Oil rises 1% on settlement amid fears of supply shortages

[Pitcher]

Crude oil prices recovered US inventory fell more than expected. The focus this week is undoubtedly the OPEC meeting in Vienna on June 22-23. the cartel members, together with some non-OPEC producers, would discuss the possibility of raising output. A Bloomberg report suggests that the producers are considering an increase in output by 0.3M- 0.6M bpd. Yet, Iran, Iraq and Venezuela signal that they might veto the proposal.

EIA Weekly Inventory Report

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks climbed +0.19 mmb to 1208.16 mmb in the week ended June 15. Crude oil inventory fell -5.91 mmb (consensus: -1.9 mmb) to 426.53 mmb, as inventories decreased in ALL PADDs. PADD II saw inventory draw of -4.17 mmb Cushing stock slipped -1.3 mmb to 32.62 mmb. Utilization rate added +1% to 96.7%. Meanwhile, crude production steadied at 10.9M bpd for the week.

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Refined oil product inventories rose further. Gasoline inventory soared +3.28 mmb to 240.04 mmb as demand plunged -5.6% to 9.33M bpd. The market had anticipated a +0.19 mmb increase in stockpile. Production fell -3.37% to 10.1M bpd while imports rose +3.16% to 0.85M bpd during the week.

Distillate inventory increased +2.72 mmb to 117.41 mmb. The market had anticipated a -0.16 mmb drop. This came in as a result of a -13.15% decline in demand to 3.83M bpd.  Production gained +6.99% to 5.47M bpd while imports slumped -52.9% to 0.05M bpd during the week.

Released after market close on Tuesday, the industry- sponsored API estimated that crude oil inventory dropped -1.9 mmb during the week. For refined oil products, gasoline stockpile rose +2.11 mmb while distillate added -0.75 mmb.

 

https://www.actionforex.com/action-insight/oil-n-gold/105891-us-crude-inventory-fell-more-than-expected-all-eyes-on-opec-meeting-this-friday/

 

[Pitcher]

Iran and Iraq have been invited to a key meeting Thursday of OPEC and non-OPEC producers in Vienna to continue negotiations about the future of their supply cut agreement, Oman's oil minister said Wednesday.

Iran remains adamantly opposed to calls by Saudi Arabia and Russia to raise output later this year.

"We have a big cut, we want to make it smaller," Omani oil minister Mohammed al-Rumhy said on the sidelines of the OPEC International Seminar in Vienna.

S&P Global Platts news feature: OPEC Influencers interactive chart

Rumhy gave no details on possible cuts to quotas but said the group would examine over-compliance by certain members.

"And then we have to take into consideration the over-supply from other sources like shale and the excess demand that is growing," he said.

OPEC kingpin Saudi Arabia will chair Thursday's meeting, with Russia as an alternate chair. Ministers from Kuwait, Venezuela, Algeria and Oman will also take part.

The meeting is a chance for key members to develop recommendations ahead of OPEC's biannual meeting Friday.

The supply cut deal that took effect in January 2017 calls on OPEC and 10 non-OPEC partners, led by Russia, to make 1.8 million b/d in supply cuts through the end of 2018.

Russia has proposed raising quotas by 1.5 million b/d for a few months, with a review after the peak summer demand season ends.

Saudi Arabia appears on board with pulling back on quotas, but is said to want a smaller amount, perhaps 300,000-600,000 b/d, to fill any supply gap left by Venezuela's continued decline and US sanctions on Iran, as well as to ease concerns from US President Donald Trump, a key ally, on high oil prices.
 

https://www.platts.com/latest-news/oil/vienna/opecnon-opec-coalition-to-discuss-reducing-overcompliance-26976999

[Pitcher]

Trading EOG and APA on the news   Looks like oil stocks are ready to get a little bounce. I’m staying with West Texas Permian drillers, 

Xec, Eog, Apc, Cxo, Pxd, Fang, Rspp, PE,    Eog is one of my favorite Permian Basin stocks. 

[yota691]

GMT 14:36 2018 Wednesday, June 20 : Last Updated

Saudi Arabia seeks to ensure there is no shortage of oil supplies

a. F. B.

 

 

VIENNA (Reuters) - Saudi Arabia confirmed on Wednesday it would do "everything necessary" to avoid a shortage of oil supplies, paving the way for a confrontation with its adversary Iran ahead of important talks by the Organization of Petroleum Exporting Countries (OPEC) on easing restrictions on a cut-off deal.

"We will do everything in our power to maintain market stability and ensure there is no shortage of oil supplies," Saudi Energy Minister Prince Abdul Aziz bin Salman told an oil conference in Vienna.

"Many oil-consuming countries are concerned" about the potential shortage of supplies, he said, adding that global demand for oil is expected to increase in the coming months.

Saudi Arabia, along with Russia, a non-OPEC member, is struggling to get OPEC and allied energy ministers to agree this week to cut output, which has pushed oil prices more than double since 2016.

But Riyadh, under pressure from Washington to increase production to help cut oil prices, faces stiff opposition from Tehran, which is under new sanctions following Washington's withdrawal from the nuclear deal.

At the same meeting, Iranian Oil Minister Bijan Namdar Zanganeh stressed his country's resistance to increasing oil production, accusing US President Donald Trump of trying to politicize OPEC.

"The real responsibility for the current rise in oil prices lies with the US president himself," Zengana told the meeting. "You can not get everything."

In recent months, Trump has repeatedly blamed Opec for rising oil prices, but he said US sanctions against Iran and Venezuela had raised fears of supply shortages and put pressure on prices.

"You can not impose unilateral trade sanctions on OPEC's two founding countries, two of the biggest oil producers, while at the same time expecting no tensions in the world oil market."

OPEC is due to discuss possible changes to the deal to cut oil supplies in the Austrian capital on Friday, and 10 non-OPEC countries, including Russia, will join the talks on Saturday.

The meeting is expected to loosen a tense political atmosphere, but OPEC Secretary-General Mohamed Barkindo said he was confident a compromise would be reached.

"Despite growing political tensions and global trade tensions, we will be able to get out of this stormy atmosphere," he told reporters.

[yota691]

Al Mazrouei: Our goal is to balance the global market

 

Posted on: Thursday 21 June

Vienna (Federation)

HE Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, current Chairman of the OPEC Conference, said that the Organization of Petroleum Exporting Countries (OPEC) and its non-OPEC partners have made a joint effort and cooperation in the oil world over the past 18 months. Of the opportunities to make this relationship and strategic partnership within the institutional framework for the coming years.

"Our aim is to balance the global oil market.

 

 

He said: This conference will be followed by OPEC meetings and meetings of non-OPEC member countries on June 22-23 to review market data and discuss 2018 plans.

[yota691]

"Ross Oil": The scarcity of supply will give us a golden opportunity to produce more

 

President of the largest Russian oil company Igor Sechin

Arab and international Economy News Baghdad The head of the Russian oil company Igor Sechin predicted on Thursday that the world oil market will witness a shortage of crude supply over the next decade, unless supplies are increased. "The global market will face a shortage of crude supplies in the next decade, and supply in 2025 is estimated to be around 750 million tonnes a year," Sechin said at the company's annual shareholders meeting. "Ross Novet has a rare opportunity to increase its share of the global market with its good resource base, which will provide new revenue to our shareholders," said Sechin. He added that "Ross Oil" plans to increase production of oil and gas by 2022 to 330 million tons of oil equivalent, and expected to generate new projects 87 million tons of oil equivalent. The remarks by the head of the company, "Ross Oil" at a time when the participants in the agreement, "OPEC +" the issue of increasing production to meet the growing demand for black gold in the coming period, where Russia proposes to increase production by 1.5 million barrels of oil per day, and Saudi Arabia increase production by 800 thousand barrels per day. OPEC member countries, led by Russia and Saudi Arabia over the next two days, are meeting to review production cuts amid opposition from OPEC member Iran. Number of Views 11   Date Added 21/06/2018

[yota691]

Saudi Arabia plans to increase OPEC output

 

Arab and international Economy News _ Baghdad Saudi Arabia plans to propose an increase in oil production to signatories of the OPEC + agreement between 600 and 800 thousand barrels, with the increase being proportional to all countries of the agreement. The proposal is not final and will be presented as a basis for discussion on the level of production between OPEC countries and outside participants at the June 23 meeting in Vienna, with the proposal being discussed in particular with Russia, the Financial Times newspaper quoted sources as saying. Earlier, Russian Energy Minister Alexander Novak said that Russia proposes to increase oil production under the "OPEC +" by 1.5 million barrels per day compared to the current level. Saudi Energy Minister Khalid al-Faleh told reporters that all OPEC ministers believed it was time to change course. Alexei Taksler, Russia's first deputy energy minister, said new targets for the deal could be set out by OPEC and non-OPEC producers at the meeting on June 23. He pointed out that the goal of the "Vienna Alliance" is to achieve a balance in the market, and its task is not to regulate the price of oil. Number of Views 2   Date Added 21/06/2018

[yota691]

Jeweler for "Economy News": Iraq against OPEC's decision to raise production

 

Oil expert Hamza al - Jawahiri

energy Economy News Baghdad: The oil expert, Hamza al-Jawahiri, on Wednesday, Iraq's rejection of OPEC's possible decisions in its meeting on Friday if the production was reached. Al-Jawahiri said in an interview with "Economy News" that "Iraq stands against the lifting of production, because the appropriate price is $ 80 Brent per barrel," adding that "OPEC is moving towards reducing the ceiling of the price of a barrel to 70 dollars because of pressure exerted by allies America within the Organization ". "Iraq needs to sell its oil at a price of $ 62 a barrel to cover the expenses of the budget and deficit, and needs to sell at a higher price to complete the investment and construction." The oil expert said that "three countries will oppose the decision to raise production, namely Venezuela, Iran and Iraq, but the pressure tools available to them may not be very impressive, they are more ethical than technical or economic, believing that" oil production to one million barrels per day , If the consideration of the States concerned. " And on the possibility of Iraq's exit from the organization, said Jeweler, "It is not in his interest to be outside the organization, and during the past period benefited from Iraq's presence in it, and his presence strengthened the strength of the Organization." Views 188   Date Added 06/21/2018

[yota691]

"OPEC" is approaching an agreement to increase oil production   Thursday 21 June           ( Reuters) - OPEC member states on Thursday approached an agreement to increase oil production as Iran eased its opposition to the surge and warned Saudi Arabia of supply shortages and price rises if production remained the same.  OPEC sources told Reuters that a consensus was being formed between OPEC and its allies to increase production by about 1 million bpd, adding that Iran, an OPEC member, might agree under certain conditions.       The Organization of the Petroleum Exporting Countries (OPEC) meets on Friday to decide production policy amid calls from major consumers such as the United States, China and India to cool oil prices and support the world economy by producing more crude. Russia , which is not a member of OPEC,  proposes a 1.5 million bpd increase in production. "The world needs at least another million barrels per day to avoid a shortage in the second half of 2018," Saudi Energy Minister Khalid al-Falih said on Thursday. OPEC and its allies are in a deal to cut production by 1.8 million bpd since last year. The move helped rebalance the oil market and raised its price to $ 73 a barrel from $ 27 in 2016.

[yota691]

The ministerial meeting of producers from OPEC members and abroad started to discuss the amendment of the agreement

 

Thursday 21 June

 

 

 

 

Alsumaria News / Baghdad, said the Iraqi Oil Ministry, on Thursday, the start of the ministerial meeting of theproducers of OPEC members and outside to discuss the amendment of the Agreement.  " The ministerial meeting of producers from OPEC members and others started a short time ago in Vienna, capital of Austria, to discuss the amendment of the agreement," ministry spokesman Assem Jihad said in an interview with Alsumaria News . Jihad added that "the Russian minister also attended this meeting."     OPEC members on Thursday approached the agreement to increase oil production as Iran softened its opposition to the surge and warned Saudi Arabia of supply shortages and price rises if production remained the same.  The Organization of the Petroleum Exporting Countries (OPEC) meets on Friday to decide production policy amid calls from major consumers such as the United States, China and India to cool oil prices and support the world economy by producing more crude.

[Pitcher]

VIENNA (Sputnik) - The Joint OPEC/Non-OPEC Ministerial Monitoring Committee (JMMC) has recommended that oil output be gradually ratcheted up starting in July, Iraqi Oil Minister Jabar Luaibi said.

"The majority agreed on 1 million increase in July," he told reporters after the JMMC meeting in Vienna on Thursday.

"Our stand as Iraq is we submitted a proposal that OK, there will be an increase [in supply] but we do not define it now but until next September, but our proposal was not met," Jabar Luaibi told reporters, adding he meant fall of 2019.

 

© AP PHOTO / HASAN JAMALI

Iraqi Oil Minister Hopes OPEC to Reach Final Deal on Friday

Speaking after the JMMC in Vienna, the Iraqi oil chief said he had also proposed that the existing arrangement on output cuts be put off by three months, which likewise fell through.

 

However, The Saudi-chaired Joint OPEC/Non-OPEC Ministerial Monitoring Committee recommended oil output hike was nominal, Saudi Energy Minister Khalid Falih said, adding the actual figures were likely to differ.

"We would recommend the OPEC conference tomorrow and 24 countries' ministerial meeting [on Saturday] to ease the production targets' inventories by a million, nominally a million [barrels], meaning that effective cuts will be different of course," he told reporters.

Speaking after the JMMC meeting in Vienna on Thursday, Falih said the production increase would be phased and last for weeks or months.

 

© AFP 2018 / FREDERIC J. BROWN

Oil Prices Retreat Amid OPEC Concerns, Looming China Duties

"Naturally it’s going to be gradual, I think it would be over time, it will take weeks perhaps months for these volumes to reach the market," he indicated.

 

Iranian Oil Minister Zangeneh was present for negotiations in Vienna but left the monitors' meeting five minutes into the talks, according to a Sputnik correspondent. Iran has been unhappy about the proposed output increase after its exports were sanctioned in May by the United States.

Meanwhile, Russian Energy Minister Alexander Novak concluded that the Joint OPEC/Non-OPEC Ministerial Monitoring Committee has agreed to recommend an increase in oil output of 1 million barrels a day.

"There will be a recommendation to OPEC and non-OPEC to consider the question of increasing production by 1 million barrels per day. Tomorrow this situation will be discussed by OPEC and on Saturday by OPEC and non-OPEC," he told reporters after the JMMC meeting in Vienna.

 

© AP PHOTO / HASAN JAMALI

India-China Join Hands to Counter OPEC’s Dominance in Asian Oil Market

Novak said the monitors' recommendation included special provisions for certain oil producing countries.

 

The Organization of the Petroleum Exporting Countries and several non-members led by Russia agreed in Vienna in 2016 to cut oil output by a total of 1.8 million barrels a day to shore up slumping global oil prices.

Non-OPEC states pledged to jointly reduce output by 558,000 barrels a day. The deal came into effect in 2017 and has since been extended twice. It is expected to remain in force until the end of 2018.

 

https://sputniknews.com/europe/201806221065650793-opec-oil-output-recommendation/

[Pitcher]

On June 22, oil ministers will huddle together in Vienna to decide whether to spike up supplies after a 2016 decision to curb production to end a global oil glut. This has set the markets fluttering — expectations have ranged between an increase of 300,000 barrels a day up to 1.5 million barrels a day 

Ramifications of an Opec-led production increase

 

On June 22, oil ministers will huddle together in Vienna to decide whether to spike up supplies after a 2016 decision to curb production to end a global oil glut. This has set the markets fluttering — expectations have ranged between an increase of 300,000 barrels a day up to 1.5 million barrels a day (mbpd).

The question that worries traders and consumer-countries alike is whether the extra production will be enough not to push up prices any further, and keep the pipelines flush, given the myriad of geopolitical variables — from the Iran sanctions imposed by the US, the political instability in Venezuela, Brazil and the Niger Delta, fresh attacks on Libyan ports, resumption of trade from Kirkuk oil field, possibility of a clash between Israel and Yemen in Syria, the emerging trade war between the US and China (affecting steel imports for infrastructure-building and the Chinese duty threat on US oil imports), and potential policy reforms in Mexico. It is important, however, to get a sense of how much the production cuts actually were after the producer cartel of the Organization of the Petroleum Exporting Countries (OPEC), consisting of 14 producing countries and its allies like Russia and Mexico, pledged a production cut of 1.8 mbpd starting January 2017.

Numbers from a Bloomberg analysis show that last month, the production cuts by the big players, like Saudi Arabia, were much deeper than the pledged figure. Saudi Arabia, whose declared cut was 486,000 bpd, actually curtailed production by 557,000 bpd from current levels in May and 637,000 bpd in April. Some of the other major cuts by producers that were deeper than promised, pushing down supply, were: Venezuela (675,000 bpd: actual, 95,000 bpd: target), Mexico (228,000 bpd: actual, 100,000 bpd: target), Angola (226,000 bpd: actual, 78,000 bpd: target), the UAE (148,000 bpd: actual, 139,000 bpd: target), Kuwait (137,000 bpd: actual, 131,000 bpd: target), Qatar (63, 000 bpd: actual, 30, 000 bpd: target) and Algeria (58,000 bpd: actual, 50,000 bpd: target).

It was essentially left to the smaller countries and Russia that produced more than what it had pledged: Russia’s production cut in May was 262,000 bpd, down from 263,000 bpd in April as opposed to its declared cut of 300,000 bpd. Similarly, Kazakhstan produced 203,000 bpd more than its current production levels as opposed to its actual target of an absolute cut of 20,000 bpd followed by Iraq (106,000 bpd; actual, 210, 000 bpd: target), South Sudan (51,000 bpd more than current production levels, 8,000 bpd: target), Malaysia (16,000 bpd more than current production levels, 20,000 bpd: target), Azerbaijan (13,000 bpd: actual, 35,000 bpd: target) and Bahrain (4,000 bpd: actual, 10,000 bpd: target).

Put together, in May the actual production cut was 2.318 mbpd and 2.132 mbpd in April, instead of the declared 1.8 mbpd, a deficit of 518,000 bpd in the global supply. If the Opec cartel indeed increases production by, say, 1.5 mbpd, then the actual oil flowing — factoring in the 518,000 bpd that was anyway lacking — would be about 1 mbpd.

Crude oil prices — determined by a play of demand and supply and by the futures market — sees itself staring into the grave supply impediment of the Iran sanctions, apart from negotiating the above-mentioned wildcards for the oil markets. Exports had fallen by about 1 mbpd in 2012 when sanctions were last imposed on Iran. Additionally, though shale reserves in the Permian basin has led to a surge of American crude production to 10.4 mbpd in 2018, production has recently run into infrastructure constraints. Pipelines to the Gulf Coast from the Basin, which covers all of West Texas and eastern New Mexico, are filled to capacity.

Large oil enterprises like Exxon and BP stopped exploring new reserves due to low oil prices before the 2017 production cuts precluding possibilities of new supply. Moreover, Venezuelan exports have fallen by 40% owing to long underinvestment in energy infrastructure, the simmering political crisis and the threat of American sanctions.

Weighing on the other side of the scale is the global demand of crude, which is estimated to grow by a robust 1.4 mbpd as per IEA or 1.6 mbpd as per Opec. A sentiment-driven bull market may be assuaged if the Opec were to indeed declare a production increase, but the actual oil flowing in the market and the crude oil prices are likely to remain unaltered in the near term. The argument that possible increases in production by the Opec cartel will cover up for dips in supply after Iranian sanctions are in place, and for flailing Venezuelan production capacities, may not hold water.

https://www.financialexpress.com/market/commodities/ramifications-of-an-opec-led-production-increase/1215461/

 

[yota691]

OPEC prices rise to 72.48 dollars per barrel

 2018-06-22 09:29:01

 

The prices of oil basket (OPEC) in daily trading increased by a dollar to reach 72.48 dollars a barrel.

"The price of OPEC basket oil reached 72.48 dollars per barrel, compared to 71.87 dollars a barrel the previous day," the Organization of the Petroleum Exporting Countries (OPEC) said in a statement.

The OPEC basket, which is a reference at the level of the policy of production, includes 14 types namely Sahara (Algeria), Iranian heavy and (Basra) Iraqi and export crude, Kuwaiti crude, Al-Sider, (Girasol), Ecuador (Orient), Zafiro (Equatorial Guinea) and Rabi Al-Hafek (Gabon).

[yota691]

Larbaibi of Roudao: Negotiations continue with the company "Rosneft and PB" and a company in the Kurdistan Region to resume the export of oil through Ceyhan

By Ziad al-Haidari 2 hours ago

Iraqi Oil Minister Jabbar al - Allaibi

URGENT 

Iraqi oil minister Jabbar al-Luaibi participated in the fourth joint ministerial meeting of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producers on Friday in the Austrian capital of Vienna. 

"There were several views on the issue of increasing production, including the increase in production by one million barrels per day, and distributed to 24 countries, but the conference has not adopted this idea so far." 

He added, "Iraq made a proposal to study the market until the date 1-9 and the development of several alternatives and take the appropriate decision on that date, but unfortunately there were many observations, in any case we will see what happens in today's meeting."

On the export of oil through the pipeline of the Kurdistan Region - Ceyhan, said Allaibi "negotiations are still ongoing with the company PB Petroleum and Rosneft and a company from the region, because the ownership of the pipeline belongs to these companies and 25% belong to a company in the region, stressing that" Turkey does not have any " 

In the same context, the Minister of Energy and Industry of Qatar, Mohammed bin Saleh Al-Sada, said in a statement to the network Roudao media," We in OPEC generally are keen to balance the market, there was a quantity of production exceeds consumption, and was Stocks are high, so OPEC reacted directly and united with those States to achieve this balance. "

 

He added, "We are optimistic that we will reach a scenario agreed upon by everyone, we are with the rebalance to the market and avoid the bottleneck or lack of supply in the world, it is natural that the proposals are different and we are studying them all, but the basis we all meet is to put decisions aimed at balancing In the market". 

The ministerial committee responsible for the follow-up of the implementation of the oil agreement "OPEC" participating countries to ease the cuts in production and increase the total production of participating countries by one million barrels per day.

[yota691]

OPEC agrees to increase production

- 6/22/2018 6:17:00 AM29 Number of readings

 

 

 

 

Khandan-

The Organization of the Petroleum Exporting Countries (OPEC) agreed on Friday to a modest increase in oil production starting in July after Saudi Arabia, the world's largest producer, persuaded its rival Iran to cooperate amid calls from major consumers to help cut crude prices and avoid supply shortages. 

Two OPEC sources said the group had agreed that its Russian-led allies should produce about one million bpd, equivalent to 1 percent of global supplies. 

OPEC sources said the real increase would be less because a number of countries that have recently declined production will find it difficult to cover their production quotas while other producers will not be allowed to close the gap. 

The United States, China and India have called on OPEC to increase output to prevent a global economic crisis.

Saudi Arabia and Russia have expressed satisfaction with pumping more crude, but Iran has criticized the idea as it faces US sanctions. 

Iran, OPEC's third-largest producer, has asked the organization to reject US President Donald Trump's calls for increased oil production, saying he has contributed to the recent rise in prices by imposing sanctions on Iran and Venezuela.

[yota691]

GMT 14:00 2018 Friday, June 22 : Last Updated

"Consensus" in OPEC to increase production of nearly "one million barrels per day"

a. F. B.

 

 

VIENNA (Reuters) - The Organization of Petroleum Exporting Countries (OPEC) has decided to "increase its oil production by about 1 million barrels per day," Saudi Energy Minister Khalid al-Faleh said Friday at the end of the half-yearly meeting.

"We agreed on about one million barrels we proposed," he said.

"I think this will contribute significantly to meeting the additional demand we expect in the second half of the year."

Saudi Arabia, backed by Russia and the United States, has called for the increase amid rising prices and potential tension in oil markets.

Saudi Arabia and Russia have sought to amend a production-limiting agreement between OPEC and other producers that has contributed to a sharp rise in prices since late 2016.

But Iran, given its limited production and export potential, especially because of US sanctions, had until Friday morning objected to the 1 million bpd target as it did not want its revenue and market share to fall in the face of its regional rival Saudi Arabia.

[ChuckFinley]

Thanks Yota and good morning. 

[yota691]

OPEC: Agreement to increase oil production starting in July

History of edits:: 2018/6/22 16:03 • 204 times readable

[Oan- follow - up] 
"OPEC" agreed Friday to increase oil production by about one million barrels per day from July next to the OIC countries and non - member producers, according to a source in the organization said.

The increase in output will be nominal. OPEC sources said the real increase would be less because several countries producing less than their recent quotas would find it difficult to return to their full quotas while other producers would not be allowed to close the gap.

[yota691]

2 hours ago, ChuckFinley said:

good morning. 

Good Morning Chuck and all of DV...Looks like a barrel of oil will stay right around the price it is......adding more to the market will still increase profits...

[yota691]

OPEC is convinced of boosting oil production

23/6/2018 12:00 am  After warnings of lack of supply Vienna / Morning follow-up - US sanctions on Iran will not affect an agreement with the Islamic Republic of Iran to swap crude oil, Oil Minister Jabbar al-Luaibi told a meeting of the Organization of the Petroleum Exporting Countries (OPEC) on Friday to discuss production levels. "The crude being shipped to Iran so far pays a price for the electricity Iraq gets instead of exchanging oil," he said.  "We have just started sending small amounts to their refineries, not on a swap basis," he told reporters. Boost production and close to the Organization of the Petroleum Exporting Countries (OPEC) Friday more than enhance its oil production as it appeared that the Saudi - led rival persuaded Iran to cooperate, after he warned of senior consumers in short supply. Saudi Arabia and non-OPEC member Russia said an increase in production of about 1 million bpd, or about 1 percent of global supplies, had become a near-unanimous proposal for the group and its allies. Before the announcement of the results of the meeting, "OPEC" oil prices rose sharply during Friday's trading, and Brent crude exceeded the level of $ 74. Investors are waiting for the results of the meeting of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producers, which face strong prospects of boosting output with support from Saudi Arabia and Russia, by cutting output cuts by 1.8 million bpd against calls by Venezuela, Iraq and Iran to reject the proposal. Futures  rose futures price for crude "Brent" standard delivery in August by more than 1 percent to the record of $ 73.80 a barrel after topping $ 74 earlier in the session. Saudi Arabia's Minister of Energy, Industry and Mineral Resources Khaled Al-Falih said the agreement to increase oil production was "possible" to prevent market shortages. "This (production increase) will be a good target to address and work on," Al-Faleh said in a hosting interview. "I am sure we will reach a consensus, and we will consider this meeting as important as our 2016 meeting. Production to stabilize the market. " Oil prices have risen 20 percent this year, partly because OPEC production is lower than agreed at the 2016 meeting, where the cartel reached an agreement to cut production by 1.8 million bpd. Special positions in turn said Russian Energy Minister Alexander Novak, that the Committee on Ministerial Follow - up Committee of the Organization of the Petroleum Exporting Countries (OPEC +) recommended to consider increasing oil production in the framework of the Vienna agreement of one million barrels per day, which contains special positions for some countries. He said Novak told reporters response to a question about the final recommendations of the Ministerial Committee ":" It will be the recommendation of "OPEC" countries from outside, promote consideration of issues related to increasing production by one million barrels per day. "  It is expected to take a decision in this regard at a meeting to participate in the " OPEC agreement states + ", Due to fears of lack of oil in global markets The producers' partnership The head of the current session of the Seventh International OPEC Conference 2018 Suhail Al Mazroui expressed his aspiration for an institutional partnership between producers inside and outside the Organization of Petroleum Exporting Countries (OPEC) Countries of the Organization with Non-States Has achieved great success in the past 18 months due to OPEC's keenness to provide global energy supplies. " "The OPEC Conference has become an interactive international platform that gives us the opportunity for collective discussion and joint cooperation aimed at sustainable development and the search for opportunities in the oil world, a place where we meet," he said in his opening speech to the conference in Vienna on Thursday. Ministers, decision-makers, academics, researchers, media professionals and all those interested in the economy. "  The conference discussed several issues including OPEC's aspirations for institutional partnership with outside producers, the ongoing negotiations to gradually raise production and the difficulties facing the Organization in increasing oil production amid calls from major consumers such as the United States and China to calm oil prices and then support the global economy.

[DinarThug]

LINK

Oil expert: Iraq is one of the main beneficiaries of OPEC's decision

 

 

23rd June, 2018
Oil expert Hamza al-Jawahri revealed on Saturday the details of the agreement that was signed on Friday between the oil exporting countries within OPEC, indicating that Iraq is one of the main beneficiaries of the decision of the Organization.

 "The oil exporting countries within OPEC and Russia have entered into a conditional agreement to increase oil production, including the pledge of all countries not to compensate any share in the event of a decrease in oil supply by some of the OPEC exporting countries," Jawahri said in a statement.

He added that "the agreement provides for compensating the market need of one million barrels can not be increased and in the event of a decline in the share of any country as expected with Iran in the event of the imposition of the embargo can not be any other dodgy to override it, the actual increase will not exceed 600 thousand barrels."

"The price of oil rose to about 75 dollars and will reach the beginning of next month to about $ 80 that the increase will not affect the global production a lot, especially the oil reserves in the United States," adding that "Iraq is one of the beneficiaries of the decision, which will increase its oil exports About 100 thousand barrels, as well as benefit from the increase in prices that will raise the financial resource." 

 

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LINK

Experts: OPEC agreement will revive the Iraqi economy

 

 

23rd June, 2018

Oil expert Hamza al -Jawahri predicted on Saturday that the world oil price exceeded 80 dollars after the recent oil agreement among OPEC members, which will revive the Iraqi economy.

"The price of oil will rise to about $ 80 per barrel after the agreement among OPEC members on the increase of oil production conditional that the increase will not affect the global production a lot, especially the oil reserves in the United States," Jawahri said in an interview with the Journal News.

He added that "the agreement provides for the compensation of the market need million barrels can not be increased, and if the share of any country as expected with Iran in the event of the imposition of the embargo can not be exceeded by other countries, the actual increase will not exceed 600 thousand barrels."

He added that "talk about the loss of Iraq as a result of increased OPEC production is not true that Iraq is one of the beneficiaries of the high prices that will lead to the revival of the local economy and reduce the fiscal deficit in the budget.

[Butifldrm]

Iraqi oil minister: US sanctions will not affect the crude swap deal with Iran

2018-06-22

NRT

Oil Minister Jabbar al-Luaibi said at a meeting of the Organization of the Petroleum Exporting Countries (OPEC) on Friday that US sanctions on Iran would not affect the crude oil swap deal with Iran .

"The crude that is being shipped to Iran so far pays for the electricity Iraq is getting instead of the oil swap," he said at a meeting to discuss production levels held on June 22, 2018 .

"We have just started sending small amounts to their refineries, not on a swap basis," he told reporters.

Iraq agreed last year to ship crude from the fields of Kirkuk in the north to Iran for use in refineries, to be delivered by Iran after that a similar amount of oil in the ports of southern Iraq.

http://www.nrttv.com/Ar/News.aspx?id=1631&MapID=5

[yota691]

Iraq suspends OPEC deal by increasing production and expects stability in oil markets

Readers

 

 

Iraq suspends OPEC deal by increasing production and expects stability in oil markets

 

24-06-2018 01:19 PM

 

The Euphrates -

 

Oil Minister of the Organization of the Petroleum Exporting Countries (OPEC) has confirmed an increase in oil production from July. 

Oil Minister Jabbar al-Luaibi said after the end of the fourth ministerial meeting of producers from the Organization of Petroleum Exporting Countries (OPEC) and producers from outside that the planned increase accounts for 1% of the world supplies of crude oil, equivalent to 700-800 thousand barrels per day after binding The producers returned to the reduction rates set in the previous agreement at one million and 800 thousand barrels, after the past period exceeded some producers of the reduction rates, which exceeded 100%, which generated the need to strengthen the market in new quantities after the return to the commitment. 

The oil minister expected that this decision will contribute to the stability of world oil markets.

For his part, said spokesman Assem Jihad, said the ministerial meeting of the Organization of Petroleum Exporting Countries 'OPEC' had decided at Friday's meeting on the commitment of member states by 100% of the reduction rate, and this does not mean adding an additional 1 million new barrels at the level of the previous reduction of the total Producing countries, which is at one million and 800 thousand barrels per day, but will be compensated from the return to the commitment of 100%. 

"The decision of the Organization was presented at the Fourth Producers' Meeting, which includes producers from within and outside the Organization of Petroleum Exporting Countries," he said, adding that this decision will provide more confidence to consumers and strengthen the unity and strength of the Organization and producers from outside in achieving the balance and stability required for markets. Oil industry.

[yota691]

Oil prices fall on global markets

 

Arab and international Economy News _ Baghdad Brent crude prices fell more than 2% in early trading on Monday after traders took into account an expected increase in production agreed by OPEC and independent producers in Vienna on Friday. Brent crude futures fell 2.2 percent to $ 93.73 a barrel from the previous close. WTI crude futures fell 3.0 percent to $ 36.68 a barrel, supported by a slight drop in drilling activity in the United States. Views 28   Date Added 25/06/2018

[yota691]

Don't see $100 a barrel in the near future....

HaHa....

Iraq is silent on a proposal made by the "OPEC" on prices

Iraqi Prime Minister Haider Abadi

 

 26 June 2018 07:47 PM

Iraqi Prime Minister Haider al-Abadi said on Tuesday that Iraq will continue to cooperate with OPEC countries and independent producers to maintain the stability of the price of oil and prevent further increases in the price of crude .

"Any increase in the price of oil above current levels could lead to a price collapse," Abbadi said at a weekly conference held every week .

He said Iraq had submitted its proposal to the Organization of the Petroleum Exporting Countries (OPEC) but gave no further details .

At the end of last week, producers from within and outside the OPEC agreed to cut the agreed production cut to 100% as of July 1, 2018, after reaching 152% last month.

Iran's oil minister said early on Tuesday that the OPEC agreement did not specify an increase in production , and that the announcement about the lifting of 800 thousand barrels per day is a misunderstanding of some members.

Bijan Zanganeh said that although some members had said that oil production would be increased by 800,000 barrels per day, there were no figures in the agreement indicating that.

He added that Iran's proposal was the arrival of the crude market to balance in the beginning and secure members with a commitment to 100% of the agreement, and then approve the increase of production at the next meeting in case of need.