OPEC President wants to hold an emergency meeting to discuss oil prices

[yota691]

GMT 9:15 2016 Althelaia January 12: Last Updated

Select the schedule in the month of March (March) OPEC President wants to hold an emergency meeting to discuss oil prices a. P. B.

 

 

 

 

The head of OPEC oil exporting countries wanted to hold an emergency meeting of the organization in "early March / March," to discuss the continuing sharp decline in oil prices globally, according to comments he made Tuesday in Abu Dhabi.

 

Abu Dhabi: said Emmanuel Kachiko Ebi, who serves as minister of petroleum resources in Nigeria, "we said if it has reached (the price of a barrel of oil to) $ 35 a barrel, we will begin the search for an emergency meeting," on the sidelines of a forum of energy.

 

But OPEC President stressed the need to raise this issue on the SCO member states, notably Saudi Arabia and other Gulf states, it had previously refused to cut its oil production to try to raise prices. Kachiko added: "I did not talk much after the minister," he said, adding that the views of member states of the Organization mixed about interference in global markets.

 

He explained that "a group (of OPEC) feel the need to intervene, while the other group feels that, even if our intervention, we do not only form a thirty to 35 percent of the oil producers in the world."

 

He pointed out that "nearly 65 percent of the market (oil) outside OPEC," explaining that if not to take the non-affiliated to the OPEC measures to adjust production, the impact of the OPEC countries on the market will be limited.

 

Previously, members of the OPEC countries that refused to cut production, despite the significant decline in oil prices since mid-2014, fearing it would lead to the loss of part of its stake in the world oil market.

[yota691]

OPEC will hold an extraordinary meeting early in March after a drop of oil to $ 30

History of edits:: 2016/1/12 15:40 • 8 visits readable

[Follow-where] 
the agency, "Agence France Presse" reported that the head of the "OPEC" Nigerian Oil Minister Emmanuel EPE Katcheko called on the organization to hold an extraordinary meeting in early March to discuss oil prices in global markets.

He said Katcheko told reporters during a conference on energy in Abu Dhabi on Tuesday that the aim of the extraordinary meeting would be a political Organization of Petroleum Exporting Countries "OPEC" review to see if there was any need to change the strategy, as the current prices of crude dictates the need to hold such a meeting. 
He Katcheko that two of the members of the Organization "OPEC" countries requested the meeting without revealing the name of these two countries. 
However, the head of the "OPEC" stressed the need to put this subject on the Member States of the Organization, notably Saudi Arabia and other Gulf states, have already rejected cut its oil production to try to raise prices. 
He added Kachiko: "I did not talk much after with the minister," pointing out that the views of members of the mixed Organization countries around the intervention in global markets. 
The Minister of Nigerian oil, "a group of" OPEC "countries feel the need to intervention in the view of another group that even though our intervention, we do not shape only 30% to 35% of the oil producers in the world. 
"He pointed Kachiko that nearly 65% of the oil market outside OPEC," explaining that if not to take the non-affiliated to the "OPEC" procedures to modify production, the impact of "OPEC" countries on the market will be limited. 
Previously, the Member States of the "OPEC" that refused to cut production despite the significant decline in oil prices since mid-2014, for fear that this would lead to the loss of part of its stake in the global oil market. 
In a related development, the combination "Brent" Global fell during trading on Tuesday below $ 31 a barrel, and for the first time since 2004. It was trading mixture "Brent" global delivery in February by at 07:25 GMT Greenwich, at $ 30.77 a barrel, down by 2.47% to $ 78 cents from the previous settlement price. 
The decline in US crude delivery the same month increased by 2.32% to $ 73 cents to $ 30.68 for Brmel.anthy

[yota691]

 

01/12/2016 18:32

Expectations of an improvement in oil prices during 2016

 

 

 

BAGHDAD / Obelisk: Expect UAE Energy Minister Suhail Al Mazroui oil prices improved during 2016, following a sharp decline continued since mid-2014.

Al Mazroui said during the Energy Forum in Abu Dhabi Tuesday January 12: 'I am personally convinced that by the end of 2016, we will see a correction. Market fundamentals to indicate that '.

Al Mazroui's remarks came in conjunction with the decline in oil prices to below $ 31 a barrel, reaching the lowest levels in 12 years, the center of abundance in the supply and demand is limited.

The head of the OPEC oil-exporting countries, on the sidelines of the forum expressed the same desire to hold an extraordinary meeting of the Organization early March / March to discuss falling oil prices.

However, he stressed the need to put this subject on the Member States of the Organization, notably Saudi Arabia and other Gulf states, which it has previously refused to cut its oil production to try to raise prices.

As suggested director of the International Monetary Fund Christine Lagarde during her meeting with Gulf officials in Doha last November, that oil prices remain at low levels for years to come.

The Gulf states have embarked on austerity measures in the face of declining oil revenues, most notably Saudi Arabia, the largest oil exporter in the world, which last month raised the prices of essential items, including fuel, water and electricity, following a record budget deficit for 2015 reached a record $ 98 billion.

The Minister of Economy Sultan Al Mansouri, UAE in October / October that the huge financial reserves collected by his country over the past years and invested in financial funds abroad allowed them to compensate the decline in oil revenues.

The UAE economy is the most diversified in terms of sources of income between the Gulf Cooperation Council (GCC). Oil contributes 30% of the UAE economy, while this ratio exceeds 80%, at least in other Gulf states.

add this

IMF calls on Arab states to develop policies in the economic diversification

 

 

 

Baghdad world 
Asked the International Monetary Fund and World Bank Group «the development of economic diversification in the oil-exporting Arab countries policies», and countries in the region strengthen «the reality of investment and growth» and «flexible labor markets to cope with unemployment». The Ministry of money in the United Arab Emirates that these requests will be the subject of debate in the agents and finance ministries Arab meeting to be held this weekend in Abu Dhabi, as well as inclusion of the private sector. The aim of the meeting to be held Wednesday and Thursday, to discuss a range of key issues revolve around financial policy coordination among the Arab countries and discuss regional and international economic challenges and future steps to support economic growth in the region and promoting investment opportunities. The recommendations will be submitted agents Ministries money to a meeting of Arab Ministers of the Council of Arab money to be held in Bahrain during the April meeting (in April). The meeting will see the wide participation at the level of Arab countries and some international financial organizations, namely the IMF and the World Bank Group in the presence of a large number of specialists in the financial and economic spheres in the Arab countries.

Read more: http://dinarvets.com/forums/index.php?/topic/214226-imf-calls-on-arab-states-to-develop-policies-in-the-economic-diversification/#ixzz3x2NYDqsH

[Texstorm]

Thanks Yota ! This could be a blessing in disguise. If oil can be manipulated back up again, I see no reason why Iraq can't pull off an RV. Thanks  Just my positive thinking because I refuse anything negative. 

[easyrider]

imho prices wil soar once again by summer of 2016.

[yota691]

Came across this...

All-out Iran-Saudi Arabia war may lead to $300 per oil barrel

11 JANUARY 2016, 13:18 (GMT+04:00)

Baku, Azerbaijan, Jan. 11

By Elena Kosolapova – Trend:

If all-out war burst out between the Saudi Arabia and Iran, oil prices could go to the $300 plus range fairly quickly, professor of economics in the US National Defense University, Adjunct Professor in Georgetown University Paul J. Sullivan told Trend.

He did not specify how long the prices would remain at this range.

Sullivan, also an expert in energy and Middle East, noted that massive amounts of oil reserves can be found in the areas on both sides of the Gulf where most of the population is Shia (both in Iran and Saudi Arabia). The proved oil reserves of the Gulf exceed 730 billion barrels, according to various estimates.

“If Iran's proxies and followers go kinetic in Eastern Saudi Arabia [inhabited by Shia] and start blowing up energy facilities and pipelines then oil prices will be effected,” Sullivan said.

Meanwhile he noted that he does not see this as a high probability set of events, but also he does not rule it out.

Moreover if the Saudi-Iranian conflict makes the proxy wars more violent and the region more unstable it could also have a deep effect on oil prices, Sullivan said.

The expert noted that the tensions have been effecting OPEC for some time and Iran and Saudi Arabia have been at odds for a very long time.

“These tensions could get much worse and could lead to open conflict, but I hope not,” he said.

Relations between Saudi Arabia and Iran soured after execution of Nimr al-Nimr, a prominent Shia cleric, by the Kingdom along with other 46 people, which was followed by a strong protest from Iran.

Some Iranian protesters stormed Saudi embassy in Tehran on Jan. 3, smashing furniture and setting the building on fire before being dispersed by police. The Saudi consulate in the eastern city of Mashhad also was attacked. Saudi Arabia broke off diplomatic ties with Iran in response to these attacks.

Over the past 30 years, the maximum oil price reached almost $144 per barrel of Brent in 2008. In January 2016 the oil price averages at $32-35 per barrel.

and this...

OPEC waiting for US oil companies’ bankruptcy

11 JANUARY 2016, 19:57 (GMT+04:00)

•  

Baku, Azerbaijan, Jan. 11

By Anakhanum Khidayatova – Trend:

OPEC will cut crude production and export in order to raise oil prices, after the US companies extracting hydrocarbons go bankrupt due to the current low energy prices, said Alexander Razuvayev, economist and director of the analytical department at Russian company Alpari.

Alpari is one of the leading companies offering forex trading in Russia.

"The price war will end sooner or later,” he told Trend Jan. 11. “We can expect positive changes this year. As a result of falling oil prices, budgets are running out, shale companies go bankrupt. Those, who survive the crisis, will take the new position on the market at comfortable prices."

He said that none of the largest oil producers will be able to work at current low prices for a long time.

Razuvayev believes that the current conflict between Saudi Arabia and Iran is unlikely to impact the world oil prices.

“There won’t be a massive clash between the parties,” Razuvayev said. “Iran has just been released from the sanctions. Saudi Arabia is weaker than Iran militarily. The sides do not need a war."

He said that the threat of a conflict between Saudi Arabia and Iran is only a short-term speculative factor for the world oil market.

Relations between Saudi Arabia and Iran soured after execution of Nimr al-Nimr, a prominent Shia cleric, by the Kingdom along with other 46 people, which was followed by a strong protest from Iran.

Mass protests took place in Iran following the said execution. In particular, the Saudi embassy in the capital Tehran and the consulate in the city of Mashhad were attacked, after which Riyadh broke off diplomatic ties with Tehran on Jan. 3.

Over the past 30 years, the maximum oil price reached almost $144 per barrel of Brent in 2008. In January 2016, the oil price averaged at $32-35 per barrel.

[Texstorm]

I'm in the tank right now on oil stocks so it's a win win for me if oil prices soar again. 

[markb57]

an "Emergency" meeting 2 months away.....?

[djiboutikid]

imho prices wil soar once again by summer of 2016.

In my experience they seem to jump before an election, especially when there is a chance that a Republican may win.

[VIZIOIRAQI]

an "Emergency" meeting 2 months away.....?

There will be no emergency meeting by OPEC ! Only 2 people in OPEC wanted one and they were voted down they will stick with there normal twice a year meeting business as usual. Just got this update from CNN 10 minutes ago!

Current members

As of January 2016, OPEC has 13 member countries: six in the Middle East (Western Asia), one in Southeast Asia, four in Africa, two in South America. Their combined rate of oil production represents approximately 40% of the world's total: 

Country Region Membership Years^[6] Population

(2015 est.)^[7] Area

(km²)^[8]Oil Production

(bbl/day, 2014)^[9]Proven Reserves

(bbl, 2014)^[10]Algeria Africa 1969– 39,542,166 2,381,740 1,721,000 12,200,000,000 Angola Africa 2007– 19,625,353 1,246,700 1,756,000 9,060,000,000 Ecuador South America 1973–1992, 2007– 15,868,396 283,560 556,000 8,240,000,000 Indonesia Southeast Asia 1962–2008, 2016– 255,993,674 1,904,569 917,000 3,740,000,000 Iran Middle East 1960– 81,824,270 1,648,000 3,377,000 157,300,000,000 Iraq Middle East 1960– 37,056,169 437,072 3,364,000 140,300,000,000 Kuwait Middle East 1960 2,788,534 17,820 2,767,000 104,000,000,000 Libia Africa 1962– 6,411,776 1,759,540 516,000 48,470,000,000 Nigeria Africa 1971– 181,562,056 923,768 2,428,000 37,140,000,000 Qatar Middle East 1961– 2,194,817 11,437 2,055,000 25,240,000,000  Saudi Arabia Middle East 1960– 27,752,316 2,149,690 11,624,000 268,350,000,000 United ArabEmirates Middle East 1967– 5,779,760 83,600 3,474,000 97,800,000,000 Venezuela South America 1960– 29,275,460 912,050 2,685,000 297,740,000,000 OPEC Total 705,674,747 13,759,546 37,240,000 1,209,580,000,000 World Total 7,256,490,011 510,072,000 92,362,000 1,655,560,000,000 OPEC Percent 10% 3% 40% 73%

In 1949, Venezuala and Iran were the first countries to move toward the establishment of OPEC, by inviting Iraq, Kuwait and Saudi Arabia to exchange views and explore avenues for regular and closer communication among petroleum-exporting nations, as the world recovered from ^{World War II}

 

^{OPEC's objective is to keep the Oil prices so low that it knocks out all private entities}

These are America's most oil-rich states.

• Texas. > Proved oil reserves: 9.6 billion barrels. ...
• North Dakota. > Proved oil reserves: 3.8 billion barrels. ...
• Alaska. > Proved oil reserves: 3.3 billion barrels. ...
• California. > Proved oil reserves: 3.0 billion barrels. ...
• New Mexico. > Proved oil reserves: 965 million barrels.

Your going to find all these companies going bankrupt quickly when oil hits in the 20's per barrel . It looks like it could stabilize around 15-18 and sit at 20 or under for quit awhile between 1 to 2 years .

OPEC then plans on oil going back to around 50 to 75 per barrel , and I believe it will more likely be around 45 to 55 per barrel.

 

There main objective is to make the United States Economy Crash hard to bring down the dollar . Once the Dollar is down enough it won't be able to rebound back up with no Demand & 19 + trillion in Dept!

 

We have a big & yet small window to get ready for this & hopefully be able to invest in this once in a life time opportunity !

The IMF is not going to implement the Yuan active in the SDR basket unit Oct of this year so get ready people !

[VIZIOIRAQI]

 

Came across this...

All-out Iran-Saudi Arabia war may lead to $300 per oil barrel

11 JANUARY 2016, 13:18 (GMT+04:00)

Baku, Azerbaijan, Jan. 11

By Elena Kosolapova – Trend:

If all-out war burst out between the Saudi Arabia and Iran, oil prices could go to the $300 plus range fairly quickly, professor of economics in the US National Defense University, Adjunct Professor in Georgetown University Paul J. Sullivan told Trend.

He did not specify how long the prices would remain at this range.

Sullivan, also an expert in energy and Middle East, noted that massive amounts of oil reserves can be found in the areas on both sides of the Gulf where most of the population is Shia (both in Iran and Saudi Arabia). The proved oil reserves of the Gulf exceed 730 billion barrels, according to various estimates.

“If Iran's proxies and followers go kinetic in Eastern Saudi Arabia [inhabited by Shia] and start blowing up energy facilities and pipelines then oil prices will be effected,” Sullivan said.

Meanwhile he noted that he does not see this as a high probability set of events, but also he does not rule it out.

Moreover if the Saudi-Iranian conflict makes the proxy wars more violent and the region more unstable it could also have a deep effect on oil prices, Sullivan said.

The expert noted that the tensions have been effecting OPEC for some time and Iran and Saudi Arabia have been at odds for a very long time.

“These tensions could get much worse and could lead to open conflict, but I hope not,” he said.

Relations between Saudi Arabia and Iran soured after execution of Nimr al-Nimr, a prominent Shia cleric, by the Kingdom along with other 46 people, which was followed by a strong protest from Iran.

Some Iranian protesters stormed Saudi embassy in Tehran on Jan. 3, smashing furniture and setting the building on fire before being dispersed by police. The Saudi consulate in the eastern city of Mashhad also was attacked. Saudi Arabia broke off diplomatic ties with Iran in response to these attacks.

Over the past 30 years, the maximum oil price reached almost $144 per barrel of Brent in 2008. In January 2016 the oil price averages at $32-35 per barrel.

and this...

OPEC waiting for US oil companies’ bankruptcy

11 JANUARY 2016, 19:57 (GMT+04:00)

•  

Baku, Azerbaijan, Jan. 11

By Anakhanum Khidayatova – Trend:

OPEC will cut crude production and export in order to raise oil prices, after the US companies extracting hydrocarbons go bankrupt due to the current low energy prices, said Alexander Razuvayev, economist and director of the analytical department at Russian company Alpari.

Alpari is one of the leading companies offering forex trading in Russia.

"The price war will end sooner or later,” he told Trend Jan. 11. “We can expect positive changes this year. As a result of falling oil prices, budgets are running out, shale companies go bankrupt. Those, who survive the crisis, will take the new position on the market at comfortable prices."

He said that none of the largest oil producers will be able to work at current low prices for a long time.

Razuvayev believes that the current conflict between Saudi Arabia and Iran is unlikely to impact the world oil prices.

“There won’t be a massive clash between the parties,” Razuvayev said. “Iran has just been released from the sanctions. Saudi Arabia is weaker than Iran militarily. The sides do not need a war."

He said that the threat of a conflict between Saudi Arabia and Iran is only a short-term speculative factor for the world oil market.

Relations between Saudi Arabia and Iran soured after execution of Nimr al-Nimr, a prominent Shia cleric, by the Kingdom along with other 46 people, which was followed by a strong protest from Iran.

Mass protests took place in Iran following the said execution. In particular, the Saudi embassy in the capital Tehran and the consulate in the city of Mashhad were attacked, after which Riyadh broke off diplomatic ties with Tehran on Jan. 3.

Over the past 30 years, the maximum oil price reached almost $144 per barrel of Brent in 2008. In January 2016, the oil price averaged at $32-35 per barrel.

 

There must be some kind of inside information for this is stating Iran just got released from it's sanctions there either talking this way because it's going to happen or this just accurd!

[yota691]

Emirates is moving to nip any talk of an emergency meeting of OPEC with falling prices

 

 

       

Economy News / Continue ...

 United Arab Emirates has moved to nip any talk of a possible emergency meeting of the Organization of the Petroleum Exporting Countries (OPEC) after Nigeria's petroleum minister said "two" of the Member States of the Organization requested the meeting.

And it landed crude futures for global measurement Brent towards $ 30 a barrel to its lowest level in nearly 12 years before recovering slightly.Contracts and lost about three quarters of their value since mid-2014 due to oversupply.

He said Nigerian Minister of State for Petroleum Emmanuel Ebi Katcheko told reporters on the sidelines of a meeting of energy in Abu Dhabi that such market conditions support the convening of an emergency meeting to discuss whether OPEC should change its policy.

However, the energy minister of the UAE Suhail Al Mazroui said at the same conference that the current strategy of OPEC effective but need time to bear fruit and it can take between a year and a year and a half.

Al Mazroui said he is not convinced that OPEC alone can change this strategy just a dip in the market.

He added that the first half of 2016 would be "tough" on the oil market, but the recovery will begin gradually later in the year with the support of the expected decline in production from outside OPEC.

Nigerian minister did not specify the two countries, which had asked for a meeting but said that such a meeting could take place in February or March.League next OPEC meeting will not take place before the second of June.

But non-Gulf OPEC delegates in Hkka held an emergency meeting. Said one delegate from an African country, a member of the organization "will not hold any meeting."

The OPEC's strategy to maintain production levels unchanged rather than cut supplies to push prices to recover in order to defend the market share of the Organization for producers of high-cost account such as shale oil producers in the United States.

It is likely that swells oversupply in 2016 the return of Iranian oil supplies to the market immediately after the lifting of Western sanctions imposed on Tehran.

Al Mazroui said he believed that all OPEC members, including Iran, have the right to increase their production.

Those prospects prompted analysts to cut oil affairs of their expectations in the past few days, he said Standard Chartered Bank said crude prices could fall to ten dollars a barrel.

It will depend the possibility of holding a meeting at the OPEC heavyweight Saudi Arabia, the organization's position at the forefront of the naysayers to cut production.

Katcheko said "Saudi Arabia did not declare that they do not want to never talks. In fact strongly supported during our meeting in December for a meeting before June if there was a consensus to call him