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

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New pressures on the oil market in 2015 because of increased exports from Iraq

[16:18] 14 / Dec / 04 

 
 

 

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Erbil كانون الاول / ديسمبر 4 (PNA) - down Iraq plans to increase oil exports in 2015 only days after the refusal of OPEC to cut production to increase the global supply glut is likely to increase the reluctance of other members of the organization to curb their supplies. 

 

The Iraqi government on Tuesday reached a tentative agreement with the Kurdistan Regional Government paves the way for the resumption of pumping 300 thousand barrels per day of Kirkuk crude exports, in addition to 250 thousand barrels per day from the fields of the region.

 

The increase raises the other members of the Organization of concern of Petroleum Exporting Countries is unable to boost exports and whose earnings fell following the sale of crude prices fell 40 percent since June.

 

Additional Iraqi crude flows into the market is expected to be less than their need for OPEC oil in 2015 due to high supply of US shale oil and other sources of competition and weak global demand growth.

 

Said Eugen Lendl, an analyst at JBC Energy in Vienna "in terms of sizes is not appropriate timing for prices," he said, adding that oil "will change the rules of the game" in the Mediterranean crude market.

 

When OPEC met in November 27 November Saudi Arabia and its allies opposed calls for Gulf countries such as Venezuela and Algeria to cut production, pushing prices to decline. Crude fell more since then to come down below $ 68 on Monday, its lowest price since 2009.

 

He expressed the Iraqi Oil Minister Adel Abdul-Mahdi concern of lower prices upon his arrival to attend the meeting but told reporters later that Iraqi exports will increase in 2015 to 3.2 million barrels per day, on average, a comprehensive supply of Kurdistan.

 

Before the meeting, OPEC delegates pointed to increase Iraq's production and lack of cooperation from producers outside the organization, such as Russia, as reasons for not reducing the supply of other members of the organization.

 

One said, "If we will reduce production of the Iraq raised it with non-members, we will not achieve anything."

 

The Kuwaiti Oil Minister Ali Saleh Al-Omair criticized on Wednesday did not identify the members of OPEC for their promotion of production and said that to maintain the current levels is an appropriate response.

 

He was quoted by the Kuwait News Agency as saying that it was "unacceptable" that everyone calls to cut production then they raised it, demanding to maintain market shares and production.

 

Iraq and develop the oil sector with the help of Western oil companies and says he should be excluded from the restrictions imposed by OPEC supply that while recovering from years of sanctions and war.

 

Currently Iraq exports about 2.5 million barrels per day from the southern fields - which continues pumping and still safe despite the battles in other parts of Iraq - along with Kurdish shipments are estimated by 250 thousand barrels per day.

 

It is not certain that things go smoothly. Iraq did not achieve the previous objectives to increase supplies but even a slight increase would be enough to pay for Iraq's exports above the record high of 2.8 million barrels a day recorded in February.

 

This may occur in December, where he is scheduled to pump 150 thousand barrels per day of Kirkuk this month. And pressing the possibility of increasing supplies of raw materials price competition, high sulfur, such as Russian Urals crude in the Mediterranean market.

 

The company said dealer buy Iraqi crude, "we may see additional inflows soon," expressing his belief that the Iraq plan to export 3.2 million barrels per day in realistic next year.

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After OPEC to keep output unchanged



 

 


 


LONDON (Reuters) - a monthly survey showed Reuters yesterday that oil prices collapsed in the wake of the expectations of the Organization of Petroleum Exporting Countries decision of the (OPEC) not to cut production, despite the abundance of the global supply of crude.


He predicted the survey of 31 economists and analysts conducted after the OPEC meeting in Vienna on November 27 that the price of the global Brent crude extracted up from the North Sea to $ 82.50 on average per barrel in 2015, a decrease of US $ 11.20 per barrel for scanning the previous month.


 This is the largest reduction in the average forecast since the global economic crisis in 2008, compared with an average price of $ 102.70 for Brent since the beginning of the year. The survey predicted that the average Brent up to $ 87.40 per barrel in 2016. Oil prices fell by more than a third since June, with Brent crude oil fell to its lowest level in five years on Monday at $ 67.53 a barrel, while US crude stood at 63.72 dollars.


 And cut 21 of the 29 analysts who participated in a survey last October and survey their expectations. The 15 analysts said they changed their expectations after the OPEC meeting. Said Gareth Lewis Davis, economist at BNP Paribas, "enhances the OPEC decision to keep output unchanged surplus.


"What the market is witnessing a surplus of between 1.5 million and two million barrels per day at current levels for the production of OPEC crude." Analysts in a monthly survey for Reuters in June that the average price of Brent up to $ 104.80 per barrel in 2015. In the last survey, told Reuters came a minimum expectation for the price of Brent crude in 2015 Nomisma Energia Italian at $ 69.18 a barrel, while the highest expectation of Sanford Sa.bernstein came based in the United States at 104 dollars.


Said Jan Stuart, an analyst at Credit Suisse, which cut its forecast for Brent crude in 2015 by $ 16.25 to $ 75.25 a barrel, "OPEC seems to give up the leadership of the oil market on Thursday, a milestone in the history of oil." But some analysts were more cautious. Said Hans Van Cleef energy expert at ABN AMRO, which has kept its forecast for Brent crude in 2015 at $ 90 a barrel, "I think we should not jump to conclusions and adjust our expectations at a time when markets are already in a state of panic."


The survey predicted that the average US crude price of $ 78 a barrel next year, down ten cents from October survey. The average price of a barrel of US crude to $ 96 in 2014. The survey said that in addition to Brent Crude will be reduced to $ 4.50 per barrel in 2015 to $ 6.85 since the beginning of the year and $ 10.58 in 2013.


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LONDON (Reuters) -

Waiting for many economic sectors in the world recovery expected in the event of landing continued in oil prices, especially those sectors that were suffering from rising fuel and fuel prices, while demand is expected to also rise to many goods that will be affected down down oil prices, such as commodities Industrial fuel prices, which affect the production costs.

Oil prices suffered a sharp fall last week and the lowest levels in more than five years, before they bounce up over the weekend, where Brent crude fell below $ 70 a barrel, while US crude went down below $ 68, and in the wake of the end of the "OPEC," the Organization of the last meeting, which ended adhering to current levels of production in excess of 30 million barrels per day.

Despite the pessimism that dominated the minds of investors in the world, and the turmoil that prevailed in the market, but many analysts are talking about that falling oil prices will lead to a definite recovery in some sectors of the economy, particularly in the industrial sector, which enters fuel in operating costs directly, where the oil will drop to a decline in the costs of production, which would lead to a decline in commodity prices and thus a rise in demand by consumers.

The oil expert said that prices go back up in case the United States and Europe has seen waves of snow and bitter cold, pointing out that the continuation of the same atmosphere will mean a further drop in prices over the coming period.

Newspaper "Financial Times" reported that the British and the sharp drop in global oil prices reflected immediately on gasoline futures prices in the United States, which fell to its lowest level since September 2010, which reflected positively on consumers.

He said financial analyst and director of research at (ABN Amro) Nick Kunis "The fall in oil prices was fabulous news for the global economy, and will greatly affect the economic growth in the world in the coming months."

Kunis and noted that "the fall in oil prices to these levels may provide economies on imported energy more than $ 550 billion, which constitutes 0.7% of the size of the global economy."

Many analysts expect that the decline in oil prices also lead to a recovery in the movement of transport and therefore the recovery of trips and tourism sectors in the different countries of the world, especially with the approaching holiday season semi-annual concurrent season with Christmas and New Year in Western countries.

It is expected that oil prices will see further downside in case the weather continues as it is relatively warm in the producing countries, where the United States and Europe are not logged in since the start of the winter season snow any waves or waves of bitter cold, raising demand for heating fuel.

 

Decline in prices paid to the Gulf growth slowdown .. report for the British Institute:
detailed2_bullet_arrow.jpgOutlook cut production levels in response to the fall in prices
 
 
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Doha -  Ensign:

A recent report published by «Institute of Chartered Accountants in England and Wales», a global specialist in the field of accounting and finance, the economic diversification of Qatar and strong growth in non-oil sectors makes it relatively immune from the consequences of falling oil prices.

The report indicated that it is likely that the average annual growth of Qatar about 6.3% this year, rising to 7.2% in 2015, while still in the implementation of infrastructure projects announced by the plans. It is estimated that growth expands the scope to include the sectors of construction, financial services, business and tourism. It must enormous investment of capital to support the growth of the GDP of the country in the medium term.

He warns recent report titled "economic visions" of the repercussions of the continuing decline in oil prices, as they may receive Dgutat not insignificant on the economies of the Arab Gulf states, and will affect definitely the real growth of the gross domestic product, the serious steps are not taken on the economic diversification policies in the region's markets.

On the other hand, the latest projections for net government lending in the GCC for 2016 show that both Kuwait and the UAE, Qatar has the highest surplus of annual GDP each, and rates of 24.1% and 9.8% and 6.6% respectively. Bahrain is the only country in the Arabian Gulf region, which currently suffers from a deficit of 4.8%, as it is expected that net government borrowing in the Sultanate of Oman up to about 1.8% of GDP in 2016.

The report pointed to the shrinking production of Saudi Arabia by 3.1% during the second quarter, partly due to the drop in exports, government spending, the most stringent. It is likely that the weak revenue of exports reflected in the GDP in the coming years, especially with the annual growth slowing from 4.2% this year to 3.9% in 2016. However, it is not likely that we will see a dramatic levels of slowdown, due to the Kingdom's commitment to the preservation of balanced and stable growth, and also realistic financial plans for expansion in the medium term.

It is likely that the GDP of the United Arab Emirates to achieve an annual growth rate of 4.6% in 2014, with a slight decrease to 4.4% in 2015. The serious developments made by the UAE in the context of economic diversification away from oil means it will be relatively immune from the worst implications of the decline in oil prices. However, the recent wave of recession in the stock markets, coupled with declining real estate index in Dubai more than 15% since last September, poses several risks around this outlook.

The report said that the hydrocarbon sector in the Sultanate of Oman has witnessed a wave of the recession, which led to a slowdown in the annual growth up by expectations to 3.3% in 2014. This is partly due to the decline is expected to oil prices, so it is unlikely to improve growth in GDP Local significantly in the short term. However, the long-term outlook remains more optimistic, since it is anticipated that the new gas wells begin production operations soon, as well as concrete developments in the refining and distribution, and the performance of non-oil sectors.

The report of the Institute of Chartered Accountants in England and Wales, said it was supposed to produce Bahrain to rise by 4% in 2014. However, it is expected to slow growth to about 3.5% on average during 2015 and 2016 due to the stability of the oil production rates, and weak growth in the sectors Non-oil.

 

He noted that the decline in oil production in Kuwait less than expected, as GDP growth fell more than estimates. However, the large increases in the credit rating of the private sector indicates that the non-oil sector managed to offset some of the aspects of this weakness. However, it is expected that the GDP to grow by 1.7% this year, accelerating to 2.5% next year.

With its heavy reliance on commodity exports, it is expected that the economies of the GCC countries face major consequences as a result of falling oil prices. According to the International Monetary Fund and oil prices expected to reach the break-even point in 2015, Bahrain and Oman are suffering from tremendous pressure, as that needed to prices of 116 and 108 US dollars per barrel, respectively, to achieve a balance between revenues and expenditures in the general budget. And enjoy all of Saudi Arabia, Qatar, the UAE and Kuwait in a better position, due to the maturation of the local banking systems and development, and their access to international markets on a large scale, in addition to the huge sovereign wealth that achieve investment returns are very high boxes.

The report noted that it is likely to be lower production levels in response to the decline in prices, just as it did the Kingdom of Saudi Arabia in the past.However, the proposed spending plans in light of the breakeven price assumes that most of the GCC countries exporting hydrocarbon products do not have the flexibility to tolerate the continued decline in both production or revenue.

Says Michael Armstrong, Regional Director of the Institute of Chartered Accountants in the Middle East, Africa and South Asia, "evidenced by the weak oil prices, how important it is to grow away from total reliance on commodity economies. It is by continuing to focus on increasing economic diversification, will help to ensure the stability and growth sustainable economic. "

Says Douglas McWilliams, economic advisor to the Institute of Chartered Accountants and the Executive Chairman of the Centre for Research Economics and Business "moving large shares of government budgets in the Gulf Cooperation Council (GCC) towards public spending, such as wages or salaries generous in the public sector, and support for food and fuel, as well as financial aid immediate families. Perhaps some reforms contribute in the framework of this support in reducing the pressure on the general budget of the government, especially as it faces a decline in oil revenues. "

In spite of that big government spending plans, but they are not necessarily unsustainable. Must be ambitious plans for investment and the creation of infrastructure across the region to stimulate the growth potential in the near term, they can also increase productivity in the long run. There is also good news about the increased demand from emerging markets, and specifically from the "Union countries of Southeast Asia" area known as the "ASEAN".

 

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I see a perfect storm on the horizon. This is well planned...

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GMT 9:38 2014 Monday, December 8 : Latest Update

                                                                                                                                                                                            Kuwait Petroleum Corporation expects $ 65 oil for 7 months

 

 
 

KUWAIT:   The head of the Kuwait Petroleum Corporation on Monday, it's likely that oil prices remain near $ 65 a barrel for the six months to the next seven. Chief Executive of the Foundation Nizar Adsani said in remarks to reporters: "I think that oil prices will remain near these levels between six and seven months, that at around $ 65 a barrel, to be clear recovery in the global economy, or if the political crisis occurred or if you change OPEC's output policy." Adsani said that Kuwait's oil production is about 2.9 million barrels per day - according to Reuters.

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GMT 9:38 2014 Monday, December 8 : Latest Update

                                                                                                                                                                                            Kuwait Petroleum Corporation expects $ 65 oil for 7 months

 

 
 

KUWAIT:   The head of the Kuwait Petroleum Corporation on Monday, it's likely that oil prices remain near $ 65 a barrel for the six months to the next seven. Chief Executive of the Foundation Nizar Adsani said in remarks to reporters: "I think that oil prices will remain near these levels between six and seven months, that at around $ 65 a barrel, to be clear recovery in the global economy, or if the political crisis occurred or if you change OPEC's output policy." Adsani said that Kuwait's oil production is about 2.9 million barrels per day - according to Reuters.

 

 

It really looks like there is a global plan for 2015. Iraq has been throwing around the 65$ per barrel for a while now in their numbers along with the high number.

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The price of the OPEC basket of crudes as low as $ 63.78 a barrel

Wednesday, December 10/1 December 2014 09:25

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[Follow-up - where]

Organization of Petroleum Exporting Countries (OPEC) basket of crudes prices fell to $ 63.78 a barrel, compared to the price of last Friday, which reached 65.32 dollars a barrel.

Includes new OPEC crudes, which is a reference in the level of production policy 12 species are ores, sea and country Murban Emirati mix Algerian Sahara and heavy Iranian and Basrah Light Iraqi next to export Kuwaiti and Libyan Sidr ores and Bonny Light of Nigeria and Saudi Venezuelan Mireille and Girassol Angolan and Orient Alocuadora.anthy Light and Arab basket

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The price of oil has little to do with Iraq and more to do with the simple economic fact that

most people in the largest oil consuming country are broke and not useing nearly as much.

Welcome to Obama's America.

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All this cheap gas sure is helping out. Gasoline is still a dollar more here in California than most of the rest of the nation

And most here have no idea a 60 to 70 cent per gallon tax comes into effect January 1st

Thanks Yota

Edited by SocalDinar

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OPEC Sees Weakest Demand for Its Crude in 12 Years in 2015

By Grant Smith  Dec 10, 2014 8:15 AM ET 
 
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Dec. 10 (Bloomberg) -- Michael Spence of NYU School of Business talks about OPEC cutting the forecast for crude oil demand to the lowest level in 12 years as U.S. shale supplies surge. He speaks on “Bloomberg Surveillance.”
 

OPEC cut the forecast for how much crude oil it will need to provide in 2015 to the lowest in 12 years amid surging U.S. shale supplies and reduced estimates for global consumption.

The Organization of Petroleum Exporting Countries lowered its projection for 2015 by about 300,000 barrels a day, to 28.9 million a day. That’s about 1.15 million a day less than the group’s 12 members pumped last month, and the 30-million barrel target they reaffirmed at a meeting in Vienna on Nov. 27. The impact of this year’s 40 percent price collapse on supply and demand remains unclear, OPEC said.

“The fundamentals outlined in the report look quite bearish,” Abhishek Deshpande, oil markets analyst at London-based Natixis SA, said by e-mail. “Fiscal balances are a huge problem for weaker OPEC members, so I won’t be surprised if they call for an emergency meeting early next year.”

Prices now are below what 10 out of OPEC’s 12 members need for their annual budgets to break even, according to data compiled by Bloomberg. Kuwait and Qatar are the exceptions. Saudi Arabia, OPEC’s biggest member, has $742.4 billion of reserve assets, data from the country’s monetary agency show. OPEC’s next meeting is due to take place on June 5.

iegoSDjiMri8.jpgPhotographer: Thomas Imo/Photothek via Getty Images

Khurmala oil field close to the Iraqi town Makhmour

Brent crude, the global benchmark, traded $1.11 a barrel lower at $65.70 a barrel as of 12:54 p.m. London time. It slumped as low as $65.29 a barrel yesterday, before rebounding. It hasn’t been below $65 since September 2009.

November Dip

Demand for OPEC’s crude will slump to 28.92 million barrels a day next year, according to the report. That’s below the 28.93 million required in 2009, and the lowest since the 27.05 million a day level needed in 2003, the group’s data show.

Output from the 12 members declined by 390,000 barrels a day in November to 30.05 million a day amid lower production in Libya, according to data from analysts and media organizations referred to in the report as “secondary sources.”

Libyan output dropped last month by 248,300 barrels a day to 638,000 a day. Pumping at the Sharara oil field, the country’s biggest-producing asset, and the neighboring El Feel site, was halted after Sharara was seized by gunmen, according to the International Energy Agency.

Production also slipped last month in AlgeriaAngola, Kuwait, Qatar, the United Arab Emirates and in Saudi Arabia, where output declined 60,100 barrels a day to 9.59 million.

Demand Dimmed

The organization trimmed projections for global oil demand this year and next. World fuel consumption will increase by 1.12 million barrels a day, or 1.2 percent, in 2015 to 92.26 million a day. That’s a reduction of 70,000 barrels a day from last month’s report.

in_rcCJz1PIo.jpgPhotographer: RJ Sangosti/The Denver Post via Getty Images

Brent crude futures collapsed to a five-year low of $65.29 a barrel in London yesterday... Read More

OPEC boosted forecasts for supplies outside the group in 2015 by 120,000 barrels a day. Non-OPEC supply, driven the U.S., Canada and Brazil, will expand next year by 1.36 million barrels a day to 57.31 million a day. Production from non-OPEC nations will increase this year by 1.72 million barrels a day, about 580,000 a day more than the organization’s initial estimates.

Total oil inventories in the world’s most advanced economies remained 15 million barrels higher than their five-year average in October, at 2.7 billion barrels, even as they declined by 5.1 million barrels, according to the report.

The reduction in demand estimates “reflects the upward adjustment of non-OPEC supply as well as the downward revision in global demand,” the group’s Vienna-based research department said in its monthly oil market report today.


  Oil Magnate T. Boone Pickens: Get Rid of OPEC

Published on Nov 5, 2014

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15-12-2014 09:46 AM

 

Free -


OPEC has not ruled out speculation in the market for the fall in oil prices at current levels, the organization urged its members to increase investment in the oil sector because of the large needs expected in the coming years. 
, said the Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Abdullah Al-Badri Sunday, that both supply and demand do not justify this collapse in oil prices, pointing to a large role probable "speculative" in this situation. He said al-Badri told reporters on the sidelines of the "Arab Strategy Forum" in Dubai, "We want to know what are the main reasons that led to the decline in the prices of oil. " He added, "When we see the supply and demand note that there is an increase, but simple and do not lead to the decline of 50 percent since last June." He continued, "If this continues, I think that speculation has entered strongly in lower prices." He stressed Badri that OPEC still maintain the same production ceiling since ten years, which is up to 30 million barrels per day, with producers from outside the organization added about six million barrels per day to supply. He also stated that shale oil production rates have risen strongly in recent years in the United States and Canada, which estimated size of three million barrels per day, "has an impact" on the market, but the cost of production high of up to $ 70 a barrel. The OPEC made ​​a decision at its meeting last November to keep its production ceiling unchanged despite the significant decline in prices, which resulted in more of decline. Accompanied the collapse of crude prices to below $ 60, the lowest level in more than five years, with strong declines in the stock markets in the Gulf states. And fell all the financial market indices Sunday in the Gulf, including Saudi Arabia the largest market in the Arab world. And belong to Saudi Arabia, UAE, Kuwait and Qatar to OPEC, and is a production of about half of the organization's production, but they account for about two-thirds of the group's exports, according to international agencies numbers. 2450 billion precautions that accumulated Gulf capitals because of oil revenues and analysts said that stuck to Saudi Arabia, the largest oil exporter in the world, with the rest of the Gulf countries to maintain production levels, caused by pressure on the shale oil producers and maintain a share of the energy market. Observers believe that OPEC's decision not to cut production levels is a declaration of open war on shale oil producers, directing harsh blow to Russia, because of the high costs produced and suffering from the effects of Western sanctions. It also directs a severe blow to Iran's revenues from oil exports, because they can not increase production because of Western sanctions. Iraq also will be affected much of the decline in prices because of the urgent need for oil revenues. Riyadh believes that production cuts would not be feasible, because other producers would fully compensate the reduction in a short time, and will not actions only lead to a decline in OPEC's share in the market. The Saudi economic analyst Abdulwahab Abu Dahesh earlier that "Saudi Arabia is trying to launch a coup de grace to its competitors who produce shale oil." But OPEC Secretary-General Abdullah al-Badri denied that talk about that OPEC's decision to target rock or "Iran and Russia oil ', stressed the official OPEC on the fact that the decline has also a relationship to "cycle" the market, "has passed him several times in the past and will instruct him in the future." According to al-Badri, the Gulf states, "not in danger" because of the large financial surpluses accumulated recorded in recent years, which has seen a rise in oil prices. Abdullah Badri: 'If this situation continues, I think that speculation has entered strongly in lower prices' these countries and collected an estimated B2450 billion dollars accumulated in recent years, thanks to rising crude oil prices, according to the Institute of International Finance financial reserves. Taking Badri predicted that "two or three years will pass peacefully." For these countries, it invited them to "reduce their budgets" and "reduction of subsidies" on energy prices to reduce the "wastage". As the Gulf countries and OPEC countries called for generally non-stop investment in the oil, in preparation for the future, especially after the year 2020. He said "The reduction in oil investments will lead to a lack of new implementations in the coming years, which in turn will lead to higher prices." He predicted that crude prices are at very high levels after 2019 if the investment stops in oil, pointing out that OPEC estimates beyond 2020 is that "the oil industry in America will fall because the reserve a few." It is estimated that the cost of oil production in the OPEC countries does not exceed an average of $ 7 a barrel, while the increase in a lot of deep wells, shale oil fields at $ 70 a barrel. FAO is preparing, according to its programs for the production of 93 million barrels of crude per day in 2040, because it is "the only ones that have the" oil, and this requires "precautions investments to meet the world's needs. " expectations and erode the role of OPEC because of the growing ability of producers from outside the United States and headed toward "self-sufficiency" assumed, Badri said, "America will continue to rely on oil from the Middle East for many years." He added that "OPEC will be there after many years. Take this to me I am. "

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T. Boone Pickens is a straight shooter of Texas Tea.

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18/12/2014 09:43
Oil jumps, changing direction with the support bets on the decline of the landing

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BAGHDAD / Obelisk: Global crude oil prices jumped about six percent with the cohesion of an important technical support level after almost continuous weeks of sharp losses, which led to the purchase of art transformed the direction of the market, where traders bet on the failure to break through the support level indicates that the long-wave landing may have begun to recede .

And US crude prices jumped and Brent to promote simple gains after data showed a drop in US crude inventories last week .

Brent ended February delivery trading high of $ 1.17 or two percent at the settlement to $ 61.18 a barrel after rising earlier to $ 3.39, or 5.6 percent .

And increased US crude futures for delivery in the nearest maturity of 54 cents at the settlement or one percent to $ 56.47 after it touched earlier level of $ 58.98 a barrel .

Oil prices have fallen by almost half over the past six months since overshadowed an increase in high-quality North American shale oil production of light-on-demand.

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America is a major cause of the disruption of markets

 

 

 

Posted: Sunday, December 21, 2014

Came the decline in oil prices during 2014 to reflect the state of the market imbalance balance, where the decline in global demand versus an oversupply, especially with the rise in US production of oil since 2008, 80% of the oil market supply by 3.9 million barrels per day, which is higher than the rate of any country in OPEC except Saudi Arabia, and reached the annual increase in supplies from the US market of 1.4 million barrels per day, compared with 2013, under the boom taking place in the United States of shale oil production, which enabled the Americans to rely on domestic production is the largest and dispensing for imported oil from abroad. The high production of «OPEC» led to 30.56 million barrels per day in November 2014, to an oversupply with declining demand due to the decline in global growth, where OPEC contribute 35% of global oil production quota. It also influenced the sanctions imposed on Russia, a negative impact on the oil sector, where comes more than 40% of revenue in the budget of the Russian oil, which contributes to the slowdown in the Russian economy and the occurrence of many cases of bankruptcy in the travel and tourism sector. OPEC has kept during its last meeting in Vienna on current production levels at 30 million barrels daily, and Russia decided to maintain current production levels at 10 million barrels per day, and economic data showed slowing manufacturing sector in China's second-largest oil consumer in the world.

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THE US ARMY IRAQI RECONSTRUCTION PLAN Called FOR $50 A BARREL OIL AT THE TIME OF RV/RI... THE CURRENT PRICE IS RIGHT ON TARGET FOR THE PLAN... THE USA IS NOW A OIL EXPORTING NATION AND NOT A CONSUMER OF OIL..

Edited by dinar_millions
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OPEC: it is hoped to recover the price of oil by the end of the second half of 2015
Sunday, January 21 1 / December 2014 19:26


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[Follow-up - where] expressed the Organization of Petroleum Exporting Countries [OPEC], on Sunday, expressed the hope that the recovering price of oil by the end of the second half of 2015.
 

It quoted "Reuters" the Secretary-General of the Organization Abdullah al-Badri said, which I followed by all of Iraq [where], "We can not see the market at the moment, and we have to wait for the end of the second half of 2015," noting that "it is hoped that the rebound The price of oil during that period. "al-Badri said that "it comes from waiting for the market to see how it will interact with those low prices" .anthy


THE US ARMY IRAQI RECONSTRUCTION PLAN Called FOR $50 A BARREL OIL AT THE TIME OF RV/RI... THE CURRENT PRICE IS RIGHT ON TARGET FOR THE PLAN... THE USA IS NOW A OIL EXPORTING NATION AND NOT A CONSUMER OF OIL..

 
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Author: Editor: mw reporter: na
Number of Views: 82
 
12/21/2014 19:58

 

Counting Press / BAGHDAD: A member of the Commission on oil and parliamentary power, MP Ibrahim Bahr al-Ulum, Sunday, that in light of the continuing decline in the sale of crude oil is difficult to predict to prices, calling on the government to calculate the price per barrel in the budget of $ 50.Uloum said for "tomorrow Press "," The decline in the price per barrel in the oil market led to the difficulty of estimating the price of oil and possibly cracking even under $ fifty, "pointing out that" the fundamental role played by OAPEC in determining the production, pricing and production of source countries for oil. " He added that "the former Planning of the budget at the level of 64 and $ 65 a barrel of oil has become irrational, despite our belief that prices will recover perhaps after the middle of next year, "stressing the need to" be planning on a reasonable and well thought out prices to avoid a lot of mistakes. " He explained Bahr al-Ulum that "the price supposed that are placed on the basis of the budget by the current atmosphere is a dollar fifty per barrel, and that there have been changes in pricing next year there could be estimated budget offset by the budget. " He continued that "the maximum production and export of oil in Iraq do not exceed more than three million and two hundred or three million, five hundred barrels a day maximum, harbor necessary to search for revenue assistance for the advancement of the Iraqi economy, "explaining that" a lot of the provinces have the potential to run a second non-oil sectors of the agro-industrial and private. "

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mmmmm   I  can`t   but  think  these  wild cat oil operators  { Iraq , Saudi Arabia ,  Kuwait ,  and  every  one  }  were  living  life in the high  side of  oil  prices  --- although  ,  isis ,  didn`t  help any thing  at all ,  almost like  the  poor  kid across the tracks , who  ,  hasn`t  any house  or  a   window  too throw  any thing out of { so too speak }  ---- punks ,    but  the oil rich  guys  were  hitting it hard  and  most likely  spending  like  it  was going to be there  for  ever ,  and  I think  the  glut , of  pump and  dump  oil  is  or  has  run  its  course,  it will go back up  no -doubt,  but  they are going through  sticker shock,   {  funny , Iraq ,  didn`t  even  get  a 2014  budget , I think they did  a  fast  bandage  budget ,  and not much of  a  budget  during  other years with  malarkey in the driver seat ,  }  seems  like  Iraq  would  be all over any kind of a  budget,  or  any kind  of  oil  gas  deal ,  seeing  they haven`t  had  one  in  like  forever ,,,,,,  but  I basically  think  Iraq is  now  feeling  like  they have missed  the  super mark  of  coming out on  the  top of the oil game ,  when oil  had been  in the region  ,of ,  110  per  barrel ....   and  now  they are trying to back stroke, and  do  what ?  ---are they  looking too  see if the oil  will over night , Z O O M     back too the 100  dollar range  in  oil  prices ,  this  will not happen like this  { I , m , o  }    it might  gain  back too 75 .oo   in a weeks  turn  but  not  100   over night ....  this would  bump  the economic  situation  around the world,  reverse  sticker shock ,  in oil pricing  for  every  one  in the world !    {  just my thinking  here  every one  I could  be  wrong }    lord  knows  I have been wrong with  these dang  lotto numbers   -_-

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12:04: 12/21/2014

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Khandan- predicted Iraqi Oil Minister Adel Abdul-Mahdi, the stability of oil prices at around $ 60 a barrel. Adel Abdul-Mahdi said on Sunday, he sees no need for an emergency meeting of OPEC, but "we have to wait and see to see" whether the organization has taken the right decision to keep the production level unchanged. He said Abdul-Mahdi told reporters on the sidelines of the OAPEC meeting in Abu Dhabi, said he believes that prices stabilize around current levels at around $ 60 a barrel. "Reuters"

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6:33: 12/22/2014



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Khandan - US Senator John McCain said that Saudi Arabia is responsible for the collapse of the Russian economy over the responsibility of President Barack Obama's policies. He said McCain in an interview with CNN: "We give thanks to Saudi Arabia, which allowed for the price of a barrel of oil to fall to the point of significantly affecting President economy Russian, Vladimir Putin. " He continued, McCain said: "The US president's policy had nothing to do," referring to what the Russian economy is going through difficulties in the recent period.


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"Brent" dispels the early gains and settled near $ 57 Oversupply continues to pressure on oil prices

Source: 

  • Capitals - agencies
History:  January 3, 2015

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Oil facility in the Gulf of Mexico, where controversy revolves around supplies - statement

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Continued oversupply pressure on oil prices yesterday, where Brent squandered early gains and settled at $ 57.41 a barrel. Oil prices have tumbled by half since June overshadowed supply concerns investors to re-arrange their positions in the beginning of the year in preparation for the expected recovery in the end.

Traders said the average Dubai crude, as monitored by the agency Platts price of $ 60.25 per barrel in December, the lowest level since May 2009.

OPEC production

The average Organization of Petroleum Exporting Countries production (OPEC) of oil during the last December 1% from the previous month, the first month after the organization's decision to keep its production ceiling unchanged at its meeting last November.

According to the survey conducted by the Bloomberg financial news included the producers and analysts, oil companies, OPEC production fell last month by 122 thousand barrels per day, equivalent to 0.4% of the total production to 30.239 million barrels per day due to the decline in the production of Saudi Arabia and the United Arab Emirates and Libya. OPEC decided on 27 November last year to keep its production ceiling unchanged despite the sharp decline in prices.

Dan Hickman economic analyst in Ao.as Foundation Bank Wealth Management «He said he is certain that major oil producers will go to reduce production to support prices, although it will take some time to absorb the large surplus in the market.

According to the figures, the Saudi Arabia cut production by 150 thousand barrels per day last month to about 9.5 million barrels per day.He had been suspended production in Khafji offshore field in the common area between Saudi Arabia and Kuwait in mid-October because of environmental concerns. »

Russia supplies

In the meantime, the Department of Energy data showed that the average Russian country's oil production in 2014 reached its peak in the post-Soviet era to reach 10.58 million barrels per day, up 0.7%, supported by small companies producing non-governmental organizations. The total production of oil gas condensate in December 10.67 million barrels per day, also a record level since the collapse of the Soviet Union.

The data indicated that small-scale producers in Russia and most of the private companies have increased their production 11% to slightly more than one million barrels per day. Fell crude exports through the Transneft state-owned oil monopoly five percent pipelines to 195.5 million tons due to rising domestic demand and quantities that repeated refineries.

And recorded the Russian oil exports to China reached a new high of 22.6 million tons (452 ​​thousand barrels per day) to jump 43% on an annual basis with Russia seeking to diversify their clients importers of energy. And slowed the growth of oil production in 2014, after rising 1.4% in 2013 died from a fall in crude prices and the sanctions imposed by the West to Moscow because of the Ukrainian crisis.

Recorded major oil companies listed on the stock exchange Rosneft in the world decline of 0.7% in production at a time when facing difficulties to curb production decline in the fields of western Siberia. Oil and gas revenues account for about half of Russia's budget.

According to the Russian Energy Ministry forecasts that the country's economy slips into recession after a drop in crude oil prices have reduced production to 525 million tons in 2015. The decline in the production of natural gas from Russia in 2014 increased by 4% to 640.237 billion cubic meters.

Gazprom, the largest producer of natural gas in Russia and recorded a decline of 9% in production to its lowest level ever at 432 billion cubic meters because of a price dispute with Ukraine, which was previously the company's second largest customer after Germany.

US stocks

And US crude inventories fell 1.8 million barrels last week, with the increase in refinery production, compared with expectations of some analysts, the signal decreases 67 thousand barrels. However, the US Energy Information Administration data showed continuing oversupply in the storage center and point of delivery futures Cushing, Oklahoma to more than 1.995 million barrels amid rising stockpiles of petroleum products.

There were also reports that a storage facility for crude oil subsidiary of Anbrig in North Dakota did not appear to be damaged from a fire alarm rang in the market earlier. The figures on US oil inventory indicator of demand in the biggest oil consumer in the world situation.

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US Oil tumbles below $ 50 for the first time since 2009

 

01/05/2015 20:44:00

 

      

US Oil tumbles below $ 50 for the first time since 2009

 

Hui oil futures price of US crude below $ 50 a barrel on Monday, 01/05/2015, and for the first time since April 2009, influenced by concerns about the abundant supply of global supply. 
The price of US light crude five percent to $ 49.95 a barrel before recovering to $ 50.20 in a few hours. 
fell futures price for Brent more than six per cent down from $ 53 a barrel. PUKmedia

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((Eighth day))

Iranian President, Hassan Rohani, said on Tuesday that the countries behind the drop in world oil prices, will regret the decision not to cut oil production, warning that Saudi Arabia and Kuwait will suffer like Iran due to falling prices.

 

The Iranian president said in a speech broadcast on state television today, "those who planned to reduce prices at the expense of other countries will regret this decision," a reference to Saudi Arabia, the largest oil exporter in the world.

 

Rohani said, that if Iran has suffered as a result of lower oil prices, other oil-producing nations such as Saudi Arabia and Kuwait will suffer more than Iran.

 

The Iranian oil minister, Bijan Zanganeh, said earlier, that the continued erosion of oil prices in the international markets, "political conspiracy", pointing out that the plot will go to the fullest extent.

 

Oil prices continued losses accelerated, today, Brent crude and WTI to their lowest levels in nearly six years, where he dominated the global supply glut on Chinese data showing a record high and imports of China's major consumer of crude.

 

Hui Saran Alkiesaan 60% from the peak in 2014 recorded in June and the losses exceeded 36% in the last seven weeks.

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Author: Editor: man Reporter:

Number of Views: 359
 

01/14/2015 00:41

 

Tomorrow Press / Follow-up: continued oil futures prices of its losses on Tuesday registered its lowest level in nearly six years with the Defense Minister of the UAE's oil from OPEC's decision not to cut production to address the oversupply.

In later trading US crude pared losses due to purchases to cover short positions and reached parity with the Brent crude oil for the first time in three months.

Oil prices have already fallen for seven consecutive weeks and so far this week, Brent crude was down about eight per cent of US crude and about five per cent.

Oil prices have tumbled about 60 percent from its peak in June June 2014 due to increased production, especially from oil shale while the demand outlook in Europe and Asia declined, and instead of reducing production to restore balance to the market, OPEC producers displays opponents in prices to customers in an attempt to defend their market share .

By the end of trading, the price of Brent crude oil futures for February delivery settled $ 0.84, or 1.77 per cent to $ 46.59 and was down in earlier trading to $ 45.19 a barrel, recording its lowest level since March 2009.

And went down the price of US light crude for February delivery settled $ 0.18, or 0.39 per cent to $ 45.89 after falling earlier to $ 44.20.

The oil minister said the UAE Suhail bin Mohammed Mazrui on Tuesday that OPEC's decision in November to maintain the production level unchanged was correct.

Mazrui has shown no sign of easing its position on the need for OPEC to reduce production of other producers, especially the US shale oil producers.

The minister told an energy conference in Abu Dhabi, "the strategy will not change ..." he said, adding that failure to change production, "sends a message to the market and to other producers that they should also bring rationality and that they should follow the example of OPEC to look to the global oil market development and adapted to increase production with that growth. "


 

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Oil Minister Adel Abdul Mahdi
 

 

Author: Editor: man Reporter:

Number of Views: 166
 

13/01/2015 22:30

 

Tomorrow Press / Follow-up: accused Oil Minister Adel Abdul Mahdi, on Tuesday, regional states unnamed not to allow the oil to reach the real prices.

Abdul-Mahdi said in a brief statement issued by his office, "there are some regional states do not allow access to real oil prices."

It is noteworthy that global oil prices have seen a significant decrease is the first of its kind in five years, resulting in damage to the budgets of many countries, including Iraq, while Iran has accused Saudi Arabia to work to reduce the price of oil to combat Iran's economy as well as Russian.

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