Committee looking to extend the OPEC production cut

[DoD]

On ‎4‎/‎17‎/‎2017 at 6:46 PM, yota691 said:

Iraq wants oil price to reach $ 60

 

HELLO, Iraq you had oil double that (around 120) not to many years ago an you see where that got ya. Stop the corruption an stealing an your 55 dollar a barrel will go farther. OPEC is a joke in trying to convince the world their cutting back on production when in reality the countries are pumping in record numbers...

[Gypsygirl11]

9 hours ago, DoD said:

HELLO, Iraq you had oil double that (around 120) not to many years ago an you see where that got ya. Stop the corruption an stealing an your 55 dollar a barrel will go farther. OPEC is a joke in trying to convince the world their cutting back on production when in reality the countries are pumping in record numbers...

You tell them DOD!!! GET IT TOGETHER.

[yota691]

{IMF} is expected to slow the growth of Gulf economies

05/04/2017 0:00    Cairo / Reuters The IMF predicted slowdown GCC economies growth slowed in 2017 due to a severe oil production cuts agreed by the "OPEC" with independent producers. The Fund stated in the report  of the  prospects of the recently released regional economy, which includes the growth of the Middle East forecast   North Africa, Afghanistan and Pakistan, it is expected to slow overall growth in the Gulf states to 0.9 percent in 2017 from 2 percent in 2016 to accelerate again to 2.5 percent in 2018.  Fund forecast data show that the balance of current transactions in the GCC recorded a surplus of 1.8 percent of GDP in 2017 from a deficit   of 2 percent last year, to reach the surplus to 2.1 percent in 2018. the  fund added in his report "is expected to rising oil prices and to correct the financial situation of the General to re - aggregate current account for oil - exporting countries in the Middle East, North Africa, Afghanistan and Pakistan to develop close to balance this year. "  The predicted acceleration of overall growth in the non - oil sector this year , with the decline  in  the pace of fiscal adjustment, pointing to an increase in its estimate of growth of non - oil Gulf countries to three percent in 2017 from 1.9 percent in 2016, to slow down again to 2.7 percent next year.  He continued: Although the overall growth in the GCC countries will be supported by recovery is expected in the oil production in the medium term, "the non - oil growth will remain constrained as a result of continuing fiscal austerity in countries that require substantial corrections" including Bahrain, Oman and Saudi Arabia.  The Fund adopt a cautious look at the "OPEC" agreement and its impact on the prospects for the oil market, noting although the agreement has helped improve the prospects of crude prices in the near term , but the prices are still volatile.  The IMF said "the medium term, it is expected that low oil prices remain surrounded by a high degree of uncertainty and therefore continue to correct public finances will continue to be a vital requirement."  The IMF praised the reforms implemented by some of the Gulf Cooperation Council ( GCC ) , led  by  Qatar, Saudi Arabia and Oman   on energy prices and spending cuts.  And reduce many of the Gulf states energy subsidies after falling oil prices from above $ 100 a barrel in mid - 2014 to around $ 50 a barrel.  Some countries also resorted to cut spending on government projects that drive growth after the decline in oil export revenues , which is a major source of government revenues.  Between the Fund and the need to continue further reforms in energy prices and the application of value - added tax, pointing out that this correction planned in the financial situation  of the  public " is necessary for fiscal sustainability demand in the long   term , despite the efforts that have already been made."  He noted that the pace of correction must be adapted to the circumstances of each individual country, adding that "countries with large financial reserves , such as Kuwait, Qatar and the United Arab Emirates can conditions corrected gradually to reduce the negative impact on the non - oil activity effects, but countries with smaller reserves will be required by move faster pace. "

[yota691]

Oil falls awaited developments to extend production cuts agreement

 

 

Economy News _ Baghdad:         Oil prices fell during trading on Monday, amid anticipation developments to extend production cuts agreement.   By 8:50 am GMT futures price for Brent crude benchmark fell by 0.12% to $ 49.04 a barrel.   The price of crude futures for NYMEX fell by 0.19% at $ 46.13 a barrel.   But there are still fears by investors of the lack of commitment to extend the additional production cut for 6 months, despite pledges officials to extend the OPEC agreement.   The Energy Minister Saudi al-Faleh said Khadl in today's remarks that the oil markets to regain their balance after years of excess supply, indicating that it is still expected to extend the leaders of OPEC agreement to cut production during the first half of the year to include the entire 2017.
Views 77   Date Added 08/05/2017 - 12:16   Last updated 09/05/2017 - 1:17   No. Content 7441

[ChuckFinley]

They will be ok. It is still higher than it was.  

[yota691]

Algerian Oil Minister to visit Baghdad tomorrow to discuss the extension of the OPEC agreement

 

 

Economy News Baghdad: The Oil Ministry announced the Algerian Tuesday that its minister Noureddine Bouterfa will visit Baghdad on Wednesday to hold talks with Iraqi officials on the extension of the OPEC agreement. The Oil Ministry said the Algerian in a press release received "Economy News", a copy of it, said that "Oil Minister Noureddine Bouterfa will visit Baghdad in the tenth and atheist th of May to hold talks with his Iraqi counterpart on issues related to OPEC at a time when oil producers are considering the extension of an agreement global production cut. " On the other hand, a source at the Algerian Ministry of Energy, said that "his country supports the extension of reduced production agreement between OPEC and non-members of the organization for a period of nine months or more agreement to help support the efforts of world oil prices." "Every increase even one dollar is in the interest of Algeria, so we will go in the pursuit of pushing up prices," as quoted by Reuters. It agreed the Organization of Petroleum Exporting Countries (OPEC) and Russia last year and other producers to reduce production of 1.8 million barrels per day for a period of six months from the first of January.
Views 177   Date Added 09/05/2017 - 16:36   Last updated 10/05/2017 - 4:50   No. Content 7462

[yota691]

Oil Minister: We will discuss with Algerian energy minister stability of oil prices

 

 

Economy News Baghdad : Announced the Minister of Oil, Jabbar Allaibi, on Wednesday, he will discuss with his Algerian developments in the market of oil world and the coordination required between the producers of OPEC to support the stability of prices of oil in the market world . A statement of a press released from the Ministry of Oil has received " Economy News " a copy of it, that " the Minister of Oil Jabbar Allaibi stressed during his meeting with Minister of Energy Algerian Nour Din Bouterfa , he will discuss with him ways to strengthen the relations of bilateral and increase the   volume of cooperation joint   between the two countries   in the field of oil, as well as for consultation and the exchange of views   on developments in the market of oil global coordination required   between producers from inside and outside " OPEC " in order to take decisions right that contribute to the support and stability of market oil world . "  From his part, assured the Minister of Energy Algerian Noureddine Bouterfa,   he " will discuss with Allaibi officials in the Ministry of Oil conditions of the market of oil and the exchange of views on the steps next that could be taken from by producers in within the Organization of countries exporting oil , " OPEC " or from abroad to support the prices of oil in the market global ".
Views 69   Date Added 05/10/2017 - 14:06   Last updated 10/05/2017 - 14:58   No. Content 7485

[tigergorzow]

OPEC price goes up over cut of Saudi supplies

May 11 2017 11:41 AM

Oil price goes up

 

The price of OPEC basket of thirteen crudes stood at $47.31 a barrel on Wednesday, compared with $46.83 the previous day, according to OPEC Secretariat calculations.

According to a Reuters report, oil prices rose on Thursday, with global benchmark Brent crude trading comfortably above $50 a barrel after a fall in U.S. inventories and a bigger-than-expected cut in Saudi supplies to Asia helped tightened the market.

Brent LCOc1 was 30 cents higher at $50.52 a barrel by 0715 GMT. U.S. light crude oil CLc1 was up 35 cents at $47.68.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

 

http://www.thebaghdadpost.com/en/story/10400/OPEC-price-goes-up-over-cut-of-Saudi-supplies

[tigergorzow]

Iraq in Favor of Oil Production Cuts

 

Shoguna B. Sobir

12/05/2017 - 01:48

World

 

 

 

 

ISTANBUL — Iraq along with Algeria announced their support for the extension of oil production cuts by the Organization of the Petroleum Exporting Countries

(OPEC)and non-OPEC producers until the end of the current year. The aim of the cuts and the extension is to raise prices, they said in a joint statement on Thursday.

“There might be new ideas to be presented" at the next OPEC meeting, which is scheduled for May 25, said Iraq's Minister of Oil Jabar Ali al-Luaibi during a conference in Baghdad. He did not elaborate on the said ideas.

Iraq is OPEC's second-largest producer after Saudi Arabia.  As the country relies on oil revenues for nearly all of its budget , and as the country has been battling the Islamic State (IS) for some years, the financial strain the country has been facing due to low oil prices, the effort in the battle to oust IS and the support for the resulting internally displaced persons (IDPs) may lead Iraq to request an exemption from the cuts.

"Given these sensitive circumstances, it is the right of Iraq to hope for an exemption by the other OPEC member states and have an opportunity to increase its production," Ammar al-Hakim, an Iraqi cleric and politician who leads an Islamist party known as the Islamic Supreme Council of Iraq, said late last month.

The decision to reduce oil production by 1.2 million barrels a day was reached by OPEC in November. In December, 11 non-OPEC oil-producing countries also agreed to cut their oil production by an additional 558,000 barrels a day. 

 

http://www.basnews.com/index.php/en/economy/world/349767

[yota691]

OPEC unveils cut oil production, Iraq is committed to the agreement rates 90%

History of edits:: 2017/5/11 21:37 • 132 times readable

{International: Euphrates News} {cut} OPEC crude oil production last April by about 18.2 thousand barrels per day, compared with the previous March, to 31.732 million barrels per day.

According to a report of the organization it depends Al secondary sources, the major producers committed in April agreement to reduce oil production, in varying proportions, reaching the United Arab Emirates commitment to 23%, Venezuela 17%, Kuwait 4%, Qatar 100%, Angola by 76%, Algeria 84%, Iraq 90%, Ecuador 92%. 
However , the African Gabon failed to fulfill its obligations under the Agreement. 
Despite the growth of oil production in Saudi Arabia in April, but it abided by the Vienna by 21%, according to the report. 
According to secondary sources, Saudi Arabia has increased crude production by 49.2 thousand barrels per day compared to March to reach 9.954 million barrels per day. While Saudi Arabia announced a rise in its crude on a monthly basis by about 46.4 thousand barrels per day to 9.946 million barrels per day. 
Although Libya and Nigeria Oafeeta to join the agreement because of the current circumstances and the control of the militants on most wells and oil fields in the two countries, but Libya 's production of black gold fell by 61.6 thousand barrels per day to 550 thousand barrels per day. 
By contrast, Nigeria has increased production of crude by 50.8 thousand barrels per day to 1.508 million barrels per day. 
The agreement allowed Iran to increase oil production to prevent it from taking into account the export during the application of the Western sanctions, but Tehran 's production fell in April by about 34.7 thousand barrels per day to 3.759 million barrels per day. 
It raised "OPEC" in its monthly report of its forecast for the growth of oil supplies from abroad this year to 950 thousand barrels per day from 580 thousand barrels per day in the previous forecast. 
The United States deliberately since the beginning of this year , the start of implementation of the agreement to increase the production of oil shale , which frustrated even partially "OPEC" efforts, which touched in its report to this , saying : "US oil and gas companies has already increased its activities in 2017, production is expected to rise US crude at a rapid pace of more than about 600 thousand barrels per day in 2017 ". 
The Russian Energy Minister Alexander Novak, earlier, that his country cut crude production in April by 300 thousand barrels per day , which agreed with the share of "OPEC" .anthy

[tigergorzow]

OPEC price rises over bullish data

May 12 2017 10:38 AM

OPEC price rises over bullish data

 

The price of OPEC basket of thirteen crudes stood at 48.37 US dollars a barrel on Thursday, compared with 47.31 US dollars a barrel on Wednesday, according to OPEC Secretariat calculations. 

Oil prices rose on Friday as traders expected OPEC-led production cuts to extend beyond the middle of this year, and as US crude inventories fell to their lowest levels since February, as reported by Reuters.

The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have pledged to cut output by almost 1.8 million barrels per day (bpd) during the first half of the year.

OPEC and the other participating producers are scheduled to meet on May 25 in Vienna, Austria, to decide whether to extend the cuts and, potentially, agree a deeper reduction.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

 

http://www.thebaghdadpost.com/en/story/10442/OPEC-price-rises-over-bullish-data

[yota691]

 

{OPEC} is seeking to extend the reduction of production for nine months

5/14/2017 0:00    Capitals / follow - up Shokran Fatlawi  revealed leaks from sources in the "OPEC" and the oil sector that the organization and producers from outside studying the extension of the reduction of global crude production for nine months or more agreement to avoid an increase in production could hurt prices in the first quarter of next year, the time is expected to be demand is weak in it.  He said oil analyst "Neil Atkinson" during the "Platts" conference in London, that the current agreement between more than 20 products president succeeded in addressing the glut of global supply that kept prices under pressure in recent years, pointing out that it becomes more obvious that cuts "OPEC" aims to transform the market from surplus to deficit , which is beginning to happen now   , but slowly.  Leaks sequence from late last month revealed that the Member States in the (OPEC) , including Gulf states , head of discussing whether there is a need to extend the cuts for a period of nine months or more to allow more time to restore balance to the market, a source close to the talks revealed that the discussions came to an extension cuts until the end of the first quarter of 2018,   and that the reason behind expectations about lower demand for oil , up from the usual seasonal reasons, especially with the end of winter, pointing out that the increase in production in the coming months will reflect negatively on the prices that suffer from instability - according to site "Elaf" -.  Oil prices rose slightly in the settlement where enhanced hopes for the possibility of reducing the oversupply of crude in world markets with low US stocks and the growing support for the continued supply cuts led by the "OPEC", as were the futures settlement of the crude global measurement Brent to rise by seven cents to to $ 50.84 a barrel while US light crude rose one cent to $ 47.84 a barrel at the end of the week.            On the same oriented US production of oil rose more than ten percent since mid - 2016 to more than 9.3 million barrels per day, near the levels of production of Russia and Saudi Arabia, the two largest producers  , according to data published by Baker Hughes on Friday, US companies increased thenumber of oil rigs for the seventh week ten respectively by nine excavators to 712 platform.  Observers expect that the "OPEC" to extend - and perhaps also to deepen the cut levels Alorteurh- curb production agreement in cooperation with some independent producers, so when they meet in the twenty - fifth of this month, and believes that such a move will contribute to the largest deficit in the second half of the year.

[yota691]

Oil rises to $ 52 a barrel

History of edits:: 2017/5/15 13:27 • 14 times readable

{International: Euphrates News} Oil prices jumped more than two percent on Monday to $ 52 after the energy ministers in Saudi Arabia and Russia, said that there was a need to extend production cuts to continue in 2018.

The Saudi Energy Minister Khaled al - Faleh and his Russian counterpart Alexander Novak on Monday in Beijing that the cuts should be extended for a period of nine months , until March 2018 , 
a period longer than the extension of the cuts option for a period of six months contained in the agreement between OPEC and producers outside. 
The price of Brent crude global measurement in the futures of $ 52.04 a barrel , up $ 1.20 by the time 0847 GMT , recorded during the trading day of $ 52.26, the highest since April 26 Nisan.anthy

[yota691]

Saudi Arabia and Russia agree to extend production cut to March 2018 and oil prices jump

History of edits:: 2017/5/15 11:09 • 87 times readable

[Oan- follow - up] 
agreed Saudi Arabia and Russia, the largest oil producers in the world, on Monday to extend the agreement's OPEC cuts oil production for nine months , until March 2018 in an effort to reduce the crude glut in global markets, pushing prices higher.

The announcement of the timing before the next formal meeting of OPEC on 25 May and the ongoing strong tone for markets surprise. 
It is expected that this step take a long way towards ensuring the mobilization of support for the rest of the OPEC members and other producers who participated in the first round of cuts , including Iraq. 
In a joint statement after a meeting early, Saudi Energy Minister Khaled al - Faleh and his Russian counterpart Alexander Novak said they had agreed to extend the existing agreement for a period of nine months , until March 2018. 
The statement said that the two ministers vow to "take all necessary" to reduce global stockpiles to an average in five years and expressed optimism that they will ACQUIRE support from other producers other than those who are involved in the current agreement. 
Faleh said at a news conference with Novak in Beijing , "there has been a marked decline in stocks, but we have not yet reached where we want to reach the five - year average, we concluded that the agreement will need the extension." 
Under the current agreement , which began on the first of January, the Organization of the Petroleum Exporting Countries pledged [OPEC] and other producers , including Russia , to cut production by about 1.8 million barrels per day during the first half of the year. 
Controlled by Saudi Arabia and Russia, the largest oil producers in the world, together about 20 percent of global supply. 
Oil prices jumped two percent by the Saudi Russian agreement to 2.2% to Brent crude oil prices in the futures of $ 51.96 a barrel at 0808 GMT , . 
US shale oil remains a low - cost, Altaathadi the most prominent of the OPEC agreement, which could undermine the common endeavor to push the market higher. 
The United States abstained from participating in the original agreement to cut supplies and producers have stepped up production there this year, supported by the recovery of prices from their lowest levels in several years and recorded in January 2016.

[Dinar4Dinner]

Crude oil prices surged over 3% to their highest level in two weeks after the world’s two biggest producers agreed in principle to extend a deal on output restraint through March of next year.

The Energy Ministers of Saudi Arabia and Russia said that they had “reached an understanding” that it is necessary to keep surplus crude off the market “until March 31, 2018,” in order to stabilize a world oil market that is still oversupplied.

The statement, made on the sidelines of an economic summit in China, is an admission that the efforts of the world’s biggest exporters to balance the world oil market by holding back 1.8 million barrels a day of crude have failed to end the current glut as quickly as they hoped. The Organization of Petroleum Exporting Countries, which produces around a third of the world’s oil, and a group of non-OPEC countries led by Russia, had agreed in November to keep the cuts in place through June.

News of the deal six months ago had provided an immediate boost to prices, but the strategy contained the seeds of the plan’s own downfall, because higher prices encouraged producers in the U.S., which isn’t party to the deal, to raise their output and invest in new production. U.S. output has risen more than 10% since the middle of last year, and data released on Friday by oil services firm Baker Hughes showed that the number of active rigs across the country rose for the 17th week in a row.

 

 

Benchmark futures prices for U.S. crude rose 3.2% on the news to trade at $49.41 a barrel by 0800 Eastern Time, while shares in big shale oil and gas companies such as and Whiting Petroleum were also higher. The market reaction reflected how far the commitment went beyond market expectations: the consensus view over the weekend was that the output deal would be extended through the end of the year, while some market participants were also concerned that Saudi Arabia and Russia, the two biggest exporters, would abandon restraint completely rather than lose any more global market share to American producers.

Read: All Drill, No Pump: Oil Producers Are Leaving Thousands of U.S. Wells Unfinished

The declaration carried on the Russian Energy Ministry’s website said that the existing deal had had “a significant positive influence” on the market, noting that global inventories of crude had fallen faster than their historical averages in the last five months. But that glosses over the fact that inventories in advanced economies are still higher this year than they have ever been in May, and only slowly returning to their historical range.

The ministers said that while they start from the assumption of rolling over the current deal, they also hoped that “a wider circle of countries outside the current group will see the benefit of this cooperation in bringing stability to oil markets, and will join the effort.”

The declaration has no binding force. It will need to be confirmed at a meeting of OPEC ministers on May 25th in Vienna. However, with the world’s two biggest producers now on board, an extension now seems a near certainty.

 

https://finance.yahoo.com/news/oil-prices-soaring-saudi-arabia-083802201.html

 

Might as well fill up now!

Dinar4Dinner

 

[new york kevin]

Either way you look at it $49.41 is still far below Russia's break even point when it comes to producing a barrel of oil. So Trump is still putzing with them. Friends and coluders with Russia my butt.

 

[tigergorzow]

OPEC price goes up as Russia, KSA agree to expand output cuts

May 16 2017 12:20 PM

Opec price increases

 

The price of OPEC basket of thirteen crudes stood at $49.72 a barrel on Monday, compared with $48.27 the previous Friday, according to OPEC Secretariat calculations.

This two-percent rise comes as Saudi Arabia and Russia may have agreed to extend oil production cuts into 2018. 

Helima Croft, global head of commodity strategy at RBC Capital Markets told the CNBC that expectations for an extension were already baked into prices, and the market is now asking whether two dozen exporters will accept Saudi Arabia and Russia's proposal to keeping cutting through March 2018.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Iran Heavy, Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

 

http://www.thebaghdadpost.com/en/story/10629/OPEC-price-goes-up-as-Russia-KSA-agree-to-expand-output-cuts

[Theseus]

On 5/8/2017 at 6:20 PM, ChuckFinley said:

They will be ok. It is still higher than it was.  

Remember they based their budget for this year off of 45 a barrel. Not too much wiggle room here. If it gets near 45 a barrel Iraq might panic and increase production thus lowering the ppb even more. 

Edited May 16, 2017 by Theseus

[tigergorzow]

Iraq Supports Reduction of Oil Output: Iraqi PM

 

Shoguna B. Sobir

17/05/2017 - 03:57

World

 

 

 

ISTANBUL — Iraqi Prime Minister Haider al-Abadi spoke in favor of extending the Organization of the Petroleum Exporting Countries (OPEC) agreement to reduce oil production, which was implemented in order to increase oil prices.

"Iraq is with the continuation of a reduction of oil production of OPEC nations and we will push in that direction," al-Abadi said in a news conference on Tuesday.

Iraq, which relies on revenues from oil for most of its budget, is OPEC's second-largest producer after Saudi Arabia. 

The decision to reduce oil production by 1.2 million barrels a day was reached on November, 2016. The following month, 11 non-OPEC oil-producing countries also agreed to cut their oil production by an additional 558,000 barrels a day.

The next OPEC meeting is scheduled to take place in Vienna on May 25. Any decision regarding the possible extension will be made at that time.  

While al-Abadi did not elaborate on the duration of the possible extension, earlier last week Jabbar al-Luaibi, Iraq’s Minister of Oil, remarked that Iraq would support an extension of six-month.

Saudi Arabia and Russia, on the other hand, are proponents of extending the agreement even further until March 2018.

 

http://www.basnews.com/index.php/en/economy/world/350928

[Officiallytook]

This has, those Dayumn electric cars winning all over it...you stop using we stop producing bam pockets get slimmer theirs stays the same...SMH

Edited May 17, 2017 by Officiallytook

[tigergorzow]

Iraq surpasses KSA in oil export to India in April

May 17 2017 08:24 PM

Basra port

 

 

Iraq replaced Saudi Arabia as top crude supplier to India in April as refiners moved to boost their processing margins by purchasing the cheaper Basra Heavy oil grade, according to ship tracking data obtained from sources and data compiled by Thomson Reuters Oil Research & Forecasts.
 

India's April imports from Iraq topped 1 million barrels per day (bpd) for the first time, up by about a third from March and 8 percent from a year ago.
 

"Basra heavy is good for refineries with coker units, it is also good for conventional refiners that make bitumen as that is in demand in India. Also (the crude) is available at discounts so it is value for every dollar that we spend," said M. K. Surana, chairman of Hindustan Petroleum Corp.
 

Indian refiners in recent years have invested heavily in modernizing plants to more efficiently process low grade crudes into diesel and gasoline, helping to boost operating margins and giving greater flexibility in the oil grades they can buy.
 

This has allowed refiners in the third-largest oil consumer to shop around during periods of tightness, and remain profitable in a fast-growing, cost-sensitive market.
 

India's crude mix is highly diverse as a result, with just over 15 percent of its flows stemming from Africa in April, nearly 13 percent from Latin America, and most of the rest coming from the Middle East.
 

Saudi Arabia, usually India's main supplier, shipped about 750,000 bpd to the South Asian nation in April, a decline of about 5 percent from the previous month and 8 percent from a year ago, the data showed.
 

With each barrel of Iraq's Basra Heavy oil trading at roughly $2.85 less than a barrel of Saudi Arabia's Arab Heavy mix when the deals were done, Indian importers were able to realize a substantial cost-savings by making the switch, without much impact on product output.
 

 

India's lower Saudi purchases were partly due to firmer Saudi prices following the production cuts by the Organization of the Petroleum Exporting Countries (OPEC) since January.
 

Iraq is OPEC's second-largest producer after Saudi Arabia, but so far has been resistant to an aggressive cut given its reliance on oil revenues to fund its economy.
 

"Iraqi oil is a good alternative to other heavy grades from OPEC. Basra is sold at a huge discount to Dubai or other heavy grades in spot markets, whereas Saudi oil is available only at the OSP (Official Selling Price)," said Ehsan al-Haq, Senior Analyst at KBC Energy.
 

A delay to Venezuelan oil loading due to problems at a major port helped to boost India's demand for Iraqi oil, and India also took more Russian Urals crude.
 

Iran emerged as the third-biggest oil supplier to India in April, replacing Venezuela, which slipped to the fifth spot, behind Nigeria, the data showed.

 

http://www.thebaghdadpost.com/en/story/10713/Iraq-surpasses-KSA-in-oil-export-to-India-in-April

[ChuckFinley]

Thanks Tiger. I hope they can squeeze through this and land in the RV zone.  

[tigergorzow]

Iraq Replaced Saudi Arabia as India's Main Crude Oil Supplier in April

 

Shoguna B. Sobir

18/05/2017 - 02:12

World

 

 

 

ISTANBUL — Iraq became India’s leading supplier of crude oil during the month of April, according to Hindustan Times. Iraqi oil imports increased by a third from the previous month, reaching 1 million barrels per day (bpd), - an increase of eight percent from last year’s numbers for the same month.

India’s usual main supplier Saudi Arabia shipped about 750,000 bpd to the country in April.

“Basra heavy is good for refineries with coker units, it is also good for conventional refiners that make bitumen as that is in demand in India. Also (the crude) is available at discounts so it is value for every dollar that we spend,” M. K. Surana, chairman of Hindustan Petroleum Corp said referring to the lower trading price of Iraq’s Basra Heavy compared to Saudi Arabia’s Arab Heavy.

India’s crude oil comes firstly from the Middle East followed by Africa and Latin America.

 

http://www.basnews.com/index.php/en/economy/world/351193

[yota691]

Expectations of the stability of the oil market after the agreement of Saudi Aerati-

5/18/2017 0:00    Baghdad / follow - up Farah pumice is  preparing key oil producers to expand production cuts until March 2018 in an attempt to reduce global supply glut, and reducing global inventories to an average of five years to stabilize the market. As energy ministers agreed from members of the Organization of Petroleum Exporting Countries Countries (OPEC) and Russia, the largest of its partners outside the organization, to do everything they can to achieve the desired goal in achieving stability in the market. OPEC agreed with some non - member states last December to cut production by 1.8 million barrels a day for six months to help stabilize the price of oil, it is scheduled to Siran period expiring agreement at the end of next June.  So appealed to OPEC and other producers, including the United States, to stop pumping crude in large quantities, after it said in its monthly report published recently, the global Alosouk is still suffering from oversupply.   The Saudi Arabia and Russia agreed at a meeting on the need to extend production cuts agreement, targeting the accession to the Convention and other producing countries.  After the meeting, Russian Energy Minister Alexander Novak said: " The main objective of the proposal to extend a cut in oil production agreement is to reduce global inventories to an average of five years and to stabilize the market , " stressing that the main objective to achieve a balance in the market and the discharge of the surplus (of stocks), not main objective is the price.  Novak said that the new proposal is assumed continuation of the agreed cuts, amounting to about 1.8 million barrels per day with the extension of the time frame for a period of nine months, believing that the market will not be able to balance by the end of the year.  He also expressed hope that the accession of three to five other countries of the Global Compact, where sources indicate that Turkmenistan one of the countries that may join the agreement. On the other hand , the Russian ministry said that the Saudis and Russian ministers will press other producers to reach a "full consensus" on the extension of the policy of restraint in the scheduled meeting of OPEC next week.  Supply cuts to restore prices from the low level has helped reached $ 26 a barrel in early last year.  Oil prices continue to reap the gains after assurances of Russia and Saudi Arabia, the two largest oil producers in the world, on the extension of an agreement to cut production.  International benchmark crude blend "Brent" rose by 0.42 percent , the equivalent of 22 cents to $ 52.04 a barrel, after global crude futures trading closed higher by 1.9 percent.  While, Brent crude rose US "West Texas Intermediate" by 0.43 percent , or 21 cents to $ 49.06 a barrel, after the previous session ended with an increase of $ 1.01 or 2.1 percent.  While the OPEC basket containing recorded 13 kinds of crude oil from member states to $ 49.72 a barrel. Oil traders were surprised by the strong dialect to advertise, even though they are waiting to see whether all agree to participate in the agreement on the Saudi-Russian position states, when it meets in Vienna on May 25 to decide production policy.  Finds observers that the fact that the Saudi agreement and Russia on "production cuts" until the end of the first quarter of 2018 sends a strong signal to the market about their determination to tackle abundant supply, expecting to boost that prices above $ 50 in the coming weeks, despite the fact that oil production in the United States, is an obstacle in the way of higher prices, especially after doubling the number of rigs operating there over the past year.  The International Energy Agency reported that the oil market to regain its balance and that the pace of shrinking the gap between supply and demand is accelerating , although the impact of OPEC supply cuts does not appear on the stocks so far.  In its monthly report , the agency kept its expectation for the growth of global oil demand in 2017 at 1.3 million barrels per day as a result of the slowdown in consumer countries such as the United States, Germany and Turkey.

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Committee looking to extend the OPEC production cut

 

 

Economy News _ Baghdad:        Sources reported that members of the OPEC retreat meeting to be held scenarios next week to discuss the extension of reduced production of oil.   The confiscation of press, seen by the "Economy News", that officials from the 13 member States of the OPEC Secretariat and from within it met in Vienna on Wednesday and Thursday to discuss the market ahead of a planned meeting next week, which will discuss the extension of production cuts.   The meeting is scheduled to end on Thursday, but it will conclude later in the day.    She said one of the sources, "we did not agree on the final scenarios," while other sources indicated that the reduction of production are more dependent on the estimated growth in supply from non-OPEC member, and the American oil shale.   By 10:25 am GMT ascended futures price for Brent crude benchmark by 1.24%, to $ 53.16 a barrel.   Futures price for crude, "NYMEX" also increased by 1.30% to $ 49.99 a barrel.
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