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13 minutes ago, Half Crazy Runner said:

"The reduction doesn’t include the Kurdistan Region,” Luaibi said. “But we will be trying to include the Kurdistan Region in the reduction of its oil."

 

... :shrug:.  I'm a little confused 

Word!

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14 minutes ago, Half Crazy Runner said:

"The reduction doesn’t include the Kurdistan Region,” Luaibi said. “But we will be trying to include the Kurdistan Region in the reduction of its oil."

 

... :shrug:.  I'm a little confused 

 

I am with you, Half Crazy Runner!

 

The 2017 Iraqi budget was based on 550,000 of Kurdistan crude oil per day. Ernst & Young (maybe it was Deloitte and Touché) showed Kurdistan was producing 910,000 barrels of crude oil per day. So, where is the 360,000 barrels per day (910,000 - 550,000) of Kurdistan crude oil going and how does that affect the Iraqi agreement to cut 210,000 barrels per day of crude oil production? :shrug:   :confused:   :confused2:

 

Yep! There is nothing funner than being a runner!

 

Go Moola Nova!

:twothumbs:

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29 minutes ago, Synopsis said:

 

I am with you, Half Crazy Runner!

 

The 2017 Iraqi budget was based on 550,000 of Kurdistan crude oil per day. Ernst & Young (maybe it was Deloitte and Touché) showed Kurdistan was producing 910,000 barrels of crude oil per day. So, where is the 360,000 barrels per day (910,000 - 550,000) of Kurdistan crude oil going and how does that affect the Iraqi agreement to cut 210,000 barrels per day of crude oil production? :shrug:   :confused:   :confused2:

 

Yep! There is nothing funner than being a runner!

 

Go Moola Nova!

:twothumbs:

 

Thanks Synopsis!  

 

And I'm still waiting for that day when I no longer need to try and understand these articles!!  Hope it's actually soon and not "Iraqi soon". I have plans ..

 

Go Moola Nova for sure!

:twothumbs:

 

 

 

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21 minutes ago, coorslite21 said:

I would guess that they will release a complete transcript of the meetings at some point.  We might be able to get some real clarity then.  I have to believe Yota will be all over that.........

 

(heck.......he's probably typing them up for OPEC right now !)

 

:lol: 

 

You might be onto something there :D

 

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"Kurdistan Region oil exports are not subject to OPEC’s renewed reduction targets, Iraq’s oil minister stated, adding, however, that he hopes they will be included. He said he will visit the Region to discuss the matter with the Kurdistan government, with whom, he said, Baghdad has good relations." 

 

I hope Kurdistan plays hardball and holds this over Iraq's head to get the HCL passed.

 

Also this indicates to me Iraq IS subject to the 9 month extension otherwise how would they be able to convince Kuwait to join the extension? things that make you go "hmmmmm"

 

"Good relations" HA!

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"Hey Kuwait. You guys need to be subject to this 9 month oil reduction extension."

"Oh. No problem. Are you guys subject to the extension Iraq?"

"Heck no! What do you take us for? Sand bagging idiots/! But it will be good for you guys."

"Ok. Sure why not. You haven't passed the HCL yet agreeing to divvy up the proceeds between our two countries, but what the hecko's. We'll reduce our oil supply, make less money, and hope and pray to Allah you all live up to paying us our quarterly stipend that up to this point you haven't been able to do. Or rather shirk doing."

"Well, do this one thing and we promise we will pay you as soon as we can. Anyway. Soon as we get back from our month long vaca, we promise to jump right on that hydro carbon law thingy."

 

(Iraq whispers to the other smirking OPECers..."not"!)

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1 hour ago, keylime said:

"Hey Kuwait. You guys need to be subject to this 9 month oil reduction extension."

"Oh. No problem. Are you guys subject to the extension Iraq?"

"Heck no! What do you take us for? Sand bagging idiots/! But it will be good for you guys."

"Ok. Sure why not. You haven't passed the HCL yet agreeing to divvy up the proceeds between our two countries, but what the hecko's. We'll reduce our oil supply, make less money, and hope and pray to Allah you all live up to paying us our quarterly stipend that up to this point you haven't been able to do. Or rather shirk doing."

"Well, do this one thing and we promise we will pay you as soon as we can. Anyway. Soon as we get back from our month long vaca, we promise to jump right on that hydro carbon law thingy."

 

(Iraq whispers to the other smirking OPECers..."not"!)

If Kuwait accused Iraq of shirk, not good and it would be the death of everyone in Iraq. Muslims don't use theword shirk unless they really really mean it. The Wahabi's accused others of committing shirk and near conquered the Ottoman Empire.

 

On another note, Iraq has been trying to figure out a way to export more oil beyond the reduction cut set by OPEC. Not including Kurdistan in the cuts could be the loophole is looking for. However, the whole point is to burn the excess on the market up. Until that is done, there will not be an HCL which puts the HCL off into 2018 and the RV until after May/June 2019.

Edited by Theseus
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48 minutes ago, Theseus said:

If Kuwait accused Iraq of shirk, not good and it would be the death of everyone in Iraq. Muslims don't use theword shirk unless they really really mean it. The Wahabi's accused others of committing shirk and near conquered the Ottoman Empire.

 

On another note, Iraq has been trying to figure out a way to export more oil beyond the reduction cut set by OPEC. Not including Kurdistan in the cuts could be the loophole is looking for. However, the whole point is to burn the excess on the market up. Until that is done, there will not be an HCL which puts the HCL off into 2018 and the RV until after May/June 2019.

The "shirk" I used didn't have that kind of serious connotation. It was a light-hearted joke.  

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OPEC price booms over extended cuts

May 25 2017 11:11 AM
OPEC goes up
OPEC goes up

 

The price of OPEC basket of thirteen crudes stood at $51.96 a barrel on Wednesday, compared with $51.34 the previous day, according to OPEC Secretariat calculations. 

Oil prices jumped this morning ahead of the Opec meeting in Vienna that is expected to extend output cuts into 2018, adding at least nine months to an initial six-month deal, a report on the Telegraph said. 

Brent crude jumped 0.93pc to $54.46 a-barrel in early trade. 

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), 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/11067/OPEC-price-booms-over-extended-cuts

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Iraq’s Oil Minister: Kurdistan Exports Not Part Of OPEC Cut Extension

By Zainab Calcuttawala - May 25, 2017, 3:00 PM CDT Oil

The oil exports of Iraq’s semi-autonomous region of Kurdistan are not subject to the extension of OPEC’s production cuts, Iraq’s Oil Minister Jabbar al-Luaibi told Kurdish media network Rudaw during the OPEC meeting in Vienna on Thursday.

According to OPEC delegates, the cartel agreed today to extend the current output cuts for nine months until March 2018.

 

The reduction doesn’t include the Kurdistan Region,” Luaibi told Rudaw. “But we will be trying to include the Kurdistan Region in the reduction of its oil. I have plans to visit the Kurdistan Region and discuss this with them after my return to Iraq.”

 
 
   
 
 
 
 
 
 
 
 
 
 

The region of Kurdistan in northern Iraq is estimated to have 45 billion barrels of oil reserves. Exports from the fields in northern Iraq held by the Kurdistan Regional Government (KRG) stand at around 600,000 bpd. Most of the exports from landlocked Kurdistan are being carried out via the Kirkuk-Ceyhan pipeline to the Turkish Mediterranean coast.

Earlier today, Iraq’s Al-Luaibi said that the best option to bring the oil market back to balance was extending the production cuts by nine months.

The World's Most Crucial Metal Is Facing A Shortage

An extraordinary metal is about to enter a super-cycle as demand is rapidly increasing and supply is vanishing. One small company has positioned itself to profit hugely from the coming price shock.
 

 

OPEC’s no. 2 Iraq was thought to be one of the biggest stumbling blocks to a nine-month output cut extension, but on Monday OPEC’s no.1 Saudi Arabia and Iraq said that they had agreed that the cuts need to be extended by another nine months.

Related: Is Canada’s Oil Production Ready For A Resurgence?

Iraq was the last holdout to OPEC reaching the initial deal in November, when it first argued for exemption, due to funds need to fight ISIS, then disputing the so-called secondary sources that OPEC uses to calculate the single producers’ output levels and proposed cuts.

Then, even though it signed up to the initial six-month production cut deal, Iraq has been the biggest overproducer, and has so far failed to cut as pledged every month between January and April, according to OPEC data.

By Tsvetana Paraskova for Oilprice.com

 

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1 hour ago, Half Crazy Runner said:

OPEC price booms over extended cuts

 

...it would be nice if the value of the dinar would now boom too 

 

This is day and the results of the events we are witnessing... this is not over. :) 

 

1 hour ago, SocalDinar said:

Iraq’s Oil Minister: Kurdistan Exports Not Part Of OPEC Cut Extension

By Zainab Calcuttawala - May 25, 2017, 3:00 PM CDT Oil

The oil exports of Iraq’s semi-autonomous region of Kurdistan are not subject to the extension of OPEC’s production cuts, Iraq’s Oil Minister Jabbar al-Luaibi told Kurdish media network Rudaw during the OPEC meeting in Vienna on Thursday.

According to OPEC delegates, the cartel agreed today to extend the current output cuts for nine months until March 2018.

 

The reduction doesn’t include the Kurdistan Region,” Luaibi told Rudaw. “But we will be trying to include the Kurdistan Region in the reduction of its oil. I have plans to visit the Kurdistan Region and discuss this with them after my return to Iraq.”

 
 
   
 
 
 
 
 
 
 
 
 
 

The region of Kurdistan in northern Iraq is estimated to have 45 billion barrels of oil reserves. Exports from the fields in northern Iraq held by the Kurdistan Regional Government (KRG) stand at around 600,000 bpd. Most of the exports from landlocked Kurdistan are being carried out via the Kirkuk-Ceyhan pipeline to the Turkish Mediterranean coast.

Earlier today, Iraq’s Al-Luaibi said that the best option to bring the oil market back to balance was extending the production cuts by nine months.

The World's Most Crucial Metal Is Facing A Shortage

An extraordinary metal is about to enter a super-cycle as demand is rapidly increasing and supply is vanishing. One small company has positioned itself to profit hugely from the coming price shock.

Click here to find out more

 

OPEC’s no. 2 Iraq was thought to be one of the biggest stumbling blocks to a nine-month output cut extension, but on Monday OPEC’s no.1 Saudi Arabia and Iraq said that they had agreed that the cuts need to be extended by another nine months.

Related: Is Canada’s Oil Production Ready For A Resurgence?

Iraq was the last holdout to OPEC reaching the initial deal in November, when it first argued for exemption, due to funds need to fight ISIS, then disputing the so-called secondary sources that OPEC uses to calculate the single producers’ output levels and proposed cuts.

Then, even though it signed up to the initial six-month production cut deal, Iraq has been the biggest overproducer, and has so far failed to cut as pledged every month between January and April, according to OPEC data.

By Tsvetana Paraskova for Oilprice.com

 

Edited by Adam Montana
Got rid of that annoying ad
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4 hours ago, Theseus said:

If Kuwait accused Iraq of shirk, not good and it would be the death of everyone in Iraq. Muslims don't use theword shirk unless they really really mean it. The Wahabi's accused others of committing shirk and near conquered the Ottoman Empire.

 

On another note, Iraq has been trying to figure out a way to export more oil beyond the reduction cut set by OPEC. Not including Kurdistan in the cuts could be the loophole is looking for. However, the whole point is to burn the excess on the market up. Until that is done, there will not be an HCL which puts the HCL off into 2018 and the RV until after May/June 2019.

+1 FOR YOUR OPINION......................hope ur wrong

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1 hour ago, SocalDinar said:

Iraq’s Oil Minister: Kurdistan Exports Not Part Of OPEC Cut Extension

By Zainab Calcuttawala - May 25, 2017, 3:00 PM CDT Oil

The oil exports of Iraq’s semi-autonomous region of Kurdistan are not subject to the extension of OPEC’s production cuts, Iraq’s Oil Minister Jabbar al-Luaibi told Kurdish media network Rudaw during the OPEC meeting in Vienna on Thursday.

According to OPEC delegates, the cartel agreed today to extend the current output cuts for nine months until March 2018.

 

The reduction doesn’t include the Kurdistan Region,” Luaibi told Rudaw. “But we will be trying to include the Kurdistan Region in the reduction of its oil. I have plans to visit the Kurdistan Region and discuss this with them after my return to Iraq.”

 
 
   
 
 
 
 
 
 
 
 
 
 

The region of Kurdistan in northern Iraq is estimated to have 45 billion barrels of oil reserves. Exports from the fields in northern Iraq held by the Kurdistan Regional Government (KRG) stand at around 600,000 bpd. Most of the exports from landlocked Kurdistan are being carried out via the Kirkuk-Ceyhan pipeline to the Turkish Mediterranean coast.

Earlier today, Iraq’s Al-Luaibi said that the best option to bring the oil market back to balance was extending the production cuts by nine months.

The World's Most Crucial Metal Is Facing A Shortage

An extraordinary metal is about to enter a super-cycle as demand is rapidly increasing and supply is vanishing. One small company has positioned itself to profit hugely from the coming price shock.
 

 

OPEC’s no. 2 Iraq was thought to be one of the biggest stumbling blocks to a nine-month output cut extension, but on Monday OPEC’s no.1 Saudi Arabia and Iraq said that they had agreed that the cuts need to be extended by another nine months.

Related: Is Canada’s Oil Production Ready For A Resurgence?

Iraq was the last holdout to OPEC reaching the initial deal in November, when it first argued for exemption, due to funds need to fight ISIS, then disputing the so-called secondary sources that OPEC uses to calculate the single producers’ output levels and proposed cuts.

Then, even though it signed up to the initial six-month production cut deal, Iraq has been the biggest overproducer, and has so far failed to cut as pledged every month between January and April, according to OPEC data.

By Tsvetana Paraskova for Oilprice.com

 

And THAT might be the start of exactly what we are looking for!!!!

 

:twothumbs: 

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Bijan Namdar Zangana
Bijan Namdar Zangana

Roudao- Vienna 

called on the Iranian oil minister, Bijan Namdar Zangana, the American major work in his country 's oil companies, adding that "our citizens voted on Alatfattah the international community 's policy, so it 's time to change the new US administration 's stance toward Iran."

He criticized the Iranian oil minister, in his speech to delegates Roudao media network, Waistband Shino, during the meeting of Member States of the OPEC meeting in Vienna, the US policy because of cutting trade ties with Iran, saying: "I think it runs US policy hurts the United States, the international companies, we see that there is Asian and European companies conclude agreements to work in Iran, including Chinese, Japanese, Korean and French as well as British companies, American companies are the only companies that are unable to work in Iran, I do not know why it. "

He added: "We want agreement with the major US oil companies, and did not put any obstacles to their work, but that the US administration is to prevent it." 
He Zangana: "I hope that the Americans understand that we've made free elections and that the people voted for the policy of openness to the international community, so it 's time to change the new US administration 's stance toward Iran." 

Approved the Organization of Petroleum Exporting Countries "OPEC" on Thursday to extend a cut in oil production to an additional 9 months, after the organization agreed in November last year, with 11 other countries from non - OPEC members, including Russia, to cut output by about 1.8 million barrels per day between the first of January and June 30.

Translation and edit: Shunem Abdullah Khoshnaw
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From Opec News 

Opening Address by the President of the OPEC Conference

Delivered by HE Khalid A. Al-Falih, Saudi Arabia's Minister of Energy, Industry and Mineral Resources, and President of the OPEC Conference, at the 2nd OPEC and non-OPEC Ministerial Meeting, 25 May 2017, Vienna, Austria.


Your Excellencies, Distinguished Delegates, Ladies and Gentlemen: Good afternoon.  I would like to begin by welcoming you all to the OPEC Secretariat for the 2nd OPEC and non-OPEC Ministerial Meeting.

This is another landmark meeting and we are truly pleased to see Ministers and other Heads of Delegation from non-OPEC producing countries joining us.

Excellencies, ladies and gentlemen,

You will recall that our first historical joint meeting was held last December, and was co-chaired by my dear friend, His Excellency Dr. Mohammed Bin Saleh Al-Sada, Minister of Energy and Industry of Qatar.  He was joined by another good friend, His Excellency Alexander Novak, Oil Minister of the Russian Federation, who also kindly agreed to serve as co-chair today.

That meeting produced the landmark Declaration of Cooperation and followed an OPEC Conference decision reached some two months earlier in Algiers, which took place at a challenging time when the market was impacted by a large inventory overhang.

Our joint Declaration in December was welcomed by the market and, in my view, has played an important role in moving the market toward stability.  In the absence of the agreement, the markets would have remained aimless.

You will recall that a Joint Ministerial Monitoring Committee and a Technical Committee, both with representatives from OPEC and non-OPEC countries, were also established to more effectively implement the agreement and achieve concrete results.

These support bodies have continuously examined oil market data and production levels by signatory countries. In doing so, they have informed, guided and enhanced the work intended by the countries who are signatories to the Declaration.  The results of their work are in front of all to see, and I would like to thank all those involved for their contributions.

The goal of accelerating rebalancing has been partially achieved and the market in my opinion is on its way to full recovery.  The drawdown of inventories has clearly begun and I expect this trend to accelerate as we enter the high demand season and continue our high conformity levels.

However, to bring the inventories to the average trend of the last five years, more time is needed.

In fact, the most important task at this meeting is to consider the extension of the supply agreement to ensure that we bring inventories to the targeted levels, and thus achieve sustained market stability.  The entire world is watching our gathering with great anticipation.

Our delegates and representatives have shown great commitment, admirable flexibility and an understanding of the importance of compromise, and therefore we look forward to further successful collaboration as we consider how to maintain and strengthen current efforts.

We are also determined to deepen the institutionalization of the framework for cooperation between OPEC and non-OPEC countries, which can help to improve our common adaptation to future market cycles.  The oil industry is cyclical by nature, but with regular interactions at both the policy and technical levels, and by working together toward common goals, we can help promote healthy markets. This would be beneficial not only to our respective countries but to the entire petroleum industry, and indeed to consumers and the global economy as a whole. 

Ladies and gentlemen,

We have an exceptional opportunity to further strengthen the foundation of cooperation between both OPEC and non-OPEC, and to build more robust mechanisms to collaborate for the benefit of all.  I look forward to working with each of you to realize these opportunities today and in the future.

Thank you for your attention this afternoon.

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and another from OPEC 

From OPEC News Release 

2nd OPEC and non-OPEC Ministerial Meeting concludes

No 23/2017
Vienna, Austria
25 May 2017

Following the conclusion of the 172nd Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) held today at the OPEC Secretariat in Vienna, Austria, Ministers from OPEC Member Countries met with their counterparts from non-OPEC oil producing countries that participated in the Declaration of Cooperation of 10 December 2016.

Today’s 2nd OPEC and non-OPEC Ministerial Meeting was jointly chaired by HE Khalid A. Al-Falih, President of the OPEC Conference, and Minister of Energy, Industry and Mineral Resources of the Kingdom of Saudi Arabia, and HE Alexander Novak, Minister of Energy of the Russian Federation.

The OPEC and non-OPEC Ministerial Meeting recalled the earlier 30 November 2016 decision by OPEC Member Countries to implement production adjustments effective 1 January 2017 for a six-month period, and the subsequent decision of participating non-OPEC producers to the Declaration of Cooperation to also implement production adjustments on 10 December 2016 for the same period.

The parties noted that OPEC Member Countries met earlier in the day on 25 May 2017, as part of the 172nd Meeting of the OPEC Conference, where they took into account current oil market conditions, analyzed oil market developments since the OPEC Conference last met in Vienna at the end of November, and reviewed the oil market outlook for the remainder of 2017.

OPEC Member Countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan, taking into account the decision reached by OPEC at the 172nd Meeting of the Conference, recognized the need for continuing cooperation among oil exporting countries in order to achieve a lasting stability in the oil market.

In this regard, the aforementioned non-OPEC countries decided to extend their production adjustments, which originally started 1 January 2017, for a further period of nine months, beginning 1 July 2017.

The 14 OPEC Member Countries and 10 participating non-OPEC producing countries underscored the importance of continuing efforts to help stabilize the oil market, in the interests of all oil producers and consumers.

The Meeting thanked all OPEC and non-OPEC participating countries for their commitment, as reflected in the unprecedented conformity levels to the decisions taken. The Meeting participants reaffirmed their commitment, individually and collectively, to the decision to extend the voluntary production adjustments for a further nine-month period.

The Meeting expressed its deep appreciation to the commitment and valued contribution of the Joint Ministerial Monitoring Committee (JMMC) and the Joint Technical Committee (JTC) that have provided the transparency required in implementing the decisions taken last year in a timely and equitable manner.

The Meeting agreed with the decision taken at the 172nd Meeting of the OPEC Conference to extend the important work of the JMMC and JTC for the period of the extension of the Declaration of Cooperation.

The Meeting expressed specific thanks to HE Issam A. Almarzooq of Kuwait, Chair of the JMMC, and HE Alexander Novak of the Russian Federation, who served as co-chair.  The two Ministers will continue to serve in their respective roles following the decision to extend the mandate of the JMMC, as well as the JTC.

OPEC and the participating non-OPEC countries agreed to continue to regularly review the status of their cooperation at the technical and ministerial levels, and further agreed to continue to strengthen their cooperation, including facilitating the exchange of joint analyses and outlooks, with a view to ensuring a sustainable oil market for the benefit of producers, consumers, the industry and the global economy.

Finally, the Ministerial Meeting expressed its gratitude to the Government and to the people of the Republic of Austria, as well as the authorities of the City of Vienna, for their hospitality and excellent arrangements made for the Meeting.

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Crude oil was flirting with 52 per barrel before the meeting and ended below 50 per barrel at the close of NYMEX today.  Not a good indicator of things to come. Iraq's budget is for 45 a barrel. Anything over that can be considered good for Iraq.  However, Iraq needs to average about 54 to break even without a deficit for the entire year.

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