago, ChuckFinley said:

Thanks there brother. See you made it through the weekend.  

 

Yep, all good brother Chuck, can’t complain, working in a resort is like being on vacation most of the time  🌴☀️ but like any job, it has it’s great days and not so great. Hopefully soon we will all be toasting a glass of our finest, to victory  🍻

[nannab]

 

2 hours ago, Wiljor said:

soon we will all be toasting a glass of our finest, to victory  🍻

 

As you sing take this job and shove it with DV singers as back up !!!!  

Edited October 25, 2017 by nannab

[10 YEARS LATER]

1 hour ago, nannab said:

 

 

As you sing take this job and shove it with DV singers as back up !!!!  

 

DV Back Up Singers - " THE THUGETTES "

 

[nannab]

Perfect the Thugettes it is  

[SnowGlobe7]

[ChuckFinley]

21 hours ago, Wiljor said:

 

Yep, all good brother Chuck, can’t complain, working in a resort is like being on vacation most of the time  🌴☀️ but like any job, it has it’s great days and not so great. Hopefully soon we will all be toasting a glass of our finest, to victory  🍻

Locking forward to that day.  

[yota691]

Oil rises and approaches the $ 60

 

 Since 2017-10-27 at 13:26 (Baghdad time)

 

 

Follow - Mawazine News

Oil prices jumped on Friday, with Brent crude approaching $ 60 a barrel, after Saudi Crown Prince Mohammed bin Salman said he would support an extension of the OPEC-led cut.

By 11:01 GMT, global benchmark crude <Brent> rose 0.02% to $ 59.31 a barrel, its highest level in 27 months.

US light crude (LTI) futures contract was $ 52.65 a barrel, a similar increase of 0.02%.

The Saudi crown prince said in an interview with Reuters on Thursday that the kingdom would support the extension of production cuts in an effort to stabilize supply and demand.

[yota691]

Ecuador is considering withdrawing from OPEC

28/10/2017 12:00 am  Quito / Reuters  Ecuador's oil minister said his country would ask for a two-year OPEC withdrawal if the Organization does not agree to a request to exclude it from the quota system.  Ecuador, in South America, has a huge budget deficit and funding needs because of falling oil prices and a devastating earthquake last year.  Carlos Perez said his country plans to present its request to exclude production restrictions at the next meeting of the Organization of the Petroleum Exporting Countries (OPEC) in November.  "The demand for OPEC will be to avoid compliance with the cuts and we will submit the request next month."  He explained that the second alternative to his country is to request a two-year withdrawal from OPEC, "adding," but we hope that the first option is acceptable. " Opec and non-OPEC members agreed to cut crude production by 1.8 million bpd by the end of March 2018 in a bid to remove a supply gap that would curb prices.  OPEC Secretary-General Mohamed Sanusi Barkindo said earlier this month that oil producers were working to build consensus to extend that agreement.  Ecuador plans to increase crude output by 50,000 bpd by 2018, while its daily output of oil is currently 530,000 barrels.

[SocalDinar]

Iraq Takes Saudi’s Spot As #2 Oil Exporter To U.S.

By Irina Slav - Oct 27, 2017, 1:00 PM CDT

Iraq last month become the second-largest crude oil exporter to the United States, overtaking its southern neighbor, Saudi Arabia, and is on track to repeat this performance this month as well, customs data compiled by Bloomberg and figures from the Energy Information Administration (EIA) suggest.

Iraq, Bloomberg’s data showed, shipped 18.8 million barrels to the U.S. in September, while Saudi exports to this destination came in 2.9 million bpd lower. Since the start of October, Saudi oil exports to the U.S. have been 3.2 million barrels below shipments from Iraq. Last week, the EIA said, Iraqi exports came in at 1.072 million barrels per day, versus 569,900 barrels per day from Saudi Arabia. The week before, Iraq exported just 423,000 bpd to the U.S.

Saudi Arabia has been the second-largest supplier of crude oil to the United States for more than two decades, with Canada holding the top spot. Now, with the Kingdom cutting more oil production than the OPEC deal calls for, its market share in the U.S. and elsewhere is being lapped up by partners and rivals, including not just Iraq but also Iran and Russia.

 

And it’s not just the US where Saudi Arabia’s presence in the oil market is diminishing. Earlier this week, Chinese customs data revealed that Russia remained the top oil exporter to China, about a year after it dethroned Saudi Arabia from that position. The data showed that in September, imports of Russian crude jumped by 61 percent annually to 6.35 million tons, or 46.55 million barrels. Angola was second, and Saudi Arabia came in third, with exports of 4.28 million tons, or 31.37 million barrels.

In August, Saudi Arabia announced it would cap its daily exports to 6.6 million barrels in a bid to accelerate the rebalancing of global inventories and has more or less stuck to this cap since then, ceding market share to other large producers, despite higher client demand as per statements from Saudi officials.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.co

 

https://oilprice.com/Latest-Energy-News/World-News/Iraq-Takes-Saudis-Spot-As-2-Oil-Exporter-To-US.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+oilpricecom+(Oil+Price.com+Daily+News+Update)

[blueskyline]

http://www.nasdaq.com/markets/crude-oil-brent.aspx.

 

 

Crude Oil Brent

Latest Price & Chart for Crude Oil Brent

End of day Commodity Futures Price Quotes for Crude Oil Brent

The Chart will not load . But it says Brent Crude Oil $ 60.44.................................

 

BNO

 

 

•  
•  
  Oct 27, 2017

 

 

 

[10 YEARS LATER]

https://oilprice.com Good News Source. Also, article on the latest OPEC meeting between OPEC & non-OPEC discussing the extension and such.

 

BRENT CRUDE $60.13

WTI $53.90

 

As of 19:14 hrs. 27 Oct. '17

[Laid Back]

This is the reason why the oil is going up.!

 

Laibi: oil contracts on Baghdad back are void

 

The Iraqi federal government warned oil companies from signing any contract with the Kurdistan region of Iraq without its knowledge coincided with the imposition of full control of Iraqi forces on Kirkuk, the rich oil city.
The Iraqi Prime Minister Haider al-Abbadi instructed the Minister of oil Jabbar Laibi to issue an alert and warning from the Federal Oil Ministry to confirm that any oil contracts not known to Baghdad and not a party to it are invalid.

Iraqi Oil Minister Jabbar Laibi stressed on Russia’s largest oil company, Rosneft, for clarification on contracts signed with Iraq’s Kurdistan region, stressing that the contracts were preliminary and not ready for implementation.

The Iraqi national security adviser Faleh al-Fayadh has been sent to Russia to discuss the abolition of the contract of Rosneft in relation of the Kurdistan region, but he did not succeed.

In the same context, Foreign Minister Ibrahim al-Jaafari discussed at his last meeting in Moscow with a number of Russian officials, including the adviser of the Russian President for Energy, Issa, the son of the Grand Mufti of Russia, who has a good relationship with Kurdish officials several common issues concentrating on the unity of Iraq, and the rights of the Kurds, and negotiations according to the Constitution.
At the same meeting, the Iraqi side asked the Russian side to cancel the contract of Rosneft in the Kurdistan region, which has other contracts in southern Iraq, and Isa was one of the strongest opponents of the cancellation of the agreement, which was contracted between Rosneft and the Kurds of Najran Barzani and Kebad Talbani and Ashti Hawrami.
The contract is attractive to the Russian side in terms of oil and gas and export them, stressing that Russia is not ready to give up, which led to resentment of the Iraqi government and the US government, making the latter take a tough position to resolve the crisis in the region.
In parallel context, the Russian energy minister said that the differences between the Iraqi government and the region is an internal issue, and Rosneft has nothing to do with it.

According to oil experts, all the contracts concluded by Erbil with international companies are illegal and in violation of the Constitution. Russia aims to sign these contracts to monopoly the global gas market and control it and prevent the Iraqi gas, which threatens their trade, to compete it , so they agreed with Erbil to invest five sites for oil and gas and establish a new line owned mainly by the Russian company (the largest property for the Russian company) to invest gas and connect the pipeline with the gas pipeline reaching Europe via Turkey. The Russians seek, and do not want to be competed.

Rosneft receives 60% of the export through the Kurdish export pipeline in the Kurdistan region, which has increased its investment in the region by up to $ 3.5 billion, while the Kurdish private kar company receives 40% of the export through the line.

Rosneft said it would invest money in expanding the pipeline in the hope of increasing its capacity by one third to 950,000 bpd. The company is seeking to develop the current pipeline to about 1 percent of the world’s total supply.
The pipeline usually transfers 600,000 barrels per day, but that amount fell to 200,000 bpd after Iraqi forces took control of Kirkuk.
The Kurdish private Kar Company manages 40 percent of the pipeline, which carries 390,000 barrels / day from the fields of Khormala -Avana –Bai Hassan in the region.

Researches at the Institute of Oriental Studies at the Russian Academy of Sciences said “The government of Baghdad has long turned a blind eye to the actions of the Kurdistan Region with respect to oil and gas and exporting them for this tempting contract,” and . Stressing that “Russia is not prepared to give up.
According to data from international companies and export institutions that oil exports from the region are declined to 190 thousand barrels / day, causing the loss of millions of dollars for each day of delay in export.

The following table shows companies, fields and export quantity

The pipeline of crude oil is transferred from Kirkuk and other fields in northern Iraq to the Turkish port of Ceyhan overlooking the Mediterranean Sea.
Other oil companies in the region, such as Norway’s DNO, Janell Enriegi, Galfstone and Dana Gas, say there are no stops for oil exports, indicating that Golf Key Stone, in Shekhan, produces 38,000 barrels per day exported to Turkey.

 

[ChuckFinley]

7 hours ago, 10 YEARS LATER said:

https://oilprice.com Good News Source. Also, article on the latest OPEC meeting between OPEC & non-OPEC discussing the extension and such.

 

BRENT CRUDE $60.13

WTI $53.90

 

As of 19:14 hrs. 27 Oct. '17

Thanks for the link there 10YL.  

[ChuckFinley]

7 hours ago, Laid Back said:

This is the reason why the oil is going up.!

 

Laibi: oil contracts on Baghdad back are void

 

The Iraqi federal government warned oil companies from signing any contract with the Kurdistan region of Iraq without its knowledge coincided with the imposition of full control of Iraqi forces on Kirkuk, the rich oil city.
The Iraqi Prime Minister Haider al-Abbadi instructed the Minister of oil Jabbar Laibi to issue an alert and warning from the Federal Oil Ministry to confirm that any oil contracts not known to Baghdad and not a party to it are invalid.

Iraqi Oil Minister Jabbar Laibi stressed on Russia’s largest oil company, Rosneft, for clarification on contracts signed with Iraq’s Kurdistan region, stressing that the contracts were preliminary and not ready for implementation.

The Iraqi national security adviser Faleh al-Fayadh has been sent to Russia to discuss the abolition of the contract of Rosneft in relation of the Kurdistan region, but he did not succeed.

In the same context, Foreign Minister Ibrahim al-Jaafari discussed at his last meeting in Moscow with a number of Russian officials, including the adviser of the Russian President for Energy, Issa, the son of the Grand Mufti of Russia, who has a good relationship with Kurdish officials several common issues concentrating on the unity of Iraq, and the rights of the Kurds, and negotiations according to the Constitution.
At the same meeting, the Iraqi side asked the Russian side to cancel the contract of Rosneft in the Kurdistan region, which has other contracts in southern Iraq, and Isa was one of the strongest opponents of the cancellation of the agreement, which was contracted between Rosneft and the Kurds of Najran Barzani and Kebad Talbani and Ashti Hawrami.
The contract is attractive to the Russian side in terms of oil and gas and export them, stressing that Russia is not ready to give up, which led to resentment of the Iraqi government and the US government, making the latter take a tough position to resolve the crisis in the region.
In parallel context, the Russian energy minister said that the differences between the Iraqi government and the region is an internal issue, and Rosneft has nothing to do with it.

According to oil experts, all the contracts concluded by Erbil with international companies are illegal and in violation of the Constitution. Russia aims to sign these contracts to monopoly the global gas market and control it and prevent the Iraqi gas, which threatens their trade, to compete it , so they agreed with Erbil to invest five sites for oil and gas and establish a new line owned mainly by the Russian company (the largest property for the Russian company) to invest gas and connect the pipeline with the gas pipeline reaching Europe via Turkey. The Russians seek, and do not want to be competed.

Rosneft receives 60% of the export through the Kurdish export pipeline in the Kurdistan region, which has increased its investment in the region by up to $ 3.5 billion, while the Kurdish private kar company receives 40% of the export through the line.

Rosneft said it would invest money in expanding the pipeline in the hope of increasing its capacity by one third to 950,000 bpd. The company is seeking to develop the current pipeline to about 1 percent of the world’s total supply.
The pipeline usually transfers 600,000 barrels per day, but that amount fell to 200,000 bpd after Iraqi forces took control of Kirkuk.
The Kurdish private Kar Company manages 40 percent of the pipeline, which carries 390,000 barrels / day from the fields of Khormala -Avana –Bai Hassan in the region.

Researches at the Institute of Oriental Studies at the Russian Academy of Sciences said “The government of Baghdad has long turned a blind eye to the actions of the Kurdistan Region with respect to oil and gas and exporting them for this tempting contract,” and . Stressing that “Russia is not prepared to give up.
According to data from international companies and export institutions that oil exports from the region are declined to 190 thousand barrels / day, causing the loss of millions of dollars for each day of delay in export.

The following table shows companies, fields and export quantity

The pipeline of crude oil is transferred from Kirkuk and other fields in northern Iraq to the Turkish port of Ceyhan overlooking the Mediterranean Sea.
Other oil companies in the region, such as Norway’s DNO, Janell Enriegi, Galfstone and Dana Gas, say there are no stops for oil exports, indicating that Golf Key Stone, in Shekhan, produces 38,000 barrels per day exported to Turkey.

 

Thanks LB - 60% is a pretty good chunk.  

[yota691]

For the first time since 2015 the price of a barrel of oil is $ 60

 

 Since 2017-10-27 at 18:54 (Baghdad time)

Mawazine News - Follow up

Brent crude rose above $ 60 a barrel on Friday for the first time since July 3, as investors remained optimistic about the possibility of extending the OPEC deal.

According to tenders, the price of Brent increased by 1.20% and reached $ 60 a barrel, while the price of WTI oil to $ 53.48 per barrel, for the first time since 17 April.

The rise in crude prices is attributed to comments by officials in major oil nations that have pledged to end the global supply gap, which investors have focused more than expected increases in US oil stocks, production and exports.

Saudi Crown Prince Mohammed bin Salman said earlier that his country supports the extension of the OPEC-led oil production reduction deal in an effort to stabilize supply and demand.

OPEC is expected to meet on November 30 to decide to extend the production cutoff agreement for an additional 9 months. Ending 29/34 

[Man_Kind]

Rhode Island, $ 2.65 and climbing by the day.

[ChuckFinley]

3 minutes ago, Man_Kind said:

Rhode Island, $ 2.65 and climbing by the day.

$2.08 in Newport News VA - Costco

[yota691]

hGMT 10:52 2017 Saturday, October 28 : Last Updated

After the Kingdom was the first oil exporter in a quarter of a century

Iraq is bypassing Saudi Arabia in supplying America with oil

Elaph - follow up

• 
  Kirkuk fields

 

 

LONDON (Reuters) - Iraq surpassed Saudi Arabia in supplying oil to the United States last September, the Bloomberg news agency said, citing its willingness to repeat this month again.

The agency pointed out that Iraq's exports to the United States in October exceed Iraq by about 3.2 million barrels so far.

"Iraq is bypassing Saudi Arabia in supplying the United States with oil," the report said on its Web site.

According to US Customs Office data, Iraqi oil shipments, estimated at 18.8 million barrels, reached the United States last month, surpassing the exports of the world's largest oil exporter by 2.9 million barrels.

Information from the US Energy Data Administration showed that the kingdom has been the first oil exporter of the United States for the past quarter century.

Iraq sent more than one million barrels of oil a day last week, an increase of 500,000 barrels per day from Saudi Arabia.

This came as British oil company BP held talks with Iraq's Oil Minister Jabbar al-Luaibi to boost the production of oil fields in Kirkuk, a week after Iraqi forces regained control of the city from Kurdish authorities.

Al-Luaibi said the talks focused on an agreement under which BP would provide assistance to the state oil company to increase production of the Kirkuk oil field to more than 700,000 bpd.

An Iraqi official said that the oil ministry will conduct a comprehensive assessment of all wells and other facilities in the province of Kirkuk, after the restoration of control by the federal government.

Kirkuk oilfield is the oldest field in Iraq and is the second largest oil field in the world after the Ghawar field in Saudi Arabia in terms of production capacity, while it is the fifth largest field in the world in size.

The Kirkuk field is one of the important oil fields in Iraq, where it is estimated that the reserves of the field close to 10 billion barrels of oil of good quality.

The maximum capacity of the field is one million barrels per day, but the average production over the past few years has fallen significantly, even dropped to about 150 thousand barrels per day only.

Iraq has the second largest oil reserves in the world, estimated to have about 140 billion barrels of recoverable oil, while conservatively estimated to be close to 74 billion barrels, but optimistic estimates talk about 220 billion barrels and most of Iraq's oil fields are concentrated in the south And is exported through the port of Basra.

[NEPatriotsFan1]

1 hour ago, yota691 said:

For the first time since 2015 the price of a barrel of oil is $ 60

 

 Since 2017-10-27 at 18:54 (Baghdad time)

Mawazine News - Follow up

Brent crude rose above $ 60 a barrel on Friday for the first time since July 3, as investors remained optimistic about the possibility of extending the OPEC deal.

According to tenders, the price of Brent increased by 1.20% and reached $ 60 a barrel, while the price of WTI oil to $ 53.48 per barrel, for the first time since 17 April.

The rise in crude prices is attributed to comments by officials in major oil nations that have pledged to end the global supply gap, which investors have focused more than expected increases in US oil stocks, production and exports.

Saudi Crown Prince Mohammed bin Salman said earlier that his country supports the extension of the OPEC-led oil production reduction deal in an effort to stabilize supply and demand.

OPEC is expected to meet on November 30 to decide to extend the production cutoff agreement for an additional 9 months. Ending 29/34 

Isn't oil at $60 per barrel one of the things we needed to see per Adam's chats a while back? I'd gladly pay more At the pump if that means my dinar has purchasing power...... when I buy my BMW I-8 it's not gonna need much gas as it will lithium  

 

GO RV Pulease!!!! 

[10 YEARS LATER]

5 hours ago, ChuckFinley said:

Thanks for the link there 10YL.  

 

Stumbled on this site by " azzident " - I usually go to http://oil-price.net also a good site - BRENT Crude $ 60.44 as of 10:27 (EST) 8:27 Arizona Time. . . encouraging.

[Laid Back]

7 hours ago, ChuckFinley said:

Thanks LB - 60% is a pretty good chunk.  

Agree with my friend, pretty good chunk of oil and money.

[DinarThug]

CNN. Broadcasting From A High Speed Iraqi Camel In The Passing Lane !

 

 

LINK

Iraq is bypassing Saudi Arabia in supplying America with oil

 28th October, 2017

Iraq has surpassed Saudi Arabia in supplying oil to the United States in September, the Bloomberg news agency said, citing its readiness to repeat this month again.

"Iraq's exports to the United States in October have exceeded 3.2 million barrels so far.

"Iraq is bypassing Saudi Arabia in supplying the United States with oil," the report said on its Web site.

"Iraqi oil shipments valued at 18.8 million barrels reached the United States last month, surpassing the exports of Saudi Arabia, the world's largest oil exporter, by 2.9 million barrels," the US Customs Office said.

Information from the US Energy Data Administration showed that the kingdom has been the first oil exporter of the United States for the past quarter century.

Iraq sent more than one million barrels of oil a day last week, an increase of 500,000 barrels per day from Saudi Arabia.

This came as British oil company BP held talks with Iraq's Oil Minister Jabbar al-Luaibi to boost the production of oil fields in Kirkuk, a week after Iraqi forces regained control of the city from Kurdish authorities.

Al-Luaibi said the talks focused on an agreement under which BP would provide assistance to the state oil company to increase production of the Kirkuk oil field to more than 700,000 bpd.

An Iraqi official said that the oil ministry will conduct a comprehensive assessment of all wells and other facilities in the province of Kirkuk, after the restoration of control by the federal government.

Kirkuk oilfield is the oldest field in Iraq and is the second largest oil field in the world after the Ghawar field in Saudi Arabia in terms of production capacity, while it is the fifth largest field in the world in size.

The Kirkuk field is one of the important oil fields in Iraq, where it is estimated that the reserves of the field close to 10 billion barrels of oil of good quality.

The maximum capacity of the field is one million barrels per day, but the average production over the past few years has fallen significantly, even dropped to about 150 thousand barrels per day only.

Iraq has the second largest oil reserves in the world, estimated to have about 140 billion barrels of recoverable oil, while conservatively estimated to be close to 74 billion barrels, but optimistic estimates talk about 220 billion barrels and most of Iraq's oil fields are concentrated in the south And is exported through the port of Basra.