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Found 4 results

  1. Between US pressure and OPEC Plus... What will the oil price scene look like in 2023? reports Economy News-Baghdad With the rapid geopolitical changes in the world, energy markets remain widely affected by ups and downs, which experts believe is directly reflected in the hypothetical price of oil in the Iraqi budget for the year 2023. Former head of the Iraqi Oil Marketing Company, Falah Al-Amiri, says, "The confrontation between OPEC Plus and the major industrial countries in the world has become public and is not hidden from anyone. It is a confrontation of an economic-political nature, and the West considered it a matter of national security. In this case, it is a serious confrontation, and its results will be clearly visible during this time." public, and this issue is not only an opinion, but a fact that must be taken into account. He added to "Al-Iqtisad News", that "OPEC Plus has tools to keep oil prices at a fair price for both parties, which is around $80 a barrel. As for the Western countries, led by America, they find that the fair price is around $60, which is the same price imposed by America and the European Union on Russia." as a ceiling for the price of Russian oil. He explained, "If we look deeply and carefully at the above prices, we will find that the confrontation will remain until one of the two sides wins," noting that "OPEC plus is not as strong as the West in general and the major industrialized countries, meaning that it is a struggle between two parties, a very strong party and a relatively weak one, except that it is OPEC." Plus, this means that the price will settle at $60 a barrel sooner or later. From the foregoing, Al-Amiri believes that “Iraq, for example, will sell its oil at an average price of no more than $55 per barrel, because the bulk of Iraqi oil is heavy or medium, and its sulfur content is high.” Concluding that “the hypothetical price of oil should not be more than 45 dollars on the basis that the ten dollars are deducted from the price as a precaution for possible collapses in the oil markets. Thus, “the default price of oil in the budget should be 45 dollars, and there is still money from that that must be transferred to the Sustainable Development Fund through the legislation of a text in the budget that requires that these funds be transferred to this fund monthly, but if the price is less than 45 during any month The deficit must be covered by the savings of this fund. For his part, energy expert Ahmed Sabah believes that "oil markets have a relationship with supply and demand," indicating to "Al-Iqtisad News" that "supply cannot be increased in the short term, just as there is no production surplus. As for demand, it is linked to the state of the global economy, which It will not collapse unless it enters into a deep recession." Politically, Sabah believes that "all of America's previous attempts to withdraw from its strategic reserve of up to 240 million barrels led to the depletion of that reserve and did not affect prices, and the same applies to OPEC + production cuts that did not raise prices." And he believed that "crude prices will remain in the range of 70-85 dollars per barrel during this year, because this price is suitable for the global economy to continue recovering from the consequences of the Corona pandemic, and at the same time it gives an incentive to pump more investments to increase global oil production after years of the decline of these investments due to low prices, which Making the market without any surplus production to support the continuation of global economic growth. And he considered that "any political attempt to influence prices, whether from America or the OPEC + coalition, is futile and doomed to failure, because prices will remain in the range that was mentioned." Views 118 Added 01/08/2023 - 9:53 AM Updated 01/08/2023 - 4:38 PM
  2. OPEC Secretary General arrives in Baghdad 2022-06-17 08:31 Shafaq News/ The Secretary-General of the Organization of Petroleum Exporting Countries "OPEC" Muhammad Barkindo arrived today, Friday, in the Iraqi capital, Baghdad. According to a statement issued by the Ministry of Oil, Barkindo's visit comes "to participate in the launch of the OPEC history book in a celebration to be held in the People's Hall in Baghdad next Sunday, with the participation of the Minister of Oil and a number of officials, guests and those interested in the oil and energy sector." It is noteworthy that the book launch ceremony comes within the framework of the celebration of the 60th anniversary of the organization's founding in Baghdad.
  3. America .. Efforts to prepare a bill that would punish OPEC and its members 2022-04-29 09:09 Shafak News / A US Senate committee will consider a bill next week that allows for filing lawsuits against the group of oil producers, which includes "OPEC" and allied countries, for allegedly conspiring to raise oil prices. The bill, sponsored by Republican Senator Chuck Grassley, Democratic Representative Amy Klobuchar and others, comes as the Biden administration struggles to control oil and gasoline prices that have skyrocketed due to Ukraine-related events and impose sanctions on Moscow. The NOPEC bill would allow the US Attorney General to sue oil-producing countries, such as members of the Organization of Petroleum Exporting Countries, under US antitrust laws, according to US media. This is not the first time that Congress has considered a bill targeting OPEC in conjunction with the rise in oil prices, as all these attempts have failed for more than 20 years.
  4. OPEC Secretary-General: We are not a political organization 01:02 Fourth - follow up The Secretary-General of the Organization of the Petroleum Exporting Countries, Muhammad Barkindo, announced that the current situation in the energy market shows that the countries of the world should not make the global energy market hostage to their political differences. "We (OPEC) are not a political organization, and we try as much as possible to stay away from politics. We also continue to work to remove politics from the supply of oil," Berkindo said during the "Serawick" international conference. Earlier on Monday, Russian Deputy Prime Minister Alexander Novak said that oil prices could jump above $300 a barrel if the United States and the European Union banned Russian oil imports. And the Speaker of the US House of Representatives, Nancy Pelosi, announced yesterday that the House is studying the possibility of preparing a bill banning the import of oil and energy resources from Russia, against the backdrop of the crisis in Ukraine.
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