Iraq stands ready to cut oil production

[yota691]

Urgent Iraq stands ready to cut oil production

History of edits:: 2016/1/26 11:12 • 182 visits readable

[baghdad-where] 
a senior official in the Iraqi Oil Ministry said Iraq was ready to understanding with the Organization of Petroleum Exporting Countries to cut its oil production in order to contribute to stop the decline in crude prices, which ranged at $ 30 a barrel.

The production of Iraq's current 3.7 million barrels per day this year and hopes to reach 4.5 million Brmel..itba

 

Iraq stands ready to cut oil production

Date:  01/26/2016 13:32

 | Hits: 102

 

 

Information / BAGHDAD / ..

Expressed Oil Minister Adel Abdul-Mahdi, Tuesday, Iraq's willingness to cut oil production in the event of cooperation of all OPEC members.

Abdul-Mahdi said in remarks reported by "Rotarz", "ready to participate in production cuts if the cooperation of all Members."

Abdul-Mahdi said, "We see some flexibility to make a deal between OPEC and producers from the outside."

Abdul-Mahdi was confirmed Tuesday that the situation in the oil market has become more complex, pointing out that the 8 countries in OPEC which carried the operational cost of producing a barrel. Finished / 25

 

[yota691]

Parliamentary oil: reduction of oil production to two million barrels will raise global prices

 

Date:  01/26/2016 18:36

 | Hits: 162

 

 

Information / special / ..

It made it clear to the Commission on oil and energy parliamentary, Tuesday, that the reduction of oil production to two million barrels per day will raise global prices, while stressed the need for the commitment of all the members of the Organization of Petroleum Exporting Countries to reduce their production.

He said committee member Ibrahim Bahr al-Ulum told / information / The "oil production up to OPEC requires a consensus among the members of the organization, he would work to improve global prices," noting that "reducing Iraq to produce oil alone will not affect the global production."

He added that "if managed producing countries, the President and of Iraq, Iran, Saudi Arabia and the Gulf states to stop the production of two million barrels per day, will work to improve global prices may be according to the quantity is reduced," pointing out that "the reduction of global production requires a consensus among major oil producers, especially Saudi Arabia."

He said Iraqi Oil Minister Adel Abdul-Mahdi, Tuesday, Iraq's willingness to cut oil production, as pointed out that the continuation of a long economic crisis will turn the oil market from a buyers market to market and from surplus vendors display to an increase in demand. Finished / 25's

 

[aaanth]

it is starting.  the climb of the oil upward.  this is the first harbinger of the fact that fortunes, MAJOR fortunes are about to be made.   those that invest in the oil sector now will make a killing.  do you really think the oil prices dropped because of too much production?  think again..  sell high.  drive prices down and buy low.  drive prices up and cash in...  simple formula.  it works EVERY TIME.   here it comes.  drive the prices up.  create 'worth' for the product again.  cash in at the bank.  not a bad strategy for ignorant savages...   maybe we can 'coat tail' it in in sort of a piggy back way.  i'm hoping...

[justchecking123]

it is starting. the climb of the oil upward. this is the first harbinger of the fact that fortunes, MAJOR fortunes are about to be made. those that invest in the oil sector now will make a killing. do you really think the oil prices dropped because of too much production? think again.. sell high. drive prices down and buy low. drive prices up and cash in... simple formula. it works EVERY TIME. here it comes. drive the prices up. create 'worth' for the product again. cash in at the bank. not a bad strategy for ignorant savages... maybe we can 'coat tail' it in in sort of a piggy back way. i'm hoping...

well informed.

it is starting. the climb of the oil upward. this is the first harbinger of the fact that fortunes, MAJOR fortunes are about to be made. those that invest in the oil sector now will make a killing. do you really think the oil prices dropped because of too much production? think again.. sell high. drive prices down and buy low. drive prices up and cash in... simple formula. it works EVERY TIME. here it comes. drive the prices up. create 'worth' for the product again. cash in at the bank. not a bad strategy for ignorant savages... maybe we can 'coat tail' it in in sort of a piggy back way. i'm hoping...

well informed.

[since0freakin9]

AANTH......Nice synopsis.  Do you think oil will stabilize at a rate countries can lock in a budget number?  Thank you for the post

[yota691]

add a FYI

Kuwait appreciates a barrel of oil coming budget by about $ 25

History of edits:: 2016/1/26 16:25 • 35 visits readable

[Follow-where] 
Anas Saleh, Minister of Finance and Acting Minister of Oil in the Kuwaiti government said on Tuesday that "the next budget for the year 2016-2017 will depend on the estimate of $ 25 to the price of a barrel of Kuwaiti oil."

And it dropped the price of a barrel of Kuwaiti oil to around $ 19 last week before rebounding in the last two days. 
He did not give Kuwaiti minister, who was speaking to reporters on the sidelines of an oil conference further details, but said, "The Parliament will discuss on the ninth of February next session studies prepared by the government to rationalize spending. 
"relies OPEC member Kuwait on oil revenues to finance about 90 percent of the general budget and has been severely damaged due to the sharp drop in oil prices," .anthy

[yota691]

Oil and energy reveal the existence of an international agreement to destabilize and destroy the "oil-producing countries."

Economy and Tenders

 Since 01/27/2016 17:29 pm (Baghdad time)

Special - scales News

Detection of the Commission on oil and energy parliamentary member Mezni Mazen, on Wednesday, the existence of an international agreement to destabilize and destroy the oil-producing countries.

Mezni said L / scales News /, that "there are major countries agreed to destroy the oil-producing countries and it has reduced the price of oil in the whole world," noting that "Iraq is unable to manipulate or influence on world oil prices."

He said a member of the Commission on oil and energy parliamentary, that "Iraq is also unable to cut its oil production and because of" licensing "by binding" contracts rounds.

This "considered the parliamentary energy committee, on Wednesday, that the increase in oil production, the wrong solution, noting that the United States exert pressure to prevent the decline in production," .anthy 29 ninths P

[Laid Back]

its time to find other alternatives for low oil prices.

 

its time to diversify the economy

 

its time to develop private sector.

 

BUT the most important, its time to wipe out corruption

 

also its time to give real value to the dinar

 

We patiently wait.

[calkid11]

Thank you

[TennesseeCherokee]

Other member states of OPEC will decrease their oil production to moderate supply but Iraq will be allowed to do just the opposite.

Iraq currently is president of OPEC and since the first Gulf War had only been allowed to pump oil within the confines of the 'Oil For Food' program.

Iraq will be allowed to pump whatever amount ia necessary to allow them to totally rebuild their infrastructure.

Think I'm weaving a yarn?

Watch Iraq Grow Exponentially.

[yota691]

Zebari: Iraq is ready to discuss an agreement to cut oil production

 

PM: 01: 28: 28/01/2016

    

 

  

 

Khandan - Finance Minister Hoshyar Zebari said Iraq is ready to participate in the extraordinary meeting of OPEC and even cut production fast growth if producers inside OPEC and outside agreed to that which seems far-fetched at the moment. Zebari said in an interview with Reuters, said that Iraq wants to participate in the meetings called by Venezuela to raise oil prices, which have tumbled to the lowest level in 12 years near $ 30 a barrel. The Organization of the Petroleum Exporting Countries (OPEC) it is considering a request from Venezuela, which suffered a liquidity crisis for an emergency meeting. And called on Venezuela to a meeting of the OPEC countries and producers from outside in February. He said Zebari, that "Iraq is a founding member of OPEC and therefore we will participate certainly the idea is to cut production actually to influence the price of oil." He continued, "I'm not sure we agree with Venezuela as we need to increase production Because of the challenges that confront us. But if we are convinced that there is a consensus or a collective decision has support him. "He added that so far has shown only Algeria and Venezuela support for production cuts while Saudi Arabia does not support the Member Organization and Russia, a producer outside OPEC this procedure. The head of the Vensoar Nicolas Maduro in Earlier, the Venezuelan Oil Minister will tour in the countries of OPEC and outside in an attempt to drum up support joint to move. Zebari said that the decision to cut production "must be collective or it will not be feasible does not seem that there is a consensus with the exception of Venezuela and Algeria". He added " For other countries such as Saudi Arabia and the BRICS group .. I do not think. " Includes Brix Russia set oil exporters and Brazil, a major crude producer, along with India, China and South Africa. He said OPEC Secretary-General Abdullah al-Badri earlier, it behooves others to work with OPEC producers to cope with the glut of global stocks stressing that OPEC position is to discuss production cuts if the oldest Others on it. Even now refuses to Moscow, which is considered a key player in any cooperation agreement. But the transfer of the deputy head of Lukoil's second-largest crude producer, Leonid Fedun in Russia as saying on Monday that Moscow begin work with OPEC. Oil prices have slid to around $ 30 a barrel from more than $ 100 two years ago to the detriment of Iraq's budget at a time when fighting the country organization "Daash" terrorist. Iraq relies on crude sales in about 95 percent of its revenues.Zebari said there are "encouraging signs" on the recovery of prices in the spring with the depreciation of the US rock raw produce high cost.He added that the reason behind the continuation of the oil producers of rock is that they have sold long-term contracts at a price of 70 dollars and that these contracts will expire this spring. Zebari said Iran may not be able to increase production as fast as you ponder and predicted it would not additional production of 500 thousand barrels per day by year-end increase. The Baghdad government has kept open the option of the Kurdistan Regional Government to take its share amounting to 17 percent of the budget, if approved to stop the independent oil sales and after that blocked due to the budget of the province payments last year. The finance minister said that the collapse of the oil price pushes regional government to re-examine its position to take its share of the budget. The collapse of the price to the worsening economic trouble for the Kurdistan region, which began early in 2014 when it reduced Baghdad funding to the province. The government has set spending plans for 2016 on the basis of an oil price of $ 45 a barrel Zebari said it would seek to cut spending and increase domestic borrowing to cover the budget deficit is unlikely to reduce the value of the dinar. He said that the devaluation will lead to inflation and possibly to increased unemployment and the government can not take action at the same time, such as the imposition of new taxes and customs fees because it would be an additional burden on the citizens. He explained that government spending will give priority to wages and pensions necessary military operations to fight state regulation as well as health and basic social services. Iraq is expected to reach the budget deficit about 24 trillion Iraqi dinars ($ 20.4 billion) this year.

[yota691]

Zebari: Iraq is ready to discuss an agreement to cut oil production .. and the province will restore its position on its share of the budget

01/28/2016

 

 

 

(Independent) ... expect Finance Minister Hoshyar Zebari said that the collapse of the price of oil will push the region to re-stake his position on the budget, noting that Iraq is ready to discuss the agreement it seems elusive to cut oil production.

Zebari said in an interview conducted by Reuters and followed up (Independent) said on Thursday that "the collapse of the price of oil will pay the Government of the region to re-examine its position to take its share of the budget."

 

Zebari said that "the government will seek to cut spending and increase domestic borrowing to cover the budget deficit," ruling out "the devaluation of the dinar."

Meanwhile, Zebari said "Iraq wants to participate in the meetings called by Venezuela to raise oil prices, which have tumbled to the lowest level in 12 years near $ 30 a barrel," stressing that "Iraq is a founding member of OPEC stressed and therefore we will participate certainly the idea is to cut production actually to influence the price of oil. "

Zebari pointed out that "the decision to cut production must be collectively otherwise you will not be feasible does not seem that there is a consensus with the exception of Venezuela and Algeria," pointing out that "not only Algeria and Venezuela have shown their support for production cuts while Saudi Arabia does not support the Member Organization and Russia, a producer of non-OPEC this procedure".

The collapse of the price to the worsening economic troubles of the Kurdish region, which began in early 2014 when Baghdad has reduced funding to the region because of its crude exports separately.

The Baghdad government has kept open the option of the Kurdistan Regional Government to take its share amounting to 17 percent of the budget if it agreed to halt independent oil sales and after that blocked due to budget payments to the region last year.

Oil prices fell gradually during the past year to reach the beginning of 2016 to less than $ 30 per barrel, which reflected negatively on budget revenues, bringing the deficit for the current year to 24 trillion dinars. (End)

Oil prices jump with the support of the hopes of cooperation between Russia and OPEC

01/28/2016

 

 

 

(Independent) ... oil futures prices jumped Thursday after Russia pointed to possible cooperation with OPEC, which pushed crude prices to rise after falling to their lowest levels in more than 12 years.

And leave the statement of the Russian Energy Ministry the door open to talks with OPEC moments after the words of the President of the Transneft pipeline monopoly in Russia that officials have decided that they should hold talks with Saudi Arabia and other OPEC members about cuts in oil production.

And it helped hints to a possible agreement between OPEC members and producers competitors in the rise of oil to more than 6% from last week.

And recorded a global measurement Brent crude oil futures for the nearest maturity at the settlement on Thursday to $ 34.75 a barrel, 82 cents higher, or the equivalent of 2.45 percent after it posted earlier in the rise of US $ 33.49.

And crude oil futures closed higher on OPEC also at $ 28.30 per barrel after it was 26.40 dollars for the day on Wednesday. (End)

[yota691]

Delegate to OPEC: Saudi Arabia and the Gulf states ready to cooperate to stabilize the oil market

 

PM: 08: 41: 28/01/2016

 

Khandan - A senior Gulf OPEC delegate said Thursday, Saudi Arabia and the Gulf states members of Mountmh ready to cooperate with any action to stabilize the oil market. The delegate said in remarks to the agency 'Reuters', that "the Gulf countries in OPEC and Saudi Arabia is ready to cooperate ... the door open and list all the possibilities. "Earlier Thursday, he said Russian Energy Minister Alexander Novak said Saudi Arabia has proposed producing countries to cut oil production by up to 5 percent each of them in order to support the weak oil prices.

[yota691]

Oil jumps above $ 35 on growing expectations for an agreement to cut production

 

Thursday January 28 2016 18:19

 

 

 

    

 

Alsumaria News / Baghdad 

It jumped eight percent of oil prices above $ 35 a barrel Thursday, the highest level in three weeks and a lot away from its lowest level in 12 years, which plunged him earlier this month amid growing expectations that major producers may cooperate to cut production.

 

 

Oil rose about 30 percent from its lowest level since 2003, which struck earlier than January. And it accelerated gains this week on speculation that Russia and OPEC may agree to cut production.

 

He said Russian Energy Minister Alexander Novak suggested that Saudi Arabia cut production by up to five percent of each country in order to support prices.

 

The price of Brent increased to $ 2.03 to $ 35.13 a barrel by 1425 GMT, a rise of more than six percent after rising 4.1 percent on Wednesday. Brent reached its peak in the session at $ 35.84 a barrel, up more than eight percent from the settlement price yesterday, the highest level since the sixth of January.

 

The price of US crude rose 1.82 dollars to 34.12 dollars a barrel after the previous session ended, up 85 cents, or 2.7 percent.

[easyrider]

and oi is back up funny how that works doesnt it? oil will NEVER stay low long any longer.OPEC wont allow it. Bottom line. Look for it to be in the 40's next month than stabilize possibly March or April in the 50's?

Edited January 28, 2016 by easyrider

[unirod]

Iran has not brought it's 30 million barrels to market yet. I don't believe we have seen the real lows....IMO 

[four wheel drift]

Iran has not brought it's 30 million barrels to market yet. I don't believe we have seen the real lows....IMO

I don't think we will even see their 30 million barrels with OPEC talking about cutting back. They will release 3 mil. A day for 10 days and then go into their regular daily release I don't think they will be aloud to dump all that in one day. We may see a high two handle in oil but it won't stay long. Investors were just talking about how efficiently we are pumping oil that we may never see 50 buck oil again. Maybe

FWD

GO RV

[Nuki]

Called it. 

[vish]

I used to trade oil commodities, check the charts over the past ten years or so, for support and resistance.  My broker detested "fundamentals"--that is, news articles/information regarding oil, he would strictly pay attention to the charts and their formations, etc.--many do, some work with fundamentals, but I think charts are more "fun"--if you can characterize high-stress, insanity-inducing trading as "fun".

 

 Anyway, if you are unfamiliar, you may want to learn a little about charts, and it might further eliminate some of the oil price mysteries..  One pretty important aspect to remember is that "resistance" areas on the charts--that is, price levels that oil can break through as it rises in price, these big resistance levels, once broken, then become important levels of support, below which, oil should not drop, if it is to maintain a steady rise--it may prowl around a level of support for awhile before ascending, but it shouldn't just kiss it and die.  

 

 As well, when oil rises, so do the metals, and the dollar begins to descend--it's an inverse relationship and resultantly, other currencies trading on Forex rise in value as the dollar plummets.  So...sure be nice if they rv'd and things like that!!!

[Laid Back]

The oil will raise

Metals will raise

Gas at the pump will raise

The dinar will raise.

" We patiently wait "

[yota691]

GCC delegate: ready to cooperate to stabilize the oil market

OPEC is seeking to meet with other producers in February

Russia: Saudi Arabia has proposed a reduction of production by 5%

 

 

 

 

Capitals - (Reuters): A senior Gulf OPEC delegate said yesterday that Saudi Arabia and the Gulf states Members Mountmh ready to cooperate with any action to stabilize the oil market. The delegate said: "Gulf countries in OPEC and Saudi Arabia is ready to cooperate .. The door is open and list all the possibilities."

Earlier yesterday Russian Energy Minister Alexander Novak said that Saudi Arabia proposed that the producing countries reduced oil production by up to 5 percent each of them in order to support the weak oil prices. Sources say that the sector OPEC officials were holding bilateral talks to urge Russia to participate in the production cuts with OPEC urged Iran to soften its stance. She added that Venezuela and Algeria are among the countries that hold these talks. He said Russian Energy Minister Alexander Novak said OPEC is trying to organize a meeting with other producers next month.

So to Russian Energy Minister Alexander Novak said yesterday that makes sense to discuss the situation in the oil market and that OPEC is trying to organize a meeting with other producers next month. Novak told reporters: From our side, we have emphasized the possibility of our participation in such a meeting. "In response to a question about coordination with OPEC Novak said:" At the moment it comes to conduct consultations could address the market situation and low prices and production Options format.

In addition, Russia said yesterday that Saudi Arabia's largest oil producer in OPEC's proposed cut global production by as much as five percent in what could be the first global agreement in more than ten years to help get rid of oversupply and low support prices.

He said Russian Energy Minister Alexander Novak said Saudi Arabia has proposed that oil-producing countries cut production by up to 5 percent, which represents about 500 thousand barrels per day for Russia, the largest producer in the world.

Novak said: "In fact these determinants proposed to reduce the production of each country, including up to 5 percent .. this is up to the discussions it is premature to talk about the subject." Novak told journalists that there is also a proposal for a meeting between oil producers and OPEC countries are not members of the organization at the level of ministers of oil, and Russia is ready for a meeting.

He said: "There are many questions with regard to overseeing the cuts." Said Gary Ross, a seasoned observers for OPEC and the founder of the Beira group based in the United States "should deal with it seriously now. It will be the key factor is the ability of Russia on implementation."

[yota691]

Oil heading for weekly gain on supply cut deal hopes

Fri, Jan 29, 2016

By Devika Krishna Kumar

NEW YORK (Reuters) – Oil prices retraced early gains in volatile trade, and U.S. crude turned negative on Friday after news Iran would not participate in a possible deal between OPEC and other producing countries to trim output.

Prices rose early prospects that a deal between major exporters to cut production could help reduce one of the biggest oil supply gluts in history. Brent hit as high as $35 a barrel, up about 25 percent from the 12-year lows hit last week.

But oil gave back early gains after the Wall Street Journal cited an Iranian oil official as saying the country would not join an immediate OPEC production cut.

Russia, a major non-OPEC producer, this week said it could cooperate with the Organization of the Petroleum Exporting Countries on production curbs, something it had been refusing to do for 15 years.

Brent March futures <LCOc1>, which expires on Friday, rose 24 cents to $34.13 a barrel by 11:49 a.m. EST. On Jan. 20, the contract hit its lowest since 2003 at $27.10 a barrel.

U.S. crude <CLc1> fell 35 cents to $32.87 per barrel, a 1.1 percent loss, having hit a high of $34.40.

Moscow has been sending mixed signals this week, as Deputy Prime Minister Arkady Dvorkovich said on Friday the state would not intervene to balance the market. Those comments fed growing doubts about a possible deal mentioned by Russian Energy Minister Alexander Novak on Thursday.

But a few hours later, Russia’s foreign ministry said veteran minister Sergei Lavrov, who almost never comments on oil policies, would visit the UAE and Oman to discuss oil markets.

“As the headlines fly it is difficult to be absolutely sure about each word used but we don’t read ‘no meeting scheduled yet’ the same as ‘no meeting scheduled’,” said Olivier Jakob, analyst at Petromatrix in Zug, Switzerland.

“The ‘yet’ is not necessarily a ‘nyet’ and we can therefore continue to speculate about a possible meeting.”

Some analysts said the market may have found a bottom.

“With more energy companies announcing cuts and OPEC contemplating a cut, it looks like oil is forming a bottom,” said Phil Flynn, an analyst at Price Futures Group in Chicago.

U.S. shale producers have been slashing their 2016 capital spending plans.

“Now the question becomes how high can they go. The charts look like a test near $40 is on the cards.”

 

(Additional reporting Simon Falush and Dmitry Zhdannikov in London, Meeyoung Cho in Seoul and Henning Gloystein in Singapore; Editing by Marguerita Choy)

[justchecking123]

I used to trade oil commodities, check the charts over the past ten years or so, for support and resistance. My broker detested "fundamentals"--that is, news articles/information regarding oil, he would strictly pay attention to the charts and their formations, etc.--many do, some work with fundamentals, but I think charts are more "fun"--if you can characterize high-stress, insanity-inducing trading as "fun".

Anyway, if you are unfamiliar, you may want to learn a little about charts, and it might further eliminate some of the oil price mysteries.. One pretty important aspect to remember is that "resistance" areas on the charts--that is, price levels that oil can break through as it rises in price, these big resistance levels, once broken, then become important levels of support, below which, oil should not drop, if it is to maintain a steady rise--it may prowl around a level of support for awhile before ascending, but it shouldn't just kiss it and die.

As well, when oil rises, so do the metals, and the dollar begins to descend--it's an inverse relationship and resultantly, other currencies trading on Forex rise in value as the dollar plummets. So...sure be nice if they rv'd and things like that!!!

Great post. It's all risk management not high-stress insanity. Why did you quit?

[k98nights]

 

Oil Minister: Iraq will cooperate with OPEC and outside the reduction in oil production

Section:Page economic

 

January 30, 2016 16:48

 

Readers Number:21

 

 

Oil Minister Adel Abdul-Mahdi, Saturday, that Iraq would cooperate with others in the reduction of oil production, noting that Iraq was already a major victim in the question of reduction of oil production.

Abdul-Mahdi said in an interview that "with Iraq and with the consensus and unity of OPEC if there was an agreement between all parties to the Organization of Petroleum Exporting Countries and even outside if the producers really wanted to cooperate and reduce their share of the oil."

Abdul-Mahdi said that "Iraq had previously paid its share in this area was the major victim of the question of reduction of production," noting "We understand these issues but the reduction of production will be under a roof and how we will defend our national rights of this last debate."

The drop in oil prices to less than $ 30 per barrel all producing countries ore-exporting, particularly those countries that depend public budgets on these oil revenues, mainly that encourages these countries to talk Anamkanah agreement to reduce output by 5% each State may hurt.

 

http://burathanews.com/news/285301.html

 

 

[/right]

[Boozer]

Thanks