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Oil rises 1% on settlement amid fears of supply shortages


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Date of release: 2017/11/7 9:56 • 209 times read
Oil continues to rise and records $ 64
[Ayna-follow-up] 
Oil prices rose to $ 64 a barrel, the highest since July 2015.
Brent crude hit $ 64.25 a barrel at 06:52 GMT today. 
US WTI crude futures closed up $ 1.70, or 3.0 percent, at $ 57.35 a barrel. 
These are the highest levels of high-ranking officials since early 2015. Ended
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CNN. Broadcasting The Outlook For Continued High Oil Prices - Pay Attention Slick !

 

 

 

http://economy-news.net/conten.....hp?id=9675

Oil expert: Iraq and Saudi Arabia are behind the high oil prices in the past two days


2623.jpg 

Economy News Baghdad:

 

The oil expert, Hamza al-Jawahiri, said Tuesday that several reasons behind the high oil prices during the past two days, including stopping the export of oil from the fields of Kurdistan and the latest changes in Saudi Arabia.

 

Al-Jawahiri said in an interview with "Economy News" that "the fact that oil prices rose above the price of $ 64 a barrel due to the decline in Iraq's oil production after the cessation of oil fields in the region and political changes in Saudi Arabia and the region in general, First quarter of 2018 ".

 

"The outlook for continued high oil prices depends on the commitment to lower oil production as well as market factors by preventing speculation," he said.

 

He pointed out that "high oil prices have positive returns, where oil revenues exceeded 5 billion dollars per month, which leads to filling the budget deficit by a large amount and pay the bills of war against Dahesh and contribute to the reconstruction of liberated areas."

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  • yota691 changed the title to Oil continues to rise and records $ 64

OPEC price climbs as oil holds around 2-1/2 year highs on Saudi purge

November 07 2017 02:11 PM
OPEC price rises
OPEC price rises

 

 

The price of OPEC basket of fourteen crudes stood at $61.05 a barrel on Monday, compared with $59.15 the previous Friday, according to OPEC Secretariat calculations. 

This comes as global oil prices broke above two year highs on Monday and could climb higher to hit $70 a barrel in the wake of an anti-corruption purge of Saudi royals and senior officials, according to The Telegraph.
Oil prices bounded to highs not seen since July 2015 at over $64 a barrel on Monday following a sweep of arrests targeting ministers, investors and members of the Saudi royal family on corruption charges over the weekend.
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/19311/OPEC-price-climbs-as-oil-holds-around-2-1-2-year-highs-on-Saudi-purge

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  • yota691 changed the title to A strong trend in OPEC and beyond to extend the oil production reduction agreement

Al Mazroui: A strong trend in OPEC and beyond to extend the oil production reduction agreement

79c1197f-9605-4be6-821e-f958fdb88753
 
Version: Paperback - InternationalFriday, 10 November 2017 (00:00 - GMT)
Last Updated: Friday, 10 November 2017 (00:00 - GMT)Abu Dhabi - Randa Taqi al-Din 

(MENAFN Press) Saudi Oil Minister Suhail Al Mazroui told Al Hayat on the sidelines of a visit by French President Emmanuel Macaron Abu Dhabi that "the direction of the Organization of Petroleum Exporting Countries (OPEC) , Shows the support of all extension of the agreement to reduce production beyond March 2018 ».

He added that «the extension will be the subject of discussion» during the OPEC conference next in Vienna at the end of this month, pointing out that «there is still a surplus in the inventory of about 150 million barrels, the highest rate in the past five years», adding that «the market needs to Some correction.

"The agreement was until the first quarter of 2018," he said, noting that "no one is talking about not extending the cut, but we have to agree how long," he said. Pointing out that there are several scenarios will be addressed in light of the reports of the Secretariat on the situation of the market and economy, and we will take the appropriate decisions ».

"Oil is benefiting from current prices, but the return to the level expected earlier this year did not happen, which means that the $ 50 price of oil is not suitable for oil producers," Mazroui said. Rocky, even if they say it is appropriate ».

"This price may be beneficial to a few oil producers," he said. "I am optimistic about 2018 and for the next OPEC conference, because there will be no major challenges in our decision to extend the reduction agreement."

Oil prices have stabilized below a two-year high yesterday, supported by OPEC production cuts and other major producers, including Russia. The price of a barrel of crude international benchmark Brent crude in the futures contract, unchanged at $ 63.49 dollars. US WTI crude settled at $ 56.81. Traders say the rally has raised Brent crude prices more than 40 percent since July, possibly because of increased US supplies and some signs of slowing demand.

Prices continue to receive support from OPEC-led efforts and Russia to curb supplies to narrow the gap between market supply and demand and price support.

On the other hand, the Kurdistan region of Iraq paid the full monthly payments owed to oil producers operating in the region and the value of about $ 100 million, despite the decline in large crude exports amid a political crisis plaguing the semi-autonomous region.

Saudi Aramco, the vice president of Saudi Aramco, said the company expects its capital spending to rise by about 10 percent in the next fiscal year. Plans to increase investments come as Aramco prepares to launch an initial global public offering.

The company signed $ 4.5 billion worth of deals with companies from Europe, the United States, China and the UAE for oil and gas projects in the kingdom.

The companies are Technicas Reunidas of Spain, Saipem of Italy, China Petroleum Pipeline, McDermott, Jacobs of American Engineering and the National Petroleum Construction Company of Abu Dhabi. The agreements were signed at the headquarters of Saudi Aramco in Dhahran.

"In the current fiscal year, the capital budget is approximately SR 350 billion ($ 93.31 billion) and in the next financial year, which will be approved by the board at the end of the year, Almost ten percent higher than the current fiscal year. "

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Iraq benefits from reducing exports of Saudi crude to the United States

SECTION: ECONOMICNOVEMBER 12, 2017 5:48 PM
Iraq benefits from reducing exports of Saudi crude to the United States
Iraq benefits from reducing exports of Saudi crude to the United States
 

BAGHDAD (Reuters) - Saudi Arabia is making efforts to reduce the global oil supply gap by cutting shipments to the United States, which means other producers, especially Iraq, will redress this shortfall in a general trend that may accelerate in the coming months, Reuters reported on Sunday. 
Over the summer, usually the most active period for crude shipments, US imports of Iraqi crude rose about 41 percent from last year, while shipments from Saudi Arabia dropped 22 percent. 
This trend continues as data showed Clipper Data that Iraq's shipments to the largest refinery in the United States in October exceeded the Saudi Arabia for the first time in more than 30 years.
The data show that the kingdom's leading role in reducing global crude supply has also cost a market share in the world's largest oil consumer with its share of US imports falling to its lowest level since 1985. The United States imports from Iraq and Nigeria, members of OPEC, Canada, and US refineries have become more dependent on the country's growing oil production. 
"Every barrel that is not produced by Saudi Arabia loses a market share," said Sandy Felden, director of commodities and energy research at Morning Star. "Refineries are turning to an alternative in this situation and obviously Iraqis are benefiting."

 

http://www.albaghdadiyanews.com/?p=75435

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Note: If crude oil production falls under the total amount needed daily for the entire world and just add another 1 million barrels (we will call this the minimum), oil prices will soar sky high. If the production falls below that, it will be like the 70's all over again.

 

 

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Brent crude at $ 63 a barrel

   
 

 
 


12/11/2017 12:00 am 

Capitals / follow-up morning

Crude oil futures fluctuated in a narrow, sloping range close to a 28-month high, shrugging off the US dollar's lowest level since October 26, according to the inverse relationship between them following developments and economic data last week on the US economy.



US crude 
oil futures fell 10 cents to $ 57.06 a barrel on Friday, compared with the opening at $ 57.17 a barrel. Brent crude futures for January delivery fell 0.08 percent to $ 63.88 per barrel. Compared with the opening at $ 63.93 a   
barrel. 
This comes hours after the weekly report of the Department of Energy Information for oil inventories to surplus by about 2.2 million barrels last week last Friday against a deficit of about 2.4 million barrels in the previous weekly reading, other than expectations of a deficit of about 2.5 million barrels, to see the rise of stocks to about 457.1 Million barrels, stocks remain near the upper range of the medium term for such a time of 
 year. Fuel stocks



The report also showed that US motor fuel stocks fell by 3.3 million barrels, while inventories remained within the average range for this time of year. Stocks of distillates including heating oil fell by 3.4 million barrels, Within the ancestral range of the medium term for such a time of  
year. 
Global production cuts
Earlier this week, OPEC Secretary-General Mohamed Barkindo said there were ongoing discussions among all parties aimed at uniting the view of extending the 1.8 million barrel-per-day (bpd) global production reduction agreement, led by Saudi Arabia in OPEC and Russia, Producers, adding that so far no country has shown any opposition to the proposal to extend the reduction after March, adding that it is seeking to attend more countries in the meeting of the organization expected at the end of November 
. High supply



The Organization of the Petroleum Exporting Countries (OPEC) said on Tuesday that demand for the Organization's oil supply could reach 33.10 million barrels per day by 2019, compared with the Organization's demand for 32.70 million bpd in 2016, To around 33.70 million barrels per day for the same year. Otherwise, the report also mentioned that the increase in demand for electric vehicles could cause demand for oil to peak in the second half of 2030 at about 109 million barrels  
per day. 
Crude oil futures have hit their highest level since early July 2015 at the beginning of this week following political developments in Saudi Arabia, the world's top crude exporter, last weekend.

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Saudi Arabia shrinks shipments of crude oil to America and Iraq offset the shortfall

NEW YORK (Reuters) - Saudi Arabia is making efforts to reduce the glut of global oil supplies by cutting shipments to the United States, which means other producers, especially Iraq, will reverse this shortfall in a general trend that may accelerate in the coming months. 

Over the summer, usually the most active period for crude shipments, US imports of Iraqi crude rose about 41 percent from last year, while shipments from Saudi Arabia dropped 22 percent. 

This trend continues, as data showed Clipper Data that Iraq's shipments to the largest refinery in the United States in October exceeded the Saudi Arabia for the first time in more than 30 years.

The data show that the Kingdom's leading role in reducing global crude supply has also cost a market share in the world's largest oil consumer, with its share in US imports falling to its lowest level since 1985. US imports from Iraq and Nigeria, members of OPEC, , As well as Canada, and US refineries became more dependent on the country's growing oil production. 

"Every barrel produced by Saudi Arabia does not lose a market share," said Sandy Felden, director of commodities and energy research at Morningstar Consulting. "Refineries are turning to an alternative in this situation and obviously the Iraqis are benefiting." 

Saudi Arabia cut shipments to the United States starting in June as part of OPEC's ongoing efforts to curb supplies.

OPEC and other producers, including Russia, agreed in late 2016 to cut output by about 1.8 million bpd. FAO representatives will meet at the end of the month to discuss the extension of the reduction. Data from the US Energy Information Administration showed that from June to August this year, Iraq exported an average of 600,000 barrels per day to the United States, compared with 426,000 bpd a year earlier. In contrast, Saudi Arabia's shipments fell to 850,000 bpd on average from 1.09 million bpd last year. At its peak in 1991, the kingdom supplied the United States with 29 percent of its crude imports.

Matt Smith, director of primary commodities research at Clipper Data, said Iraqi shipments to the Port Arthur refinery at Motiva in Texas rose about 35 percent in the six months to October. The Texas refinery, the largest refinery in the United States and owned by Saudi Aramco, did not respond to a request for comment. "For October, we saw shipments of Iraqi crude exceeding Saudi shipments for the first time since 1985," he said. 

US official data on refinery import levels currently available only cover August. The cuts in shipments to the United States are expected to accelerate, with Saudi Energy Minister Khalid al-Falih saying December shipments will fall more than 10 percent from November levels.

The cut in supplies helped lift oil prices, with Brent crude selling above $ 64 a barrel last week, hitting its highest level in two and a half years. 

Saudi Arabia has cut exports to the US coast on the Gulf of Mexico by 16 percent, while shipments to the West Coast have shrunk by only 8 percent from last summer as the kingdom faces competition from producers in Latin America. 

Even if imports from Saudi Arabia remain at the summer average of 850,000 barrels per day, this would amount to only 11 percent of the total US crude oil imports, according to the Energy Information Administration. 

Administration data also showed that US production rose 430 thousand barrels per day this year until August. Velden said the threat of shale oil meant OPEC would continue to cut output, but freight figures indicated a row over supply to the United States.

"This example between Iraq and Saudi Arabia, I believe, will turn into a continuous situation," she said.

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2017/11/15 (00:01 PM)   -   Number of readings: 118   -   Number (4063)
 
 
-1.jpg?width=400




 

LONDON - 
Inflation in Britain 
stabilized at a 5-1 / 2 year high in October, contrary to expectations by the Bank of England and other economists to set a new high. 
The Office of National Statistics said consumer price inflation was at 3 percent year-on-year in October, below analysts' expectations of a 3.1 percent increase. 
The Bank of England said this month, after raising its benchmark interest rate for the first time in 10 years, that inflation is likely to rise to 3.2 percent in October and then slow down slightly above the target 2 percent within three years. Reading in October reflects a drop in fuel prices that overshadowed the impact of soaring food prices.

 

France 
to reconsider Iran gas deal if new sanctions imposed 
The chief executive of French oil and gas giant Total said the company would reconsider its Iranian gas project if the United States decided to impose unilateral sanctions on Tehran, given the interests of the company in the US market. 
"Either we do the deal legally if there is a legal framework," Patrick Boyan told CNN. "If we can not, for legal reasons because of a change in the sanctions regime, we will have to reconsider it," Boyan's office confirmed. 
"If there is a sanctions regime (on Iran), we should study it carefully," Bojan said. "We are working in the United States and we have assets, and we have just acquired more US assets."

 

World 
Energy demand likely to lead to surpluses in oil market as demand slows 
World oil demand is likely to grow at a slower pace over the coming months as global warming slows crude consumption, the International Energy Agency said on Tuesday. Which could push the market towards a surplus in the first half of next year. 
The Paris-based agency lowered its forecast for oil demand growth in its monthly report by 100,000 barrels per day for the current and next years to 1.5 million bpd in 2017 and 1.3 million barrels per day in 2018. 
The geopolitical tensions in the Middle East, Sporadic in areas such as Nigeria and Iraq oil above $ 60 a barrel for the first time since 2015 while global stocks fell, prompting many market observers to raise their price expectations.
"Does this mean that the market has found a 'new natural situation' where perhaps the minimum acceptable level of $ 50 a barrel has gone to $ 60 a barrel? This may be a view of its attractiveness, assuming supply disruptions will continue and tensions in the Middle East will not recede. 
But if these problems prove temporary, a fresh look at key factors will confirm the view we expressed last month that the market balance in 2018 does not seem as strong as some would like, and that this is in fact not a "new natural situation." 
Oil stocks in the world's richest countries fell 40 million barrels in September, falling below three billion barrels for the first time in two years, driven by factors including Hurricane Harvey, which halted most of the refining capacity in the United States in August.
"Based on a scenario where current levels of OPEC production are maintained, the oil market is facing a tough challenge in the first quarter of 2018. Demand is expected to exceed 600,000 bpd, followed by another 200,000 bpd surplus Barrel per day in the second quarter of 2018. "

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5 hours ago, sandfly said:

thanks clown

 

Don’t ‘Thank’ Me Because I’m Beautiful ! :o 

 

:D  :D  :D 

 

 

 

Now Look At What U’ve Done - U ‘Thanked’ The Oil Producers So Much There’s Excess Inventory ! :blink: 

 

 

 

Go Tell Them To Suck In Their Glut ...

 

:lmao:   :lmao:

 

 

 

 

http://economy-news.net/conten.....hp?id=9791

Oil is heading for the first weekly decline in six weeks on concerns of oversupply


3674.jpg 

17th November, 2017

Oil prices mixed on Friday after recent declines, but the first weekly drop in six weeks amid rising US supplies and doubts about Russian support for further cuts in crude output.

At $ 06.23 a barrel, the price of crude for global benchmark Brent crude was down 13 cents from the previous close.

US crude was $ 55.32 a barrel, up 18 cents. Traders said strong US crude exports were driving West Texas.

But crude is still down between 2 and 4 percent over the week on worries about US production and stockpiles after both crude hit the highest level since 2015 last week.

 

Edited by DinarThug
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19 hours ago, DinarThug said:

news.net/conten.....hp?id=9791

Oil is heading for the first weekly decline in six weeks on concerns of oversupply


3674.jpg 

17th November, 2017

Oil prices mixed on Friday after recent declines, but the first weekly drop in six weeks amid rising US supplies and doubts about Russian support system">support for further cuts in crude output.

At $ 06.23 a barrel, the price of crude for global benchmark Brent crude was down 13 cents from the previous close.

US crude was $ 55.32 a barrel, up 18 cents. Traders said strong US crude exports were driving West Texas.

But crude is still down between 2 and 4 percent over the week on worries about US production and stockpiles after both crude hit the highest level since 2015 last week.

 

There has been overage of the supply of oil since the beginning of this year. Had they stuck to the Reduction agreement until these overages were depleted oil oil prices would be much higher today and that much closer to a reputable RV number. Keynesians, I swear, let's not think long term at all. /s

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Goldsmith: increase oil prices as a result of the reduction of investments of major companies

   
 

 
 


19/11/2017 12:00 am 

BAGHDAD (Reuters) -  
A drop in production for OPEC members and 10 other non-OPEC members led by Russia by 1.8 million barrels has had an impact on global oil prices, experts say. 
Economist Manaf al-Sayegh explained to Al-Sabah that "rocky oil rigs in the United States have also decreased their number by 190 excavators and the exit of a significant number of these rigs of production because of the inconvenience of the current prices of excavation costs, where the expected production of nearly one million barrels per day» . 
"All the progress, as well as other reasons related to lower supply, have had a direct impact on price increases due to increased demand," he said. 
Brent crude prices rose as the market closed on Saturday, OPEC prices rebounded again, and Brent crude was up 66 cents at $ 62.04 a barrel, recovering from five-day losses.
US crude <CLc1> was up three-day highs above the dollar before falling to $ 56.08 a barrel, up 94 cents on the day. OPEC prices rose to $ 59.98 a barrel from $ 59.79 on Friday. 
Al-Sayegh said that the increase in oil prices for this period came because of the reduction of the major oil companies of the investment budgets, which led to the postponement of many of the future programs and projects that could have been carried out by those companies and therefore a drop in a large number of investments. 
Crude oil production in the United States hit a record 9.65 million bpd this month, meaning that US production has risen by about 15 percent since mid-2016.
The International Energy Agency said earlier that the United States would be responsible for about 80 percent of the global increase in crude production over the next 10 years. 
The Organization of Petroleum Exporting Countries (OPEC) showed production fell by 79,000 barrels per day to 32.76 million barrels in August, mainly affected by lower production in Libya, Gabon, Venezuela and Iraq. 
Despite rising signs, analysts warned that the Organization of the Petroleum Exporting Countries needs to extend its agreement to cut oil output beyond the end of March to rebalance the market.
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CNN. Broadcasting While Surfing The Oil Wave - Pretty Slick Huh !

 

 

 

Iraq's oil exports to the United States are heading to the highest level in nine years

صادرات العراق النفطية للولايات المتحدة تتجه لأعلى مستوى في 9أعوام
 
The last time Iraq's exports to the US exceeded 200 million barrels in 2008
 
 21 November 2017 09:52 PM

Direct: Iraq's oil exports to the United States this year to the highest level in nine years, and exceeded the volume of shipments until October total of the exported in 2016 in full, according to data Thomson Reuters .

The increase indicated Iraq's desire to close the gap in supply to the United States resulting from the decline recorded by other members of the Organization of the Petroleum Exporting Countries (OPEC) .

The last time Iraq's exports to the United States exceeded 200 million barrels was in 2008 when it amounted to 202 million barrels .

Iraq sent a total of 170.4 million barrels of Basra crude to the United States by October, up 19 percent from 142.7 million bpd in 2016, Reuters said .

The data also show that the total volume of shipments of Iraqi crude to the United States until October increased by 201 thousand barrels per day, in contrast, Saudi Arabia's share in US crude imports in the summer shrunk to 11% of total US imports, the lowest proportion of US imports since 1985 .

It pointed out that the total volume of shipments of Venezuela, a member of OPEC, to the United States by 89 thousand and 100 barrels per day during the same period .

"The total imports of Iraqi oil purchased by buyers from the US Gulf Coast, who tend to prefer heavy materials, until October 132.5 million barrels, a rise of 22% compared with 108.7 million barrels for the region in 2016.

The lion's share of Basra's light ore was in the 2017 shipments destined for the United States so far and amounted to 91.7 million barrels. Basrah's heavy crude oil also accounted for 71.7 million barrels and Basra's crude mix of 6.8 million barrels .

Iraq's exports of crude oil rose last October by 6.7% on a monthly basis, with revenues rising by 11.9%, according to statistics issued by "Sumo Oil " .

According to the Iraqi oil statement, crude oil exports reached 103.73 million barrels last month, with revenues of 5.46 billion dollars, compared with exports of 97.2 million barrels, with revenues of 4.88 million dollars last September .

link

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Oil jumped to $ 63.20 a barrel as Canadian supplies to the US declined

6346466564.jpg
22nd November, 2017
 

Oil jumped more than 1 percent on Wednesday, supported by a drop in Canadian crude supplies through a US pipeline and a drop in US crude inventories, as well as expectations of an extension of OPEC-led oil production cuts.

By 0743 GMT, the WTI was up $ 1.8, or 1.8 percent, at $ 57.83 a barrel.

Brent crude was up 63 cents, or 1 percent, at $ 63.20 a barrel.

Traders said the surge in price was caused by a reduction in Canadian supplies to the United States. Trans Canada Corp. said it would cut supplies by at least 85 percent through the Keystone pipeline with a capacity of 590,000 bpd by the end of November.

The pipeline was closed last week after 5,000 barrels leaked in South Dakota.

Traders said prices also received some support from a weekly report released on Tuesday by the US Petroleum Institute said crude inventories in the United States fell 6.4 million barrels in the week ending November 17.

Official US inventory and production data are due for release on Wednesday.

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7 hours ago, DinarThug said:

CNN. Broadcasting While Surfing The Oil Wave - Pretty Slick Huh !

 

 

 

Iraq's oil exports to the United States are heading to the highest level in nine years

صادرات العراق النفطية للولايات المتحدة تتجه لأعلى مستوى في 9أعوام
 
The last time Iraq's exports to the US exceeded 200 million barrels in 2008
 
 21 November 2017 09:52 PM

Direct: Iraq's oil exports to the United States this year to the highest level in nine years, and exceeded the volume of shipments until October total of the exported in 2016 in full, according to data Thomson Reuters .

The increase indicated Iraq's desire to close the gap in supply to the United States resulting from the decline recorded by other members of the Organization of the Petroleum Exporting Countries (OPEC) .

The last time Iraq's exports to the United States exceeded 200 million barrels was in 2008 when it amounted to 202 million barrels .

Iraq sent a total of 170.4 million barrels of Basra crude to the United States by October, up 19 percent from 142.7 million bpd in 2016, Reuters said .

The data also show that the total volume of shipments of Iraqi crude to the United States until October increased by 201 thousand barrels per day, in contrast, Saudi Arabia's share in US crude imports in the summer shrunk to 11% of total US imports, the lowest proportion of US imports since 1985 .

It pointed out that the total volume of shipments of Venezuela, a member of OPEC, to the United States by 89 thousand and 100 barrels per day during the same period .

"The total imports of Iraqi oil purchased by buyers from the US Gulf Coast, who tend to prefer heavy materials, until October 132.5 million barrels, a rise of 22% compared with 108.7 million barrels for the region in 2016.

The lion's share of Basra's light ore was in the 2017 shipments destined for the United States so far and amounted to 91.7 million barrels. Basrah's heavy crude oil also accounted for 71.7 million barrels and Basra's crude mix of 6.8 million barrels .

Iraq's exports of crude oil rose last October by 6.7% on a monthly basis, with revenues rising by 11.9%, according to statistics issued by "Sumo Oil " .

According to the Iraqi oil statement, crude oil exports reached 103.73 million barrels last month, with revenues of 5.46 billion dollars, compared with exports of 97.2 million barrels, with revenues of 4.88 million dollars last September .

link

 

CNN. Broadcasting While Surfing The Oil Wave - Pretty Slick Huh !

 

 

 

Iraq's oil exports to the United States are heading to the highest level in nine years

صادرات العراق النفطية للولايات المتحدة تتجه لأعلى مستوى في 9أعوام
 
The last time Iraq's exports to the US exceeded 200 million barrels in 2008
 
 21 November 2017 09:52 PM

Direct: Iraq's oil exports to the United States this year to the highest level in nine years, and exceeded the volume of shipments until October total of the exported in 2016 in full, according to data Thomson Reuters .

The increase indicated Iraq's desire to close the gap in supply to the United States resulting from the decline recorded by other members of the Organization of the Petroleum Exporting Countries (OPEC) .

The last time Iraq's exports to the United States exceeded 200 million barrels was in 2008 when it amounted to 202 million barrels .

Iraq sent a total of 170.4 million barrels of Basra crude to the United States by October, up 19 percent from 142.7 million bpd in 2016, Reuters said .

The data also show that the total volume of shipments of Iraqi crude to the United States until October increased by 201 thousand barrels per day, in contrast, Saudi Arabia's share in US crude imports in the summer shrunk to 11% of total US imports, the lowest proportion of US imports since 1985 .

It pointed out that the total volume of shipments of Venezuela, a member of OPEC, to the United States by 89 thousand and 100 barrels per day during the same period .

"The total imports of Iraqi oil purchased by buyers from the US Gulf Coast, who tend to prefer heavy materials, until October 132.5 million barrels, a rise of 22% compared with 108.7 million barrels for the region in 2016.

The lion's share of Basra's light ore was in the 2017 shipments destined for the United States so far and amounted to 91.7 million barrels. Basrah's heavy crude oil also accounted for 71.7 million barrels and Basra's crude mix of 6.8 million barrels .

Iraq's exports of crude oil rose last October by 6.7% on a monthly basis, with revenues rising by 11.9%, according to statistics issued by "Sumo Oil " .

According to the Iraqi oil statement, crude oil exports reached 103.73 million barrels last month, with revenues of 5.46 billion dollars, compared with exports of 97.2 million barrels, with revenues of 4.88 million dollars last September .

link

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948.jpg
OPEC
  

Economy News Baghdad:

Saudi Arabia, OPEC's biggest producer, is pressing oil ministers to agree next week to extend the cartel's supply cuts for an additional nine months as Riyadh seeks to get rid of a supply squeeze that is pushing prices, informed sources said .

"The Saudis are pushing for a nine-month decision in November, " said a senior oil source, who asked not to be identified .

While there is scope to agree on an extension for a shorter period of six months or even three months, or producers delay the decision, OPEC sources considered this to be less likely .

"There is a 90 percent chance that it will be announced in November ... yes, for nine months, " said a second OPEC source .

Two more OPEC sources have indicated that the nine-month extension is more likely .

 

 

 

 

Views 5   Date Added 22/11/2017

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Disruptions to Iraqi output and sales seen persisting to 2018 OPEC has to consider political risk pushing up prices: Yergin
Iraq, November 22, 2017 

OPEC has an Iraq problem: the group’s second-biggest exporter is lurching between quota busting and production-crimping crisis, clouding the policy-making picture as ministers decide how long they need to extend output curbs.

Exports from Iraq’s northern fields plunged by about 40 percent in the first half of November after clashes between the federal army and fighters from the semi-autonomous Kurdish region disrupted fields in the disputed Kirkuk province. After consistently exceeding its output quota all year, Iraqi production dropped in October when the fighting started.

The Organization of Petroleum Exporting Countries, due to meet next week in Vienna, is already grappling with volatile production in Nigeria and Libya, and Iraq adds another layer of unpredictability. For policy makers, the short-term disruption risks masking a longer-term truth: Iraq, which only got a production quota last year after decades of exemptions, has never felt comfortable with constraints and wants to maximize the country’s potential output.

“Production will remain volatile,” said Issam Chalabi, a consultant and former Iraqi oil minister. While it will be difficult for Iraq to replace barrels lost in the north quickly, Iraq’s “real intention is to reach the 5 million-barrel mark by year-end. Politics is the name of the game.”

The uncertainty makes it more difficult for OPEC to judge the global balance of supply and demand next year and make a decision about how long to extend supply curbs. The producers’ group is seeking to build consensus with non-members including Russia on whether to extendbeyond March output cuts aimed at mopping up a supply glut.

While supplies from Libya and Nigeria -- which don’t have formal production limits under the current OPEC deal -- show some signs of stabilizing, Iraq is becoming more erratic. The country’s output fell last month by 120,000 barrels a day -- the most since January -- as the central government clashed with the Kurds, according to data compiled by Bloomberg. That meant Iraq pumped 4.35 million barrels a day in October, below its OPEC target for the first time this year.

Still, international companies producing in Iraq are pursuing plans to raise production capacity, Oil Minister Jabbar al-Luaibi said in September at a conference in the United Arab Emirates. The government was curtailing output at fields it operates on its own to meet its OPEC quota, he said.

OPEC’s strategy of cuts is showing signs of success in bolstering prices, with Brent trading above $60 a barrel this month after dropping to less than $30 a barrel last year. The benchmark grade gained 8 cents to $62.30 a barrel at 2 p.m. in London.

Fighting over Kirkuk and other regional tensions contributed to the increase in prices, according to Daniel Yergin, vice chairman of IHS Markit.

“This is the first time that we’ve seen regional geopolitics start to flow back into the price of oil” in several years, Yergin said in an interview in Abu Dhabi Nov. 14. “It’s something that OPEC will have to grapple with.”

It’s unclear when flows will resume from oil fields around the northern city of Kirkuk, which still require use of a pipeline held by the Kurds to reach international markets. The pipeline exported 320,000 barrels a day in the first half of November, compared with 565,000 barrels daily on average during the first nine months of the year, according to Bloomberg data.

“The disruptions involving the Kurds could last another six months,” said Jaafar Altaie, managing director of consultant Manaar Group, which operates in Iraq. “Iraq will still be cheating, but the cheating will be intermittent and it will be disruptive.”

Nigeria’s production, which tumbled to the lowest in almost three years last August following a series of militant attacks, has recovered to the point that the country has said it would join the OPEC accord after six months of stability. That calm may yet unravel after militants in the Niger River delta ended their cease-fire earlier this month.

Volatility in Iraq’s output is unlikely to match that of Libya’s, where rival armed factions still compete for control of the country more than six years after the fall of dictator Muammar Al Qaddafi, according to Standard Chartered Plc.

Nonetheless, Iraq is now among the wild cards OPEC needs to take into account, according to Ed Morse, head of commodities research at Citigroup Inc. in New York. “Iraq has now joined them as itinerant, non-dependable supply to the market,” Morse said by phone.

bloomberg

 

http://iraqdailyjournal.com/story-z16256080

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OPEC oil price rises to 2-year high after US supply slowdown

November 23 2017 01:02 PM
OPEC price hikes
OPEC oil price rises to 2-year high after US supply slowdown

 

 

The price of OPEC basket of fourteen crudes stood at 61.10 US dollars a barrel on Wednesday, compared with 60.49 US dollars a barrel on Tuesday, according to OPEC Secretariat calculations. 

The benchmark North American oil price hit its highest price in 2 years as lower production from Canadian oilsands coupled with reduced inventories in the US to push down supply, according to CBC.

The price of  West Texas Intermediate touched 58.05 US dollars a barrel a little before 6 a.m. ET, up more than a dollar from Tuesday's close. The US crude price is now up by about 35 per cent since a low in June.

Two factors in the recent gain were warnings from two major oilsands companies that they would pump less oil this month and next. Royal Dutch Shell told its customers that output at its 255,000-barrel-per-day upgrader in Scotford, Alta., would be reduced next month, and Syncrude said it would cut volumes from the 350,000-barrel-per-day plant in northern Alberta by about five per cent, Reuters reported.

Last week, the Keystone pipeline that carries 590,000 barrels per day of crude from Alberta's oilsands to markets in the United States, was shut down after 5,000 barrels of oil spilled in South Dakota. That prompted a shutdown of the pipeline while the mess could be cleaned up, and that's also pushing up the oil price.

On Tuesday, the American Petroleum Institute reported that oil inventories dropped by 6.4 million barrels last week, far more than what analysts were expecting.

Oil inventories tend to decline through the summer months — the busiest driving season — but this year's decline is stretching even later than usual.

"There is a shortage of crude oil into the United States. Hence the rally in the prices," VM Oil Associates strategist Tamas Varga said. 

While the API figure is closely watched, it isn't the official government number, which is set to come out on Wednesday afternoon.

"If we see the US Energy Information Administration confirming the big draw in crude oil stocks reported by the API last night, I think we will see the market going higher," Varga 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/20019/OPEC-oil-price-rises-to-2-year-high-after-US-supply-slowdown

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  • yota691 changed the title to The decision to extend production cuts is a top priority for OPEC's next agenda
Last Updated on Friday, November 24,
 
Friday, November 24, 1439 - November 24, 2017
3e8e763b-2c4a-4e22-b1a8-33ebfe048fa2_16x
LONDON (Reuters)

The draft agenda of the Organization of the Petroleum Exporting Countries (OPEC) meeting in Vienna on November 30 showed a short three-hour meeting would include oil ministers of member states to decide on extension of supply cuts in a sign that the decision-making process would proceed smoothly.

OPEC member states and Russia, along with nine other producers, have cut crude supplies by about 1.8 million bpd by the end of March 2018. They are expected to extend the deal at the Vienna meeting.

The three-hour meeting will be short of OPEC standards, whose meetings in the past have sometimes extended to the early hours of the following morning as ministers discussed the organization's policy.

OPEC Secretary-General Mohamed Barkindo said on November 7 that the organization was seeking consensus before the meeting on the extension of the supply reduction agreement.

According to the agenda posted on the organization's website, a closed meeting of OPEC ministers will be held only with Secretary-General Barkindo, starting at 1200 pm (1100 GMT).

This will be followed by a joint meeting of OPEC ministers, delegates and independent producers followed by a press conference.

Russia is ready to discuss the extension of the global agreement between the Organization of the Petroleum Exporting Countries (OPEC) and other oil-producing countries to cut crude supplies on Nov. 30, the Tas news agency quoted Russian Energy Minister Alexander Novak as saying on Friday. 

"We are ready to discuss this issue and I think we will be able to discuss it during the meeting in Vienna," Novak said. 

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  • yota691 changed the title to US agency: Iraq is causing confusion for OPEC plans

US agency: Iraq is causing confusion for OPEC plans

 

 Since 2017-11-25 at 13:04 (Baghdad time)

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Follow up of Mawazine News

WASHINGTON (AFP) - The Organization of the Petroleum Exporting Countries (OPEC) is seeking to reach a consensus with non-member countries, including Russia, on whether the extension after March To get rid of oil pollution.

The production of Iraq, the second largest oil exporter in the Organization, swings between exceeding the quota allocated to the country and the crisis of production disruption, which casts shadow on the organization, which wants the oil ministers to reach a Decision on extension of production cuts. "

"OPEC, which will meet this week in Vienna, is struggling with volatile production in Nigeria and Libya and adds to other uncertainties," she said.

"For policymakers, the short-term turmoil threatens to hide the long-term fact that Iraq, which only won a production share in the past year, after decades of exceptions, has never felt comfortable and wanted to raise production to its fullest," Bloomberg said. .

"Doubt makes the situation more difficult for OPEC to the global balance of supply and demand next year and to decide on the duration of extension of production cuts," the agency said.

"The organization is seeking consensus with non-member states, including Russia, on whether the extension after March aims to get rid of oil pollution."

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