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  • yota691 changed the title to Oil Minister: Iraq seeks to raise production to 7 million barrels
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Oil Minister: Iraq seeks to raise production to 7 million barrels

22/02/2018

 
 

(Independent) ... Iraq intends to increase its production capacity of oil to reach seven million barrels per day by 2022, the second largest oil producer in the Organization of Petroleum Exporting Countries (OPEC).

Iraq currently has a production capacity of five million barrels per day (bpd), but produces just over 4.7 million barrels as a result of its OPEC cut-off agreement.

"Our goal is to reach seven million barrels per day by 2022," Iraqi Oil Minister Jabbar al-Luaibi said in a press statement.

Al-Allaibi said that Iraq sits on proven oil reserves of 145 billion barrels, but he is confident that this figure will reach about 250 billion barrels with the necessary investment.

He said his country also plans to increase natural gas production from 2.7 billion cubic feet per day to 7 billion cubic feet per day by 2021.

Al-Allaibi called on foreign investors to seize the huge investment opportunities in the oil and gas sector, where Iraq immediately needs billions of dollars according to its reconstruction plan.

Al-Liibi spoke on the second day of the three-day Kuwait International Conference on Iraq Reconstruction, with Baghdad hoping to raise $ 88.2 billion in pledges.

The minister revealed that the attacks of the Organization of the "Islamic State" (urging) in Iraq reduced the ability of the country to refine oil from 930 thousand barrels per day to 450 thousand barrels per day.

But the reconstruction efforts have succeeded in increasing this figure by 70 thousand barrels per day.

He reviewed plans to build seven new refineries with a production capacity of 700 thousand barrels per day by 2021.

He also reviewed plans to build new pipelines and special export facilities in the oil-rich southern region. (End)

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thanks yota , lets hope they can get a free market economy before 2022, sure oil is the bread and butter but as they have been told over again they will have to diversify an trade with the world to get the economy moving .... peace

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Just clueless & witless POOPY HEADS aren’t they  - these people are either not from this planet, dimension or instead of being spanked on the bottom at birth, they were ALL Dropped on their heads instead: cuz, DAMN ! Y’all are a few bricks shy of a full load, bread not quite done or elevator doesn’t go all the way to the TOP ! 

 

“ Will you look at that, just look at it “ I gave these fools a Multiple Choice and I’ll bet they’re going to have to  “ Call for a Meeting “ for discussion & a vote. We could be here awhile.

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52 minutes ago, 10 YEARS LATER said:

Just clueless & witless POOPY HEADS aren’t they  - these people are either not from this planet, dimension or instead of being spanked on the bottom at birth, they were ALL Dropped on their heads instead: cuz, DAMN ! Y’all are a few bricks shy of a full load, bread not quite done or elevator doesn’t go all the way to the TOP ! 

 

“ Will you look at that, just look at it “ I gave these fools a Multiple Choice and I’ll bet they’re going to have to  “ Call for a Meeting “ for discussion & a vote. We could be here awhile.

 

  Don't forget the committee that has to be formed first. :D

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Data released in Beijing at the beginning of 2018 showed that Iraq occupied the third place in the list of suppliers of crude oil to China in January, after leading Russia and Angola.
The data released by the General Administration of Customs this week showed that Beijing’s imports of Iraqi crude oil reached 4.45 million tons, or 1.05 million barrels per day of crude oil, up 28 percent year-on-year.
Saudi Arabia fell to fourth place in the previous month, after it came again at the top of the list of suppliers of crude to the Chinese Republic in December 2017.
Riyadh exported 4.29 million tons, or 1.01 million bpd, to Beijing, down 15 percent year-on-year, compared to 1.11 million bpd in December.
China’s total crude oil imports in January 2018 rose 20 percent month-on-month to 9.57 million bpd, growing by 9.17 million bpd.
Crude oil exports to the Iraqi oil marketing company (SOMO) in January reached an average of 3.5 million bpd.
In late January, Iraqi Oil Minister Jabbar al-Allaibi confirmed Baghdad’s commitment to OPEC’s agreement to cut production, despite Iraqi efforts to boost oil export capacity to the north and south.

 
 
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  • yota691 changed the title to Iraq is the third oil supplier to China during January
 
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Data released in Beijing at the beginning of 2018 showed that Iraq occupied the third place in the list of suppliers of crude oil to China in January, after leading Russia and Angola.
The data released by the General Administration of Customs this week showed that Beijing’s imports of Iraqi crude oil reached 4.45 million tons, or 1.05 million barrels per day of crude oil, up 28 percent year-on-year.
Saudi Arabia fell to fourth place in the previous month, after it came again at the top of the list of suppliers of crude to the Chinese Republic in December 2017.
Riyadh exported 4.29 million tons, or 1.01 million bpd, to Beijing, down 15 percent year-on-year, compared to 1.11 million bpd in December.
China’s total crude oil imports in January 2018 rose 20 percent month-on-month to 9.57 million bpd, growing by 9.17 million bpd.
Crude oil exports to the Iraqi oil marketing company (SOMO) in January reached an average of 3.5 million bpd.
In late January, Iraqi Oil Minister Jabbar al-Allaibi confirmed Baghdad’s commitment to OPEC’s agreement to cut production, despite Iraqi efforts to boost oil export capacity to the north and south.

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  • yota691 changed the title to Kuwaiti Oil Minister: Oil market moving at a steady pace towards balance
 
6471.jpg

  

 Arab and international


Economy News _ Baghdad

The Minister of Oil and the Minister of Electricity and Water of Kuwait that the oil market moving at a steady pace towards balance and reduce the surplus, stressing the actual success in achieving a coalition of producers bear responsibility for restoring balance and stability of markets.

Kuwait Petroleum Corporation (KPC) said in a statement on Wednesday that Eng. Bakhit Al-Rashidi explained during his participation in a seminar within the annual Serra Week in Houston that there is a commitment from all countries to participate in the production reduction agreement led by OPEC and Russia.

The minister pointed out that what has been achieved was in the interest of producers and consumers together, and that the agreement provided an atmosphere to stimulate investment and draw plans and strategies for oil companies and countries.

Referring to the oil market developments in 2018, Al-Rashidi pointed out that OPEC and the Vienna Alliance are seeking common ground for a long-term agreement and continuous cooperation.

Al-Rashidi predicted that the full balance of the market will be achieved by the end of this year, stressing that the work in the Kuwaiti oil sector is running according to efficiency and seeks to reduce costs effectively in the competitive environment, whether in the exploration and exploration or refining sector.

Al-Rashidi's remarks came during the seminar on the cooperation agreement between producers from within and outside OPEC to cut production by 1.8 million barrels per day, which came into effect since January 2017 and will continue through 2018 until the balance of oil markets is achieved.

The seminar was attended by OPEC Secretary General Mohammed Barkindo and Qatari Energy Minister Mohammed Al-Sada, as well as ministers of the Vienna Alliance of Non-OPEC Oil Producers, as well as the Minister of Minerals, Energy and Industry of Equatorial Guinea.


Views 16   Date Added 07/03/2018

 
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  • yota691 changed the title to OPEC confirms the existence of 1.5 trillion barrels of oil in the reserves of the world
12:19
Last updated
The time now is 12:29 AM
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Follow - up / Tomorrow Press: 
A report of the Organization of the Petroleum Exporting Countries , OPEC, said on Sunday that crude oil and gas will continue to dominate the energy mix in the world for decades to come, pointing to the existence of approximately 1.5 trillion barrels of total proven oil reserves.
"Crude oil and gas will continue to dominate the energy mix in the world for many decades to come," he said, noting that there are nearly 1.5 trillion barrels of proven oil reserves, noting that these assets and huge resources can not be neglected at a time when there are many Of people living in extreme poverty in energy needs. " 
The report stressed "the urgent need to address energy poverty, pointing out that at the moment we have more than two billion people in Africa, Asia and South America do not get the basic needs of primary energy, especially crude oil, according to the newspaper" Economic ".
"The crude oil industry is beginning to feel glamorous and resilient, and this is being achieved in the presence of a comprehensive and strong market fundamentals," OPEC Secretary General Mohammed Barkindo said in the report. "The recovery in the global economy has generally been achieved in the last year 2017, , Which is expected to be maintained in 2018 with a healthy global growth rate of 3.8%. " 
The report noted that" there is growth in global demand for crude oil at a strong rate of 1.6 million barrels per day in 2018, which is the level The same in 2017, pointing out that we are currently seeing global demand for oil is close to breaking the 100 m barrier N barrels per day, in the early compared to previous estimates and expectations.
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Iranian oil minister Bijan Zanganeh said OPEC could agree in June to begin easing current oil production curbs in 2019.

Iran's Oil Minister Bijan Zanganeh attends an extraordinary ministerial meeting of the Gas Exporting Countries Forum (GECF) in Tehran November 21, 2015.

Iran's Oil Minister Bijan Zanganeh attends an extraordinary ministerial meeting of the Gas Exporting Countries Forum (GECF) in Tehran November 21, 2015.

REUTERS/Raheb Homavandi
By Rania El Gamal, Reuters News

DUBAI- Iranian oil minister Bijan Zanganeh said OPEC could agree in June to begin easing current oil production curbs in 2019, the Wall Street Journal reported on Sunday.

Zanganeh also told the WSJ in an interview that Iran wanted OPEC to work to keep oil prices around $60 a barrel to contain U.S. shale oil production.

 

 
"If the price jumps to around $70 ... it will motivate more production in shale oil in the United States," Zanganeh said.

 

Iran will press for carefully bringing back some of its own production, the WSJ cited Zanganeh as saying, adding the OPEC member currently pumps about 3.8 million barrels per day (bpd) and could produce about 100,000 bpd more. He did not say when Iran could raise its output.

 

 
Iran is allowed to pump up to 3.8 million bpd under a global pact between OPEC, Russia and other oil producers to limit supply. OPEC meets next in June.
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  • yota691 changed the title to US oil production rises to 10.41 million barrels per day

US oil production rises to 10.41 million barrels per day

US oil production rises to 10.41 million barrels per day

 21 March 2018 08:52 PM
Mubasher: Oil production in the United States increased by 26,000 barrels per day last week, a move that puts more pressure on the crude market.

US oil production rose to 10.407 million barrels per day (bpd) in the week ending March 16, compared to 10.381 million barrels a week earlier, data from the US Energy Information Administration showed Wednesday.

In contrast, data showed that US oil inventories experienced an unexpected drop of 2.6 million barrels in the same period, as well as a decrease in gasoline stocks by 1.7 million barrels per day.

By 5:26 pm GMT, Brent crude was up 2.5% at $ 69.11 a barrel, while US crude was up 2.3% at $ 65.00 a barrel.

 
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  • yota691 changed the title to Oil prices rise with Saudi Arabia announcing continued production restrictions until 2019
 

Oil prices rose about 1 percent on Friday, driven by Saudi plans to extend output restrictions led by OPEC and Russia, which were implemented in 2017 until 2019 in order to narrow the gap between supply and demand.
Rising oil prices are a challenge to global stock markets, which have fallen on concern over a US-China trade confrontation. But gold, seen as a safe haven in times of economic turmoil, rose to a two-week high on Friday.
US President Donald Trump signed a memorandum on Thursday that could impose customs duties on China’s $ 60 billion in imports and Beijing unveiled plans on Friday to impose customs duties on US imports worth up to $ 3 billion.
By 0549 GMT, US WTI crude futures rose 67 cents, or 1 percent, to $ 64.97 a barrel from the previous close.
London Brent crude <LCOc1> was up 61 cents, or 0.9 percent, at $ 69.52 a barrel. In the week, Brent is up about 5 percent in its strongest performance since July last year, while the WTI will rise about 4.2 percent.
Saudi Energy Minister Khalid Al-Falih’s comments on Thursday led to prices for Al Khameen futures. Al-Faleh said OPEC member states should continue to coordinate with Russia and other non-OPEC oil producers in terms of supply restrictions in 2019 to reduce global oil stocks.
The group and a group of non-member countries, led by Russia, concluded an agreement in January 2017 to cut output by 1.8 million bpd to eliminate excess supply.

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3 hours ago, bkeiller said:

Close to $70 a barrel. C'mon! Something has to give? 

 

agree bk, one would think but if you research the past decades of crude oil prices and compare it with the iqd's exchange rate during those times iraq had a very strong currency value even when crude was 13 bucks a barrel , i know all things are relative that was then this is now high crude prices did not make the value strong and they were pumping a fraction what they are doing today , a free market economy trading inside and to the world may be part of the equation we simply dont know the plan hopefully now with more oversight by imf and others iraq stands the chance to prosper instead of a opportunity to rob the oil surplus reserves like the last goi ... peace  

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  • yota691 changed the title to Oil closes higher and Brent records higher than $ 70
 
Saturday 24 March

 

Search Bigger
 
 
 
 

BAGHDAD (Reuters) - 
Oil prices on Saturday closed at a record high, hitting their highest level since late January, while Brent crude was above $ 70, driven by comments by the Saudi energy minister. 

"It requires OPEC members to continue to coordinate with Russia and other non-OPEC producers in terms of supply restraints in 2019 to reduce global oil stocks," Saudi Energy Minister Khalid al-Falih said.

 

 


Global closed Brent crude contracts for Brent at US $ 1.45, or 2.10%, to reach a settlement at 70.36 dollars a barrel, while US Brent crude contract closed West TexasIntermediate at $ 65.81 a barrel, up 1.51 dollars or 2.35%. 

The Organization of the Petroleum Exporting Countries and OPEC agreed in 2017 to reduce oil production by one million and 800 thousand barrels per day due to the large supply of crude oil at the time.

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16 hours ago, 3n1 said:

 

agree bk, one would think but if you research the past decades of crude oil prices and compare it with the iqd's exchange rate during those times iraq had a very strong currency value even when crude was 13 bucks a barrel , i know all things are relative that was then this is now high crude prices did not make the value strong and they were pumping a fraction what they are doing today , a free market economy trading inside and to the world may be part of the equation we simply dont know the plan hopefully now with more oversight by imf and others iraq stands the chance to prosper instead of a opportunity to rob the oil surplus reserves like the last goi ... peace  

 

Yeah, you are right. It's funny, even though there are increasing signs of this 'hobby' paying off, I still ain't bought any new dinar this year, which seems counter intuitive to my previous approach, which was buying when there was more uncertainty. I guess the longevity of holding these 'collectibles' combined with a better knowledge of this 'hobby' has helped me better appreciate the risks and help plan for the rewards. That latter point has been based on Adam's services, for sure. They have opened up a whole new set of ideas for me. Anyhoo, I am looking forward to seeing:

  • the HCL passed
  • the elections secured by Abadi and his coalition, promoting national unity and diminishing Iran's influence
  • aspects of the UN's Chapter 8 fulfilled
  • improvements in Iraq's credit rating
  • more evidence that the cbi banking mechanisms can handle international traffic
  • the big players like the IMF and World Bank continuing to address corruption 
  • international and Iraqi law enforcement effectively controlling corruption
  • broader economic development 
  • And, that decimal point moving to the right on the iqd exchange rate!

Instead of treading water, just now, I did get my OSI donor documents renewed this week, but that was not without its challenges as the first Notary would not sign my docs ... he is from Iraq and got all bent out of shape and refused to notarize them for personal reasons. No biggie, I moved to the teller next to him and got what I needed. 

And, "Have a lovely day!" to all.

 :bananacamel:

 

 

Edited by bkeiller
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46 minutes ago, bkeiller said:
  • the HCL passed
  • the elections secured by Abadi and his coalition, promoting national unity and diminishing Iran's influence
  • aspects of the UN's Chapter 8 fulfilled
  • improvements in Iraq's credit rating
  • more evidence that the cbi banking mechanisms can handle international traffic
  • the big players like the IMF and World Bank continuing to address corruption 
  • international and Iraqi law enforcement effectively controlling corruption
  • broader economic development 
  • And, that decimal point moving to the right on the iqd exchange rate!

 

the treasure trove bullet points ..... all the best

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  • yota691 changed the title to For the third month in a row .. Iraqi crude exports continue to decline
 
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Oil worker in southern Iraq
  

 energy


Economy News Baghdad:

Oil exports in southern Iraq fell by 70,000 barrels per day this month, indicating OPEC's second-largest producer is heading towards exporting less crude shipments for the third straight month.

According to Reuters data, and independent monitoring of a source in the sector, exports of southern Iraq averaged 3.36 million barrels per day (bpd) in the first 21 days of March compared to 3.43 million bpd in February.

The decline is signaled by the continued absence of signs of additional supplies reaching the market from Iraq despite oil prices this year rising to $ 71 a barrel for the first time since 2014, supported by an OPEC-led cut in production.

Iraq is "committed to the agreement of the Organization," according to the source, which tracks Iraq's exports, "We expect less," while a shipping agent explained that shipments from southern Iraq decreased because of one of the loading platforms of individual tankers for maintenance during part of March by a leak, Loads also decreased in the smaller Khor al-Amaya port.

Iraq is increasing exports from southern ports, where most of the exports come from, to offset shipments from Kirkuk's northern fields in October after Iraqi forces took control of the fields from Kurdish fighters.

According to navigational data and a source in the sector, the average exports of the North 270 thousand barrels per day since the beginning of the month to date compared to an estimated 340 thousand barrels per day last month, well below levels that exceeded 500 thousand barrels per day in some months of 2017. Iraqi officials say there are no plans to resume oil flow through a Kurdish-owned pipeline with no deal yet. North exports could increase if Baghdad moves ahead with a plan to export Kirkuk oil by truck to Iran, but this has been delayed. Based on the loadings since the beginning of the month so far, total March exports averaged 3.63 million bpd, down from 3.77 million bpd in February, 3.81 million bpd in January and 3.84 million bpd Barrels per day in December, according to figures from Iraq and loading data.

Southern shipments registered a record level in December, and Iraq showed a lower level of commitment to the supply agreement than its OPEC counterparts, such as Saudi Arabia and Kuwait, for much of 2017, but a fall in Kirkuk production boosted compliance by Iraq and the overall participants.

A joint committee estimated that OPEC and independent producers' commitment to an oil production cut was at a record high last month and stockpiles were shrinking at a rapid pace, making producers close to the original goal.

OPEC and its allies have made commitments to cut output by 138 per cent last month, up from 133 per cent in January, the highest level of commitment. The agreement, launched in January, 2017 to absorb the glut of global supply in the markets. "


Views 1204   Date Added 03/24/2018

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Oil surging to multi-year highs as China launches crude contracts backed by yuan

Published time: 26 Mar, 2018 08:20Edited time: 26 Mar, 2018 10:34
Oil surging to multi-year highs as China launches crude contracts backed by yuan
© Sergei Karpukhin / Reuters
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Crude oil prices rose to their highest level in over three years after yuan-backed crude oil futures debuted strongly on the Shanghai exchange on Sunday.

North Sea Brent Crude surged above $71 per barrel for the first time since 2015 before retreating, though still trading strongly above $70 for only the second time in over three years.

US benchmark West Texas Intermediate (WTI) also hit the highest level since 2015 at $66.55 per barrel, before retreating to $65.53.

Crude oil futures in Shanghai rose 6 percent on the debut of the petro-yuan. Investors rushed in to buy the new oil contracts from the world’s largest oil consumer, China.

“China surpassed the US to become the world’s largest importer of crude in 2017...so [naturally], China would want to play a more active role in influencing the price of crude oil,” said Sushant Gupta, research director at energy consultancy Wood Mackenzie, as quoted by Reuters.

“Prices assessed at the Shanghai exchange will reflect China’s crude supply and demand,” Gupta added.

Some investors have expressed concern that the petro-yuan may face regulatory interference from Beijing, as with iron ore and coal, dissuading some overseas customers. This did not stop global commodity trading giant Glencore from buying the Chinese futures on the first day of trading.

Futures contracts are used to fix prices today for later delivery, usually within 60 days. Consumers seek to protect themselves from higher prices, while investors speculate, trying to guess where prices are headed.

Analysts have noted that the launch of the petro-yuan could shatter the petro-dollar’s dominance of the crude oil market. Nevertheless, it will take time for China to gain enough influence to challenge the greenback.

For more stories on economy & finance visit RT's business section

https://www.rt.com/business/422304-petro-yuan-oil-prices/

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China Is About to Shake Up the Oil Futures Market

By 
Grant Clark
 and 
Sungwoo Park
March 25, 2018, 4:00 PM CDT Updated on March 25, 2018, 9:25 PM CDT
 

It’s taken a quarter of a century, but China finally has its own oil futures. At 9 a.m. local time on Monday, crude contracts began trading on the Shanghai International Energy Exchange. Futures for September settlement opened at 440 yuan a barrel, up from a reference price of 416 yuan. The world’s biggest oil buyer is offering yuan-denominated futures that foreigners can buy and sell -- a first in Chinese commodities. Among the most intriguing questions is whether the traditional benchmarks of Brent crude in London and West Texas Intermediate in New York will face a serious challenger. Here are some of the other key questions.

 
 

1. Why is this important for China?

Futures trading would wrest some control over pricing from the main international benchmarks, which are based on dollars. Denominating oil contracts in yuan would promote the use of China’s currency in global trade, one of the country’s key long-term goals. And China would benefit from having a benchmark that reflects the grades of oil that are mostly consumed by local refineries and differ from those underpinning Western contracts.

 
 

2. Why now?

The push for oil futures gained impetus in 2017 when China surpassed the U.S. as the world’s biggest crude importer. The Asian nation’s purchases reached a record highin January.

 
 

Top Oil Buyer

China surpasses U.S. as world's biggest crude importer

 

 

Lower crude prices have played a part as to why not earlier. Chinese oil futures were proposed in 2012 following spikes above $100 a barrel, but prices in 2017 have averaged little more than $50. There’s also concern over volatility. China introduced domestic crude futures in 1993, only to stop a year later because of volatility. In recent years, it repeatedly delayed its new contract amid turmoil in equities and financial markets. Such destabilizing moves have often prompted China’s government to intervene in markets in one way or another.

 
 

3. How do oil futures work?

Futures contracts fix prices today for delivery at a later date. Consumers use them to protect against higher prices down the line; speculators use them to bet on where prices are headed. In 2017, oil futures contracts in New York and London outstripped physical trading by a factor of 23. Crude oil is among the most actively traded commodities, with two key benchmarks: West Texas Intermediate, or WTI, which trades on the New York Mercantile Exchange, and Brent crude, which trades on ICE Futures Europe in London.

4. How will Shanghai futures work?

Trading hours will be 9 a.m.-11:30 a.m. and 1:30 p.m.-3 p.m. local time and, at night, 9 p.m.-2:30 a.m. The daily trading band has been set at 5 percent on either side, and 10 percent on its debut day, while margin requirements are at 7 percent. Seven gradeswill be deliverable, including Dubai crude, Basrah Light and China’s Shengli. The contracts will have 36 delivery months with the first 12 months as rolling contracts. The daily cost to store crude for delivery into the Shanghai exchange is set at 0.2 yuan a barrel, or at least twice the rate elsewhere, in a move seen as deterring excessive price swings.

 

6. What’s China’s track record in commodities?

Nickel was the last major commodity to be listed there in 2015; within six weeks, trading in Shanghai surpassed benchmark futures on the London Metal Exchange, or LME. In China, speculators play a far greater role, boosting trading volumes but making markets susceptible to volatility. In early 2016, the then-head of the LME said it was possible some Chinese traders did not even know what they were trading as investors piled into everything from steel reinforcement bars to iron ore. Steep price rises relented when China intervened with tighter trading rules, higher fees and shorter trading hours.

7. Will foreigners buy in?

That remains to be seen. Overseas oil producers and traders would need to swallow not just China’s penchant for occasional market interventions but also its capital controls. Restrictions on moving money in and out of the country have been tightened in the past two years after a shock devaluation of the yuan in 2015 prompted a surge in money leaving the mainland. Similar hurdles have kept foreign investors as bit players in China’s giant stock and bond markets. As of March 21, a total of 19 overseas brokers have registered with the Shanghai exchange for dealing the oil futures contract.

8. Could the yuan challenge the dollar’s dominance in oil?

 
Not any time soon, since paying for oil in dollars is an entrenched practice, according to some analysts. Shady Shaher, head of macro strategy at Dubai-based lender Emirates NBD PJSC, says it makes sense in the long run to look at transactions in yuan because China is a key market, but it will take years. Bloomberg Gadfly columnist David Fickling argues that China doesn’t have “nearly the influence in the oil market needed to carry out such a coup.” On the other hand, paying in yuan for oil could become part of President Xi Jinping’s “One Belt, One Road” initiative to develop ties across Eurasia, including the Middle East. Chinese participation in Saudi Aramco’s planned initial public offering could help sway Saudi opinion toward accepting yuan, which is used in only about 2 percent of global payments.
 
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%D8%A7%D9%88%D8%A8%D9%8322-696x435.jpg

Information / Baghdad ..

The Organization of the Petroleum Exporting Countries (OPEC) Governor Haitham al-Ghais said on Monday that the Organization's commitment to reduce production in February was 138%.

Al-Ghais told Al-Rai newspaper that the country's commitment is the highest since the start of the implementation of the production reduction agreement. "The market is capable of absorbing increases from shale oil."

He added that "the positive impact of this unprecedented commitment to reduce production became clearer, as the surplus in global oil stocks in February, to become 44 million barrels, compared to the level of 339 million barrels when the implementation of the agreement to reduce production in early 2017.

He added that "the technical committee to monitor the reduction of production held its meeting last week in Vienna," noting that "it expressed its satisfaction with the situation of the oil market, and submitted its report to the Ministerial Committee, also discussed details and data on preparations for the meeting of the Ministerial Committee to monitor the implementation of the agreement to reduce production in Saudi Arabia on April 20 Next ".

He pointed out that "there is a significant rise in oil prices recently, as the price of Brent barrier $ 70 a barrel, despite the geopolitical factors and their temporary positive impact on prices, but the fundamentals of the oil market remains the biggest supporter of oil prices." Ending / 25 g

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Iraq 's economy supports an OPEC-led deal to cut oil production

Iraq backs OPEC-led deal to cut oil production
 
 Twilight News    
 
 8 hours ago
 

 

Iraqi President Fuad Masum said during a meeting with OPEC Secretary General Mohamed Barkindo that his country supports OPEC's agreement to cut oil production.

"It is necessary to support the agreement to reduce the production of crude oil," said Masoum, who met with Barkindo in Baghdad.

 
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Oil is rebounding to more than $ 70

12:34 - 27/03/2018
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%D9%86%D9%81%D8%B7-696x435.jpg

Information / Baghdad ..

Oil prices rose during Tuesday's trading to more than $ 70 a barrel, ahead of preliminary US inventory data.

By 0725 GMT, the price of Brent crude futures rose 0.1% to $ 70.20 a barrel, and the price of NYMEX crude futures rose $ 0.1 million to $ 65.64 a barrel.

US crude was down 0.5 percent, or 33 cents, at $ 65.55 a barrel.

The US Petroleum Institute is due to announce preliminary inventory data later this day before the Energy Information Administration announces it tomorrow. Ending / 25 g

 

http://www.almaalomah.com/2018/03/27/294957/

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