«OPEC» in trouble .. Iran and Iraq stew oil market

[yota691]

Gulf states demand a reduction in production during 2014 .. Glut in supply and lower expected prices

«OPEC» in trouble .. Iran and Iraq stew oil market

Sunday, December 8th, 2013 News

       

 

Showed a meeting of the Organization of Petroleum Exporting Countries «OPEC» last weekend big gap in the relationship between the Member States, in light of the growing oil production from the United States and the pursuit of some Member States, such as Iraq and Iran to meet energy full production having undergone penalties and suffered from wars for years.

And Alawپak which dominates a large proportion of the global oil market, produces more than a barrel of every three barrels burn in the world. but their ability to move prices by about large has been hampered recently increased raw non countries Alaoپak, including a boom in oil production in the United States oil shale. 
 

And reversed the decision of OPEC extending the ceiling of production of 30 million barrels per day in the first half of next year, a negative impact on the countries that raised their production earlier to compensate for the production of some countries, such as Libya and Iran, but Iraq and Iran, the second-and third-largest producers in OPEC made it clear that they will not participate in any cut If mass production appeared to need it next year.

And so is the responsibility of the major producers in the Gulf, such as Saudi Arabia, Kuwait and the United Arab Emirates responsibility to reduce production during the next year, so that does not happen glut in the supply of global oil at about 300 thousand barrels per day, with the potential to reach global supplies in the short term to a level as low a price below the 100 dollars per barrel.

Industry experts said the «news» that Iran will not be able to increase its oil output current level of 2.7 million barrels to the roof of 3.5 million barrels per day, but within 6 months will not be able to raise production to 4 million barrels, in order to enter the peak of oil production in 1975, and the economic embargo, which lasted for two years, face a painful blow to the oil installations which makes the increase of production to the levels aspired to Iran very difficult.

On the statement by the Iranian oil minister said his country would raise production to 4 million barrels per day, even though crude fell to $ 20 a barrel, said that Iran made the remarks continuous want to make a political maneuver to compromise on political issues may benefit in the future from the major industrialized countries to achieve gains in the file Syria and Iran.

According to one oil officials in the oil ministry that Iran and Iraq are working to make the oil market is stable while the strategy Gulf states centered in making the world oil market is stable in terms of supply and demand, pointing to America can not afford to sacrifice the lower oil prices will trade deficit and recession.

In light of global developments for the production and consumption of oil, with the following highlights productive and consuming countries in the world.

 Saudi Arabia .. Strong

Topped Saudi Arabia crude oil production internationally and occupies the first rank, with an average daily production according to the latest statistics for «OPEC» 9.8 million barrels per day, down from a level of 10 million barrels, and reduced Saudi production to stabilize markets after the increase in the production of Iran, Iraq and Libya, in addition to a decline in demand for crude to feed the local power plants.

 Iraq .. Rival

Intends to Iraq to increase its oil production by more than one million barrels per day to more than four million barrels per day next year, the largest increase in nearly a decade and the current level of 2.8 million barrels, but industry experts say it is unlikely to appear to achieve the goal of producing four million barrels a day next year.

 Iran .. Quarrelsome

Iran intends to restore full production capacity of the oil once the lifting of all sanctions imposed on it because of its nuclear program, which led to a decline in exports penalties of crude from 3.6 million barrels per day in 2011 to about 2.6 million barrels. Note that the agreement between Iran and the major powers do not lift the sanctions, but is bordered by about one million barrels per day.

 Kuwait .. Committed

Kuwait saw production rise over the past two years to reach 2.8 million barrels, up from 2.5 million in 2011, where Kuwait is committed to pump additional amounts of its oil production as a contribution to make up the shortfall in the market due to shrinking production to Libya and Iran. Kuwait aims to increase its oil production to reach the level of four million barrels per day in 2020.

 Libya .. Attributable

Decline in the production of Libya since the summer because of strikes and demonstrations in the sites of production and exports amid ongoing fighting between the army and Islamist fighters, dropping to about 473 thousand barrels per day, compared with the normal production of 1.5 million, is today back to the market strongly.

 

 Russia .. Frightening

Russia is a major oil producer countries and stepped up production levels to a record in the post-Soviet era, and is known as the Russia is not a member of «OPEC», and has produced 10.5 million barrels of oil per day.

 America .. Consumed

I've been addicted to America's oil, they will not be able to live without him, and that despite the fact that a population of less than a quarter of the population of China or India, but it is the largest consumer of oil and natural gas in the world, they are consumed daily about 19 million barrels of crude oil.

 India .. Developing

Total consumption of India's crude oil daily 3.5 million barrels per day, representing an increase of 100 thousand barrels per day, thanks to the economic reforms that have led to high rates of economic growth in India to exceed 8%.

 China .. Required

China is today the second largest oil consumer, including approximately 10.6 million barrels of oil per day, and is expected to become China's largest oil consumer, and the figures showed that the consumption of petroleum products in China has increased its production by 6.3 million barrels per day.

 

 Japan .. Custodial

Decline in the total imports of Japan's crude oil for the first time in two months by 2.9%, to reach 3.19 million barrels per day, and formed shipments from the Middle East, the proportion of 82.7% of its imports, and consumption is Japan's conservative due to the expansion in the use of nuclear energy.

 

 

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