Ignition with speculation OPEC meeting near critical to the future of the oil industry

[yota691]

Ignition with speculation OPEC meeting near critical to the future of the oil industry

 

24-11-2014 02:17 PM

 

Free -

Caught speculation about what could result in the OPEC meeting the crucial next Thursday, but observers reckon that the organization is unable to take any decision, can stop the deterioration of prices. 
The Organization of Petroleum Exporting Countries (OPEC) in Vienna on Thursday the most important meeting her years ago, under the Pressure deterioration of oil prices, which blew the divisions within the organization between supporters to cut production and defenders to keep the production ceiling present. crude prices steadily deteriorated almost since mid-June under the influence of booming shale oil extraction in the United States and slowing global growth, after having been stable over 3 years near $ 100 a barrel, despite geopolitical unrest. Oil prices have lost about a third of its value during the five months in the biggest decline recorded in the sector since the outbreak of the financial crisis in 2008, when he collapsed in oil prices after record highs historical nearing $ 150 a barrel. It is expected to climb this unit Tension in the Ministers of the States meeting the twelve members of OPEC, who will meet in the Austrian capital to reconsider the freezer production ceiling three years ago at 30 million barrels per day, or about one-third of the extracted crude oil in the world. deterioration has led prices to decline in return on the budgets of member states, and increased Aldgod on OPEC to move through production cut in the hope of stabilizing crude prices or even filed. The student Nicolas Maduro of Venezuela, which is facing financial situation fragile, in a pessimistic speech yesterday to hold a "special meeting of Member States and non-OPEC member very soon, in order to decisions to save the price of oil. " The Iranian Oil Minister Bijan Zanganeh campaign to take measures to stop the deterioration of prices, but acknowledged after a meeting with Venezuelan Foreign Minister Rafael Ramirez, that "it is hard to go back to the previous price, but should seek to improve the price as much as possible with the introduction of into account the new situation in the market. " It is non-OPEC Russia, which is one of the largest oil exporting countries announced that they are working on the possibility of reducing production. But Saudi Arabia, which is the largest in the OPEC member and is now responsible for one-third of the Organization's production, has shown interest in this concern, and has repeatedly called for leaving the future Price of the forces of supply and demand. War on the market shares are likely to observers that Riyadh encouraged in the rough on the deterioration of prices by reducing export production rates in order to test the US shale oil's ability to withstand low prices, because it offers prices higher to be profitable. Others see the evidence the "war on market shares" waged OPEC members behind the scenes. But Saudi Oil Minister Ali al-Naimi, who has considerable influence, denies this, was confirmed after months of silence, refusing to "price war" oil was considered the theory "that talk about a price war sign misunderstanding intentional or otherwise, and has no basis of fact. " He stressed that Saudi Arabia's oil policy stable for decades and does not change today, though Riyadh is doing what it can with other producers to ensure price stability. But he did not clarify the exact position to be adopted in Vienna, Saudi Arabia. In the context of the circumstances, the climate of uncertainty is the master of the situation before Thursday's meeting. The issue lies in knowing whether Saudi Arabia would respond to calls to cut production quota. The expectations are open to all directions, but maintaining the status quo seems most likely. Mohammed Suroor Sabban, who was an adviser in the Ministry of Petroleum Saudi Arabia until 2013 to install the current ceiling had expected, with the recognition that this meeting will be "more difficult" for a long time for OPEC.Even if OPEC cut its stake productivity, "it is uncertain that production will decline actually" given to the non-compliance is often the ceiling limit, as Tim Pugh said Capital Economics Foundation. Analysts at Commerzbank "that the minimum expected and the most likely of the meeting is the members' commitment to respect the best ceiling set at 30 million barrels per day." Analysts say that any talk at the meeting from the cut will blow wide differences on production quotas, and that any cut timid will not be able to raise prices from current levels.

 

[yota691]

Is resort, the largest oil reserves in the world to import oil? "Video"

November 23, 2014 19:56   Last Updated: November 23, 2014 19:56

 

 

Venezuela, which has the largest oil reserves in the world would resort to import oil from Russia and Algeria, because of the decline in investment in the field of detection and exploration. Where Venezuela is losing $ 700 million in oil revenues with every dollar lose every barrel of oil. In another part of Argentina is still suffering from the decline in foreign cash reserves, caused by foreign investments fleeing the country, according to a report of CNBC Arabiya TV. 

Sources in the Organization of Petroleum Exporting Countries, OPEC said a committee of representatives of the member states of the organization I checked this week, OPEC's expectations of the oil market in 2015 as a prelude to a meeting next week to determine the policy that would decide how to deal with a glut of supply on the horizon.

Council and see the expectations of supply and demand, published in the monthly report of OPEC on the market. The report predicted a decline in demand for OPEC oil in 2015 and the emergence of excess supply in the market, if the organization has kept its output at the current level.

This comes while we find a state of clear division between the oil-exporting countries, while the Gulf states one way or another that he was not interested in those declines appear, there are countries such as Venezuela - the largest reserves in the world - and Iran - the fourth in the world in reserve - asserting that they will not Tsttie wait until the market itself Aozan.

[sandfly]

THANKS

[yota691]

Is it the end of the "OPEC"?

 

25-11-2014 12:53 PM

 

Free -

Traders are looking ahead to the markets in the Organization of Petroleum Exporting Countries meeting (OPEC) in Vienna on Thursday, and whether the ministers of member states would decide to reduce the cartel's production ceiling or not? And the impact on oil prices, which fell more than 30 percent since last June. After nearly a decade when oil prices remained above $ 100 a barrel, prices have been falling recently to less than $ 80 per barrel, resulting in damage to some countries exporting economies. coincided retreat seasonal demand in the summer with increased production of oil shale in the United States, and the high price of the dollar against major currencies, which means the decline denominated commodities by such as oil and gold prices, as well as the application of energy-consuming major economies declined in Europe and Asia, as a result of declining rates economic growth. In the face of those factors affecting the demand, the supply kept unchanged, but increased product American oil from the cortical rocks, which led to a collapse in prices and open the door to talk plots for 'price' oil war aimed at damaging the economies of exporters such as Russia and Iran. But the reality market numbers that matter are only equation of supply and demand, and that Saudi Arabia's largest producer and exporter in OPEC did not want to bear alone the burden of production cuts to balance the market, especially as the economy is able to withstand falling prices even $ 70 a barrel. The OPEC countries that want to cut production, such as Venezuela and Iran, production and export Vqdaratha does not allow them to assume a large cut to balance supply in the market. The estimated oil markets that OPEC is already producing 200 thousand barrels per day above the agreed production ceiling at 30 million barrels a day. Even if he decides to OPEC meeting to cut production end This week, will have to be less than the width of between one and two million barrels per day, so that prices back above $ 80, in the hope of improving demand, which increases seasonally in the winter, in order to restore prices to near the roof of dollars per cent soon. The view of many analysts and energy experts that combines the OPEC countries, which includes 12 countries, mostly from the Arab region, is no longer active as before, but some believe that this period could see 'end of OPEC' grouping of oil exporters, has the upper hand in the balance of supply and demand market. nor This is due to an increase in production and export of non-OPEC countries, but also to differences exacerbated among Member States, and the unwillingness of Saudi Arabia in bearing the burden of increasing or decreasing the production for the benefit of the rest of the OPEC countries. 

[yota691]

Economist for "direct" and ruled out the arrival of "OPEC" Today an agreement

November 26, 2014 22:00   Last Updated: November 27, 2014 11:26

 

 

Cairo - Mohammed Abu Melih

Waiting for the oil and energy markets around the world, the outcome of the OPEC meeting today, especially after the decline in oil prices, according to data of the organization to 25.8% in the last three months, up 33% since last June 20.

Expectations for the OPEC meeting today and said about the director of the Economic Policy Institute, the Arab Monetary Fund formerly Dr. Tawfiq honest: "The meeting will not be easy this time."

He endorsed in a phone call with "direct information" that each of the OPEC countries will come to the meeting and its needs and demands vary in part with others.

Honest and ruled that the OPEC countries to reach agreement on the day of production to save oil prices retreat from the reduction, but he believes that it will not be only in the short term.

According to economist those states will be forced to return to meet again, to find a solution to stop the declines in oil prices, which are expected to go to its $ 60 a barrel.

Which is not borne by many states budgets, according to an expert of the Arab Monetary Fund previously.

And the Saudi role in meeting today Sadiq confirmed that Saudi Arabia does not have any introductions to indicate the possibility of unsustainable burden reduction individually, which is what happened to the times in the past, as well as current with the rest of the states, which is what makes it complicated.

Sadiq said that the reduction of production must be agreement from all states, not one state, however.

As for Iran, and announced earlier, it will go to OPEC and appointed to negotiate with Saudi Arabia to increase the share of Iran market oil, sees honest, this is not logical, Saudi Arabia, and in case of refusal to reduce production is not expected to give up part of its stake to another State.

A former director of the Economic Policy Institute: There is news about the Russian intervention in the event of non-arrival of the OPEC countries to agree on a reduction of production doing this step, but this is unlikely since it also will not bear to do this step alone.

The Russian Energy Minister Alexander Novak and after a meeting between Russia and Saudi Arabia, Mexico, Venezuela, Tuesday, has said that Russia will not cut oil production even if Oil fell below $ 60 a barrel, according to the site today's Russia.

According to the data of the US Energy Information Administration (EIA) is Russia's three largest oil-producing countries in the world, with an average production of 10.5 million barrels per day, equivalent to 10% of global production, but it is not in the Organization of Petroleum Exporting Countries member (OPEC) .

[yota691]

OPEC begins its opening meeting with the participation of Iraq to discuss oil production quotas and price drop

Thursday, 27 October 2 / November 2014 12:06

 

[baghdad-where]

 

OPEC held at its headquarters in the Austrian capital Vienna from its opening meeting No. 166 on Thursday to discuss production quotas member states, including Iraq and the face of declining world oil prices.

 

And chairs the Oil Minister Adel Abdul-Mahdi Iraqi delegation in the organization meeting.

 

It will be the final session of the meeting at 2 pm Baghdad time in the presence of all the heads of delegations of member states as well as the OPEC secretary.

 

As will be a press conference after the meeting at five o'clock in the evening Baghdad time for the President of the Conference and OPEC Secretary-General.

 

This meeting comes at a time when oil prices have steadily deteriorated since last June.

 

Industry experts predict that the conferees agree on the obligation of States to production quotas established previously, but other experts have questioned OPEC's ability to control oil prices, which are subject to the logic of supply and demand.

 

And Iraq, which has affected export of crude oil, about 2.9 million barrels of lower prices, which amounted to about $ 73.70 per barrel, according to the organization prices up on Wednesday.

 

Fell twelve profits ten member of the OPEC country [iraq, Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Iran, Nigeria, Libya, Angola, Algeria, Ecuador, and Venezuela] These combined nations produce more than one-third of the world's crude, is also available on the large proportions of oil reserves.

 

The Iraq reserves of crude oil, according to global estimates of 144.2 billion barrels.

 

The meeting comes with a very significant reduction in the financial budget for Iraq, which depends almost 90% on the proceeds of oil where Finance Minister Hoshyar Zebari yesterday NH said, "will be presented to the government soon budget that proposed for 2015 worth $ 100 billion based on a price of $ 70 per barrel of oil," which will be discussed by the Cabinet in its emergency today.

 

The 2014 budget, which did not recognize until now had their previous government worth about $ 150 billion, according to Zebari announced for next year's budget, it would be reduced to $ 50 billion due to a significant drop in oil prices Alaalmih.anthy

[yota691]

The start of the Organization of Petroleum Exporting Countries "OPEC" with the participation of Iraq meetings

Date: 11/27/2014 13:18

 

 

Information / Baghdad .. 
international sources announced the start of the Organization of Petroleum Exporting Countries meetings (OPEC), on Thursday, in Vienna with the participation of Iraq within the member states Al12llapt the issue of reducing oil production and raise oil prices.
inaugurated OPEC discussion session with the participation of Iraq, which is working with some of the Petroleum Exporting Countries Oil to persuade member states to reduce the ceiling oil production to try to stop the deterioration of oil prices or keep him with the prospect of commitment to respect it better. 
He called some members of the oil cartel affected financially as a result of falling prices, led by Venezuela and Iraq to cut OPEC total production ceiling defined three years ago to 30 million barrels per day. 
Such a procedure to reduce the surplus in the oil market supply as a result of excess capacity resulting from the increase in US oil production, particularly with oil shale extraction, and economic slowdown currently registered in Europe and China, which inhibits oil consumption. 
Iraq was one of the most affected by the drop in world oil prices, especially as it relies on a barrel of oil prices above $ 90 in the landing arrived in the world price to below the US $ 80 per barrel. 
After years ranged where between 100 and 120 dollars, the Brent oil price of more than 30% of its value since June in deterioration of the largest recorded since the end of 2008. / ended 25 R.

[yota691]

Aajl..ozyr oil OPEC: Iraq's production will rise next year to 3.8 million b / d, including exports from the region

Thursday, 27 October 2 / November 2014 13:22

 

[Follow-where]

 

During the OPEC meeting, Iraqi Oil Minister Adel Abdul-Mahdi said Thursday he was "high Iraq's oil production is expected to 3.8 million barrels per day in 2015, including the production of the Kurdistan region."

 

He said Abdul-Mahdi said that "exports will reach an average of 3.2 million barrels per day."

 

OPEC held with the participation of Iraq meeting today to discuss quotas member states of its oil exports and lower crude prices Alaalmih.anthy

[yota691]

Adel Abdul-Mahdi calls for OPEC Conference to abide by the specified price of oil and to support crude prices [Expanded]

Thursday, 27 October 2 / November 2014 16:51

 

[baghdad where]

Oil Minister Adel Abdul-Mahdi in the OPEC Conference to abide by the specified price of oil, and support crude prices retreating.

According to a statement of the Ministry of oil today, the agency received all of Iraq [where], a copy of it, that Abdul-Mahdi said during his chairing of the Iraqi delegation at OPEC meetings to increase Iraq's oil production in the coming years , and called on the oil giants to invest its funds in Iraq.

He called Abdul-Mahdi, according to the statement, to "commitment at a specific price of oil, and support crude prices declining by excess withholding supplies from the market, and expected rise of Iraq's oil production in 2015".

"The meeting is expected to agree on the obligation of States to production quotas previously established," adding that "forcing the oil-exporting countries to withhold supplies in excess of the market will ensure control of the conflict at market prices."

He noted Abdul-Mahdi to "Iraq's need for huge investments in the Facilities such as ports, pipelines and storage facilities, combined with the development of oil extraction facilities."

The Organization of Petroleum Exporting Countries meeting [OPEC] was held on Thursday in the Austrian capital Vienna with the participation of Iraq , the presence of all heads of delegations of member states as well as the OPEC secretary.

 

As will be a press conference after the meeting at five o'clock in the evening Baghdad time for the President of the Conference and the Secretary General of OPEC.

This meeting comes at a time when oil prices have steadily deteriorated since last June.

And Iraq, which has affected export of crude oil, about 2.9 million barrels of lower prices, which amounted to about $ 73.70 per barrel, according to the organization prices up on Wednesday.

Fell twelve profits ten member of the OPEC country [iraq, Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Iran, Nigeria, Libya, Angola, Algeria, Ecuador, and Venezuela, these combined states produce more than one-third of the world's crude, is also available where large proportions of oil reserves.

The "OPEC" organization, which was founded in Baghdad in 1960 by agreement between the five countries are Saudi Arabia, Iran, Iraq, Kuwait, Venezuela, and is headquartered in Vienna, one of the largest supervising international organizations to regulate the export of oil and set the prices, and has a current membership of 12 oil exporter, has collectively between two-thirds and three-quarters of global oil reserves. ended

[RONIN II]

Iraq is having an impact already and they really haven't begun to pump oil to their full potential.

[yota691]

Thursday, November 27, 2014 19:20

OPEC decides to keep production by 30 million barrels per day

• 
  

 

 

 

 

BAGHDAD / follow Baghdadi Uz..orteurt Organization of Petroleum Exporting Countries "OPEC" to keep the oil production ceiling unchanged at 30 million barrels per day.

 

He said Kuwaiti Oil Minister Abdullah Al-Omair after the closed-door meeting of the members of OPEC said that "the level of production will remain as before."

For his part, Secretary General of OPEC Abdullah al-Badri pointed out that "the organization may reconsider the question of production quotas after half a year from now."

After the announcement of the "OPEC" decision not to cut production, Hui blend European Brent price below $ 75 a barrel, a record low levels in four years.

"OPEC" also decided in the meeting of the 166 to extend the presidency of the current Secretary General of the Organization Abdalla Salem El-Badri, until the date of December 31 / December 21 in 2015.anthy / d

[unirod]

What is our groups opinion? would it be more advantageous to R/V when oil prices are low and the USD is strong in value? or would it be better for Iraq to R/V when oil is high and the USD is lower in value? has anyone studied this question?

[yota691]

Iraq expects to reach an agreement to compel OPEC quotas

THURSDAY, 27 OCTOBER 2 / NOVEMBER 2014 17:06 XYZ

Twilight News / predicted oil minister, Adel Abdul Mahdi, presided over the Iraqi delegation at OPEC meetings, the participants reached an agreement that would compel states previously planned production quotas which promotes weak to cut production expectations.

Abdul-Mahdi also stressed that Iraq sought to increase its production, calling giant to invest their funds in Iraq's oil companies.

As well as the Iraqi minister called while he was attending the conference to commit to at a specific price of oil, and support crude prices declining by excess withholding supplies from the market, and expected rise of Iraq's oil production in 2015.

He added, according to a statement his office responded with "Twilight News" it is expected that the participants agree on the obligation of States to production quotas established previously, indicating that the bind of Petroleum Exporting Countries to withhold supplies in excess of the market will ensure control of the conflict at market prices.

Abdul-Mahdi, and pointed to the need for Iraq to huge investments at facilities such as ports, pipelines and storage facilities, combined with the development of oil extraction facilities.

Began Organization of Petroleum Exporting Countries meeting (OPEC) work today in the Austrian capital Vienna with the participation of Iraq.

The "OPEC" organization, which was founded in Baghdad in 1960 by agreement between the five countries are Saudi Arabia, Iran, Iraq, Kuwait, Venezuela, and is headquartered in Vienna, one of the largest supervising international organizations to regulate the export of oil and set the prices, and has a current membership of 12 oil exporter, has collectively between two-thirds and three-quarters of global oil reserves.

It will be the final session of the meeting at 2 pm Baghdad time in the presence of all the heads of delegations of member states as well as the OPEC secretary.

As will be a press conference after the meeting at five o'clock in the evening Baghdad time for the President of the Conference and the Secretary General of OPEC.

This meeting comes at a time when oil prices have steadily deteriorated since last June.

And Iraq, which has affected export of crude oil, about 2.9 million barrels of lower prices, which amounted to about $ 73.70 per barrel, according to the organization prices up on Wednesday.

Fell twelve profits ten member of the OPEC nation (Iraq, Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Iran, Nigeria, Libya, Angola, Algeria, Ecuador, and Venezuela) These combined nations produce more than one-third of the world's crude, is also available on the large proportions of oil reserves.

[yota691]

U.S. crude hits 4-1/2 year low after OPEC decides against output cut

TOKYO/SINGAPORE Fri Nov 28, 2014 6:26am IST

 

 

OPEC Secretary-General Abdullah al-Badri arrives for a news conference after a meeting of OPEC oil ministers at OPEC's headquarters in Vienna November 27, 2014.

CREDIT: REUTERS/HEINZ-PETER BADER

 

 

 

 

 

 

(Reuters) - U.S. crude futures tumbled nearly $6 on Friday to the lowest since May 2010 after OPEC decided against cutting output, leaving the market with excess supply that deepened oil's months-long rout.

Saudi Arabia blocked calls on Thursday from poorer members of the Organization of the Petroleum Exporting Countries for production cuts to arrest a slide in global prices.

By sticking to its output target of 30 million barrels per day, "OPEC is clearly signaling that it will no longer bear the burden of market adjustment alone and this decision puts the onus on other producers, especially U.S. tight oil to adjust as well," Barclays analysts said in a note.

U.S. crude for January delivery fell to a session low of $67.75 a barrel, down almost $6 from Wednesday's settlement. U.S. markets were shut on Thursday for the Thanksgiving holiday.

U.S. crude was trading at $68.61 by 0035 GMT, down $5.08. With a loss of nearly 15 percent in November, the contract is on course for its biggest monthly drop since May 2012.

Brent crude fell $5.17 to $72.58 a barrel on Thursday, after dropping to as low as $71.25, its weakest since July 2010. The crude benchmark is headed for its steepest monthly decline since November 2008, having fallen more than 15 percent this month.

Brent has lost more than 37 percent since June as increasing production in North America from shale oil has overwhelmed demand at a time of sluggish global economic growth.

Crude prices have been falling all week as traders and analysts scaled back expectations of an OPEC production cut, but the sharp dive after Thursday's meeting showed the decision was not fully priced in.

"With OPEC deciding to target market share, we believe that crude oil prices could trade at or below current levels for a while as the crude oil sector pushes out high‑cost producers in order to balance markets," Commonwealth Bank of Australia said in a note.

Russia's most powerful oil official Igor Sechin said oil prices could fall to $60 or below by the end of the first half of next year and that Russia had the potential to cut between 200,000 and 300,000 barrels a day of production if prices remained low.

 

 

(Reporting by Osamu Tsukimori in Tokyo and Manolo Serapio Jr. in Singapore; Editing by Richard Pullin)

[yota691]

Markets exclude OPEC cut production and gold bow to the power of the dollar

 

27-11-2014 10:34 AM

 

Free -

World oil prices fell yesterday, approaching Brent crude from above $ 78 a barrel after Saudi Arabia ruled out a significant change in the production of OPEC, despite the collapse in prices. 
The pay traders oil for low prices, having little prospect of OPEC output cut, in a summary of the signals issued by the Meeting of the Parties OPEC, which is being held today in Vienna. She stressed Saudi Arabia and the United Arab Emirates that it expects to stabilize the oil market 'of its own at the end of the day' which was interpreted by traders as a signal that OPEC will not cut production at its crucial. Said Carsten Fritsch, senior oil analyst and commodities in Commerzbank said Saudi Oil Minister Ali al-Naimi 'ruled in virtually any cut production.' Oil prices have lost about a third of their value since mid-July. Ranging expectations for the meeting of OPEC between the significant reduction of the levels of production or maintained without any change. The average price of OPEC basket of crudes yesterday more than $ approaching the barrier of $ 74 a barrel. He said Russian Finance Minister, Anton Siluanov said his country expects that the price of a barrel of oil is between $ 80 and $ 90 a barrel in the medium and long term. In the meantime, drop the price of gold with the rise of the dollar against the euro amid speculation that take the ECB further monetary stimulus measures but movement prices remained limited as demand present gave some support. Traders are awaiting more US data on capital goods and unemployment data and home sales orders for any clues about the prospects for monetary policy.

[yota691]

 

The rise of the dollar as a result of OPEC's decision

 

      Friday   28   November   2014 | 13:23

 

 

 

 

Canadian dollar against the US currency rose 0.4 percent to its highest level in two weeks 1.1384 Canadian dollars

 

The US dollar rose after OPEC decided not to cut production, which hurt the currencies produced commodity countries, such as the Norwegian krone, which plunged to the lowest levels in five years against the euro and the dollar.  ascended the dollar to 6.9963 Norwegian kroner highest level in more than five years and up 0.9 percent from the previous day. The euro also recorded its highest level in five years 8.7080 crowns.

And the Canadian dollar against the US currency rose 0.4 percent to its highest level in two weeks 1.1384 Canadian dollars.

[yota691]

OPEC's call to adhere to the production ceiling

 

 

       

11/29/2014 0:00 

 BAGHDAD - morning - thank Fatlawi 
after the Organization of Petroleum Exporting Countries decided (OPEC) not to cut production, despite the glut of great supply in the global markets as the decline in oil prices is a real problem for them, increasing the need for day after day to reduce dependence on crude supplier and a single to balance country and spared the vagaries of global oil prices because whenever crude prices fell down earnings 12 countries in the Organization member, including Iraq. 
The price of oil is a complex issue because it is affected by several factors, are having an impact and the implications of a wide and varied, in some cases, the strategic natural resources at the global level what makes it imperative for Anizh- According to oil expert - the defense of the oil price at a certain level, especially after the decision not to reduce production. In this regard, said oil expert Ahmed Musa horses that the effects of the decline can be effective, but its impact depends largely on the complexity of the many factors that shown by the answers to the other questions that are still unclear as how to deal quickly and oil prices moving down? Is there a limit to the bottom price and what is it? When what extent will stabilize prices? 
He »Sabah» when processing oil pricing movement one needs to be clear and precise, when using data and information, prices charts for oil deals trade reflects trades related to future markets and relevant contracts. 
Indicating vary these prices (up and down) every hour of the trading session during the day, reflecting the sentiment on trading (and the actors in it are the oil traders, brokers and speculators). 
And that these prices are very sensitive to a variety of different circumstances, such as a political event, the outbreak of the conflict, to resolve the dispute, accident on the pipeline Export or main station, data and reports, and accidents, and the attacks on the oil field, natural disasters (earthquakes) and both in addition to the normal and futures trading. He pointed out that this decline and continued sharp alarming, thus causing concern. 
He pointed horses that the economic, financial and commercial factors that stood behind the current decline in oil prices and its impact on the future development is that the increase in global oil supplies occur in OPEC and non-OPEC countries (especially United States) both. 
He said supply growth include both conventional oil and non-traditional as well as potential for growth in oil demand is concentrated more on the Asian continent, noting that China has increased storage oil (taking advantage of the drop in oil prices), and global growth in demand for oil is likely to match the supply in the near future. 
He said he can be considered a return to the market of Libyan crude oil, which broke down earlier and the strength of the dollar production, and lower interest rates and other financial measures and Economic Performance Economic Cooperation and China organization with states role also at lower prices. 
The proposed oil expert to capture low prices and stability, elimination of excess current supply and the burden of doing so will fall on OPEC, and specifically on the largest producer, Saudi Arabia, Kuwait and the United Arab Emirates who was production where "capacitive extreme", while the members of the OPEC others, especially Iran, Iraq, Libya, Nigeria, Venezuela is facing serious difficulties affecting the production levels. 
He called on OPEC to defend the price of oil at a certain level (in agreement and strict adherence to the roof of mass production for 2015 is less (from 0.5 to 1.5 million barrels per day from the level Official of 30 million barrels per day), or do something which does not leave an oil price of deteriorating further. 
For his part, an economist of the financial crisis faced by the country the way for structural reforms and root to activate the rest of the other economic sectors. 
He d. Name of Saifi »Sabah» that crises are working to rethink the management of money and get rid of the curse of unilateralism revenue, pointing to the need to deal with what is happening by the radical and institutional. 
He Saifi that rely on the type of revenue is an imbalance in the economic process as a result of the weakness of the rest of the sectors, pointing out the need to speed to activate the role of the private sector and involvement in economic decision-making, particularly after the recent trends of change and strengthen the role of the private sector and development through the restructuring of state-owned enterprises and turn to the private sector. 
He said the economic developments in any country are the result of the development of the private sector, attributing The reason that these countries opened up to the world through the activation of work Bstratejaat linked to investment and the sector itself as a main entrance to any prospective change. 
He concluded Saifi reference to the importance of expediting the creation of an atmosphere effective for the development and investment of the private sector being the guarantors building economy facing crises and responsive economic and able to changes to alleviate of the burdens that fall on the state budget.

[yota691]

 

GMT 17:35 2014 Friday, November 28 : Latest Update

Fall useful for Western economies and the biggest hit Venezuela

The future of oil prices and the global implications of OPEC's decision is not clear

A. P. B.

 

 

 

 

Analysts see the recent OPEC's decision a victory for the alliance of Gulf States

• •  
  •  
  • 
    Analysts see the recent OPEC's decision a victory for the alliance of Gulf States

Markets seemed hesitant Friday in terms of the continued decline in oil prices after OPEC's decision not to cut its production ceiling, to reduce the flurry of shale oil, but the side effects of high-impact, is still unclear. At the time, analysts felt that the drop in oil prices will lead to a strengthening of the purchasing power in the West, they stressed that the real victim Venezuela today is facing financially difficult situation.

Washington: Oil prices opened in New York on the decline in the wake of this decision. Reference price of a barrel of oil has reached January delivery in exchange market in New York to $ 69.29, a decline of 4.40 dollars for the official closing price last Wednesday.

But prices began to gradually improve compared with the lowest price record Wednesday (US $ 67.75) in electronic exchanges, while Thursday is a holiday in the United States on the occasion of Thanksgiving holiday. The Asian markets are generally registered a drop Friday, which led to the deterioration of the shares of energy companies.

Declaration of war
said Phil Flynn, an expert on the group Vetcherz "OPEC will continue to flood the world Bnaftha, hoping to end the oil production American rock", which threatens spree production quotas OPEC members in the market. "The brokers know what is the matter, and that was the secretary-general (OPEC) Abdullah al-Badri said they do not want to direct any reference to one. He declared war on production. Each table quantities, and OPEC risked their existence."

In the face of falling prices, called on countries in OPEC to cut production to improve prices, but to no avail. Rejected the Gulf oil states, which owns the sidelines financial maneuver within the cartel, this request specific idea clearly, which is to keep prices low, even prevent the shale gas boom.

Victory of the Gulf
, said an analyst at Saxo Bank in Paris Christopher Dimbik told AFP: "It is a victory for the alliance of the Gulf Cooperation Council states led by Saudi Arabia and Kuwait." "They have sufficient reserves to withstand the low price." Said Kuwaiti Oil Minister Ali Al-Omair said OPEC decision to keep output ceiling unchanged despite the excess supply was due to the cartel fears of losing market share.

"Today there are a lot of competitors, and OPEC is not pumping only thirty percent of global production." "It had to be the right decision not to cut production, because any reduction could be offset by (Producers) are others in the market."

He Kuwaiti minister, "so we decided that prices must be corrected according to supply and demand, and that OPEC protect its share of the market, so as not to lose customers," stressing that "OPEC will not be accepted after today bear the additional burden to cut production, while others are quick to increase their output." .

If Saxo Bank analyst believes that oil prices will continue to decline, before rising slightly, the ICM group-CIC Securities experts predict that "the decline in prices in the coming months to continue, which will have significant implications for the global economy."

Disguise
his part, Regis Piguet director Lazar Freer Group for administration, said "the drop in oil prices, the news is very pleasing to Western economies, it said, will lead to strengthening the purchasing power more than any action taken by the government." Given the fundamental role of oil in the economic life, the existence of energy leads at a low price in the markets to shocks in all areas of the economy.

In the stock market, the oil groups or semi-oil recorded a decline, while air companies, which is one of the major consumers, benefit from the situation, such as Japan Airlines, whose share price has risen by 5.75 percent, or Air France (4.78 percent).

Russian ruble fell Friday to a new record low against the dollar with it approached the symbolic threshold of 50 rubles to the dollar as well as against the euro, while Moscow is subject to Western sanctions and suffering from capital flight due to the Ukrainian crisis.

Venezuela victim
Dimbik said that "today is the real victim Venezuela", facing financially difficult situation, although the figures associated with this sector published by the Caracas unclear. The OPEC ministers decided at a meeting in Vienna on Thursday to keep oil output level of 30 million barrels per day for the next six months, refusing to reduce supply to support prices, which have fallen by 35 percent since the maximum recorded in June / June

And he can to reduce the production ceiling, which is main instrument with OPEC to control the world's oil supply, that helps to reduce the supply in the oil market, which is currently experiencing a surplus because of the outburst US oil production, particularly with oil shale extraction, in conjunction with the economic slowdown in Europe and China, which inhibits oil consumption. In the currency market, the euro continued its decline against the dollar in size exchangers under very limited in the absence of American customers.

[yota691]

«OPEC» Details .. closed meeting lasted 5 hours, Iraq and Iran were with Venezuela front against the Saudi-led Gulf

•  
•  

  

30-11-2014 07:52 AM

 

 

Vienna / Wael Mahdi

After a long long meeting between 4 and 5 hours, and the oil ministers of the Organization of the Petroleum Exporting Countries decided (OPEC) to keep everything as it is, the day before yesterday; the 30 million barrels is not changed cartel's production ceiling of a day, and no agreement on a new secretary-general her, but was an extension of the current Secretary of the Libyan Abdullah al-Badri.

But why ministers «OPEC» took all this time to get out of this decision? What house inside a locked room for meetings that are not only 12 ministers and the Secretary General enters?

When he entered the room Minister yesterday there were only 4 agree that «OPEC» must not reduce production, while the 8 remaining determined to cut production, so there became fronts at the meeting, according to what was said by more than one source .

 These ministers are 4 and Gulf ministers, led by the Saudi minister Ali al-Naimi, while the other front led the Venezuelan Foreign Minister and former Minister Rafael Ramirez its oil, which was headed his country's delegation to the meeting.

 Ramirez opened the debate as narrated sources and tried various ways to convince «OPEC» the need to reduce until prices rise; as the president of Venezuela, Nicolas Maduro believes that the fair price of a barrel is $ 100. Ramirez said the minister, he is able to convince the producers outside «OPEC» join, especially Russia and Mexico.

 But the words of Ramirez did not convince al-Naimi, who had previously attended a meeting last Tuesday, two days «OPEC» before the meeting, ministers of energy collected Russia and Mexico under the auspices of Ramirez. And 4 out of the meeting without having to agree to cut their production, but they agreed on the joint coordination and follow the market and prices down.

Naimi said the minister in «OPEC» meeting that after all the years he spent in the oil sector can assure them that he can not rely on countries outside the «OPEC» dramatically if they gave commitments to cut production. There is therefore a high probability that the scheme Venezuela will not work.

 Here intervened African countries producing light oil, which is similar to oil shale, such as Algeria, Angola, Nigeria and suggested a proposed compromise, which is that the «OPEC» states a collective reduction of 5 per cent of the total daily production, which more than 30 million barrels per day. This proposal and met with acceptance from everyone except Gulf ministers, who expressed their view Naimi saying that his long experience led him to the conclusion that the surplus when it is outside the «OPEC» the «OPEC» attempts to control prices through production cuts would not be feasible.

This position was expressed by the Minister of the UAE Suhail Al Mazroui and Minister of Kuwait Ali Al-Omair before the start of the meeting. The Minister of Kuwait said in a statement from inside the main hall for «OPEC», the surplus comes mostly from outside the «OPEC», but this must be done to deal with this matter with caution, and should be «OPEC» consider the long-term interests.

The Minister of Iraq, Adel Abdul-Mahdi told reporters after the meeting, said that the proposal to reduce the 5 per cent was the most appropriate for all may contribute if slightly in support prices.

The controversy continued at the meeting after that touched everyone talking about oil shale. In fact, there is a widespread perception in the majority of analysts and the media that Saudi Arabia is seeking to engage in battle with the price of oil shale, but Naimi says that he has a clear line in the petroleum policy, which is to welcome the new production from any source. This was a welcome source of criticism of him from a lot of opponents who believe that welcoming these new sources is what will reduce the market share Kingdom. But Naimi his dissenting opinion, as the global demand for oil will increase, and this requires that producers meet this demand from any source. For Saudi Arabia, this is in their interest, then they do not need to drain the fields or to increase the production capacity of over 12 million barrels per day.

 Returning to the «OPEC» meeting Naimi minister has made it clear that the surplus in the market will solve itself and the market moved into balance at the end of the day when the prices were limiting the entry of any new surplus.

But patience Naimi and other ministers of the Gulf will not be shared by the rest of «OPEC» States; as the Gulf states have a high financial reserves of foreign exchange, as they do not need to prices above $ 100 until equivalent budget deficits are not recorded.

And require the majority of «OPEC» Gulf countries except Angola to prices above $ 100, and this is what is difficult to accept their position in the current prices. He says one of the sources in the opposition states in the transfer site 'Middle East' statement: «Saudi Arabia's decision will slay the price, but we will wait to see».

 Turning minister to the topics they have on the agenda of the meeting, including the question of the Secretary-General and talks climate and the election of the Chairman of the meeting «OPEC» Conference next year, was elected Minister of Petroleum Nigeria Allison Maduque Desagna as president, the first time in «OPEC» the date in which the chair lady meetings of the Conference. Among other things, the approval of the appointment of the governor of Venezuela in «OPEC» Dr. Bernard Momr as president of the Board of Governors in the next year.

There was a proposal to hold a meeting in Vienna in February to study the market and prices for fear of falling further. But Saudi Arabia and the Gulf states felt that there is no need for a meeting before the next meeting, which was selected in the fifth of June (next June).

After all the push and pull of Ministers went for lunch and then returned to finish the meeting and all agree on the Gulf position one to keep the production ceiling at 30 million barrels to go out afterwards to journalists who Astqublohm a barrage of questions, and the first response of the Al-Naimi, who said: «We have taken a happy decision».

Despite all the differences in views, I respect everyone, including Iranian and Iraqi ministers, and the point of view of Saudi Arabia, the Gulf and proved «OPEC» they united and able to decide which one, as ministers of Venezuela and Kuwait, said after the meeting on their way to the exit. The minister said the Kuwaiti Al-Omair, said that «Unit (OPEC) is more important than anything.»

Iraq, Iran and Venezuela, countries still accept reluctantly «OPEC» decision, especially that prices fell more yesterday, to settle at $ 73. But everyone will wait to see what if Saudi Arabia and the Gulf plan successful or whether it will fail to rid the market of surplus and raise prices and save budgets from drowning.

 

Everyone returned to their home countries waiting to see what will happen from now until the fifth of June.

[yota691]

US crude oil falling to its lowest level in 5 years ago

 

01-12-2014 01:28 PM

 

Free -

US crude oil fell more than two dollars to its lowest level in five years in Asian trading Monday, while Futures prices for the raw mix 'Brent' fell to its lowest level in four years. US crude oil and'bernt fell 'over five months the last in a longer period of declining oil since the financial crisis in 2008. US crude fell to around $ 64, and'bernt 'to less than $ 70 a barrel.

[yota691]

Tehran bow to the decisions of OPEC

 

01-12-2014 02:50 PM

 

Free -

The transfer of the Iranian Ministry of Oil site for Oil Minister Bijan Zanganeh as saying that OPEC's decision to maintain the production ceiling unchanged is not useful for all Member States, but Iran did not object to it in order to maintain unity, he said. 
The website quoted Zanganeh as saying in an interview "I do not I think that this decision is useful for all Member States in OPEC because some countries in OPEC was opposed to this resolution, "but the interest of the unity and solidarity of OPEC decided not to protest against this decision." The Saudi Oil Minister Ali al-Naimi told the rest of the OPEC members Thursday that they respond to a surge of US oil shale refusing to reduce oil production in order to pressure on prices and undermine the profitability of producers in North America. The energy minister of the UAE Suhail bin Mohammed Mazrui expressed support for the decision of OPEC. , said Mazrui in Tweets on Twitter, "do not support the role of the flexible product when prices are falling. Decision in favor of the market and customers and the global economy. " Oil and record the lowest level in four years. The prices were down by more than a third since June due to a boom in shale oil production and weak growth in China and Europe.

[yota691]

BAGHDAD agreement Erbil oil causes a drop world market prices

WEDNESDAY 0.03 1 DECEMBER / DECEMBER 2014 00:58 M P  

Twilight News / oil prices resumed their decline low about three per cent under the pressure of the agreement will add more Iraqi crude to Almtrah Palmarod markets and increase margin requirements for dealing in futures US crude and the rise of the US dollar.

The decline in oil after the previous day's recorded the largest boom in two years.

The Iraqi government has reached a tentative agreement with the province of Kurdistan Tuesday to end the dispute over oil exports.

Under the agreement is scheduled to export 300 thousand barrels per day of oil from Kirkuk through a pipeline cut Kurdish territory to reach Turkey in addition to 250 thousand barrels per day from the same area fields.

And went down the futures price for Brent crude oil crude settled at two dollars or 2.76 percent to $ 70.54 a barrel.

And dropped oil futures price US crude settled at US $ 2.12, or 3.07 percent, to $ 66.88 a barrel after Hui during the session to $ 66.72. Crude rose four percent on Monday, its biggest daily rise since August 2012

[Nelg]

By the end of March oil will be back up to over $90 a barrel.  

Dollar will be down again.

 

[chinadawg]

By the end of March oil will be back up to over $90 a barrel.  

Dollar will be down again.

Sounds about right.

[yota691]

GMT 8:12 2014 Thursday, December 4 : Latest Update

Due to lower oil price

President of the OPEC: Organization is passing through difficult times

 

 

 

 

Nigerian Oil Minister Desagna Ellison Madueqi

• •  
  • 
    Nigerian Oil Minister Desagna Ellison Madueqi

 

 

 

 

 

 

The head of the Organization of Petroleum Exporting Countries (OPEC), the Nigerian oil minister Desagna Ellison Madueqi, Wednesday, OPEC is passing through a "difficult", due to the decline in the price of a barrel of oil, which affects many members of the organization and non-Member States.

Abuja: she said in a press statement in Abuja, "It's really difficult stage, as you know, for OPEC, and to the world's oil fields in its entirety." She added that "many countries, whether members or non-members of OPEC, suffer so much."

She also noted that Venezuela, Algeria, Angola, Iran, Nigeria firm financial measures have been taken to mitigate the implications of the decline in oil price, or economies become "under pressure" this decline. She added that Russia is not an OPEC member, has not diminished production, suffer from declining value of its currency.

It continued: "We pray so that we can reach a stability of oil prices during this period because this is essential." She is closely following the evolution of the price per barrel to determine the timing of any call for an emergency meeting of OPEC to discuss how to cope with this situation.