Committee looking to extend the OPEC production cut

[nannab]

 Our SnowGlobe always with a perfect picture for every occasion. Giving Hallmark a run for their money.

When you mean it say it with a SnowGlobe7.  Meow

[Wiljor]

Iraq, January 18, 2017 

Mr. Jabbar A. Allibi the minister of oil confirmed that Iraq has started the procedures of cutting the national production of crude oil within the beginning of 2017 in line with the decision of OPEC.

Mr. Allibi said "Iraq confirms its commitment with the decision of OPEC which was taken during the last meeting in Vienna by putting a studied plan to cut production from the national fields with the beginning of 2017, and Iraq will deal wisely with this case".

Mr. Allibi said also that Iraq is working on with the producers inside & outside OPEC to control over the glut of oil supply in the global oil market in order to achieve the appropriate balance between the supply & demand to raise the oil prices during the next period. He confirmed also that cutting the production is the treatment for the problem of the falling of the oil prices in the global market and this action will not be necessary after achieving the targets of the producers.

rebuildingiraq

 

http://iraqdailyjournal.com/story-z14637765

[yota691]

Parliamentary Energy: oil prices after OPEC agreement without ambition

History of edits:: 1.20.2017 15:29 • 20 visits readable

[Oan- special] 
counting the chairman of the Commission on oil and energy parliamentary, Ares Abdullah, crude oil prices in the global markets that range at $ 55 a barrel , despite OPEC 's agreement to freeze production "without ambition."

He said Abdullah told all of Iraq [where] that "Iraq 's entry to OPEC 's agreement was deliberate although survival rates without ambition , " adding that " the stability of oil prices is important to us." 
He pointed out that " the Iraqi Oil Ministry has a great experience and since years working in this field and without studying the agreement and its advantages they do not enter it is certain that he studied before joining him." 
And between, that " the agreement is an attempt to raise prices and I think that during the next spring will rise again." 
Iraq had joined the agreement member countries of OPEC and outside to freeze production at the level of 32.5 million barrels a day in the hope of increasing global oil prices. 
And reduced Iraq under the agreement produced 160,000 barrels per day , down to the prescribed percentage of it, amounting to 210,000 barrels later this month. 
The oil minister , Ali Jabar Luaibi, more than one occasion Iraq 's commitment to the agreement | "But we aspire to a price of $ 65 a barrel." 
He said the Saudi Energy Minister Khalid al - Falih said Friday that 1.5 million barrels of oil had been withdrawn from the market in January and that out of the 1.8 million barrels the producers agreed to remove them from the market.

[yota691]

Saudi Arabia: out of 1.5 million bpd from the market by the OPEC agreement

History of edits:: 1.20.2017 14:58 • 33 visits readable

[Oan- follow] the 
Saudi Energy Minister Khalid al - Falih said on Friday that 1.5 million barrels of oil had been withdrawn from the market in January and that out of the 1.8 million barrels the producers agreed to remove them from the market.

Falih predicted in a newspaper of shale oil production growth remarks in 2017 to be between 200 thousand and 300 thousand barrels. 
Falih said the head of the International Energy Agency estimates the growth of shale oil 500 thousand barrels "exaggerated."

 

[Wiljor]

The oil minister , Ali Jabar Luaibi, more than one occasion Iraq 's commitment to the agreement | "But we aspire to a price of $ 65 a barrel."

So it is written, so shall it be done 

[ChuckFinley]

They now can easily cover the budget.  That is good for everyone.  

[yota691]

Expectations of higher global crude prices after the forthcoming meeting of OPEC

 

 

1/23/2017 0:00  Capitals / follow - Sabah  said Mohammed Barkindo Secretary - General of the Organization of the Petroleum Exporting Countries (OPEC): The meeting will be held this week in Vienna , featuring members of the organization and some producers from abroad , including Russia , to adopt a mechanism to monitor compliance to verify that producers commitment agreement to reduce output by 1.8 million bpd.  Saudi Energy Minister Khalid al - Falih said he was pulled 1.5 million barrels per day already from the market. This came at a time when the President announced Azerbaijan, Ilham Aliyev, his country 's readiness to further reduce oil production if the Organization has taken (OPEC) and the producing countries outside the Organization decision in this regard.  Aliyev said in a statement to the Agency "Novosti": "We took on our commitments to cut oil production to 35 thousand barrels a day, and we will apply these commitments, and the process has already begun."  Aliyev said: "Until now, we have reduced 35 thousand barrels, and later we will see if the decision was made additional cuts, we of course we will support this, because we are in solidarity with all the countries here to be involved in this process."  Oil prices rose more than 2 percent in the last session before the weekend thanks to expectations that a meeting of the top oil producers in the world will show their commitment to a global agreement to cut production when it is held next Monday , but increased drilling activities in the United States curbed Almkasp.oonhy International benchmark Brent crude was up $ 1.33 , or about 2.5 percent to $ 55.49 a barrel , while US crude futures ended for delivery in February trading high of $ 1.05 , or two percent , to $ 52.42 a barrel on the session.  And reduced gains after Baker Hughes Inc. data Energy Services , which showed that US drilling companies added in the last week , the largest number of new rigs in nearly four Snoat.oukalt the US Energy Information Administration late last week that crude oil inventories in the United States rose unexpectedly by 2.3 million barrels in the week ending January 13, while the data showed a much larger than expected rise in gasoline stocks.

[yota691]

23-01-2017 02:35 PM

Oil Ministry satisfied abide by the freeze does not see the need to extend it

 

 

 

The Oil Ministry announced that it 'does not see the need to ' extend the freeze on crude production agreement in accordance with the OPEC agreement and joined him in Iraq. 

The agreement , which was reached on the tenth of December , between producers from OPEC members and producers from the outside is the first of its kind since 2001, it was agreed to reduce production at a level of 32.5 million barrels a day and reach Iraq 's share of the reduction of 210,000 barrels came into effect since the beginning of this month. 

He said ministry spokesman Assem Jihad , 'there are good signs of the obligation of States agreement to freeze oil production , according to the OPEC agreement, and reflected positively on oil prices , ' adding that 'producing countries from inside and outside OPEC reaffirmed its commitment to the roof of the reduction , which was passed late last year and this positive indicators reflected on the world oil markets. " 

He said ' one of the rare times in which so happens agreement and is committed to its members after decades and reflects what sensed by the producing countries of the importance of solidarity and commitment on crystallizing a unified stance toward lower oil prices , and everyone felt this responsibility was this agreement and believe it is a step in the right direction'. 

He Jihad 'positive signals after the adoption of this resolution , where oil prices are good levels rose and hope to rise more to achieve producing countries plans to withdraw the excess oil from the market and create some kind of balance between supply and demand and to make producers optimistic on that side.' 

He noted 'we hear now that he can be the success of this plan during the first six months of this year and nothing calls to extend the agreement for an additional period because the goal of it began to happen and there is optimism in this direction.' 

Iraq 's position and if McCann wants to extend the freeze agreement , spokesman for the Oil Ministry said , 'Why do we extend the agreement if it achieved its aim? Why it is extended for another six months? ' He pointed out that 'everyone confirms that this decision of my time goal to contain the problem of oversupply in the global oil market and the positive indicators suggest not to extend this agreement to support oil prices , and therefore producing states achieved that goal and the stability of the oil market. " 

The energy ministers of OPEC member states and beyond met in Vienna on Sunday and voiced optimism about a cut in oil production agreement at a time when the committee charged with following up bound by the Agreement held its first meeting. 
He said Kuwaiti Oil Minister Essam Marzouk , who heads the committee , consisting of five members , they will examine the best way to comply with the acceptable level of commitment. 

Among Marzouq The OPEC meeting yesterday with independent producers ended with an agreement to fully abide by reducing production monitoring mechanism. 
And reduced Iraq under the agreement produced 160,000 barrels per day , down to the prescribed percentage of it, amounting to 210,000 barrels later this month. 

The oil minister , Ali Jabar Luaibi, in more than one occasion , Iraq 's commitment to the agreement ', but we aspire to a price of $ 65 a barrel. " 

He said the Saudi Energy Minister Khalid al - Falih Almadio Friday that 1.5 million barrels of oil had been withdrawn from the market in January and that out of the 1.8 million barrels the producers agreed to remove them from the market. 
Brent prices ranged weeks ago at 54. 55 dollars a barrel.

[tigergorzow]

Iraq says most oil majors participating in its OPEC cuts

by Loaa Adel Jan 23, 2017, 8:32 pm

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The OPEC flag and the OPEC logo are seen before a news conference in Vienna, Austria, October 24, 2016. REUTERS/Leonhard Foeger

 

 

(Reuters) Iraq’s oil minister said on Monday that most oil majors working on its territory were participating in oil output reductions agreed as part of the deal between OPEC and non-OPEC producers to help to balance the market.

OPEC and several independent producers agreed last year to cut supply, the first such deal in 15 years, as of Jan. 1, 2017 to remove a glut. The effort has helped oil prices LCOc1 to rise to $55 a barrel, from a 12-year low near $27 a year ago.

Iraqi oil minister Jabar al-Luaibi said that to deliver Iraq’s share of the reduction, the country had cut output from its “national fields” and those of international oil companies (IOCs) working in Iraq were also participating.

“We are in collaboration with IOCs to cut from their part,” he told Reuters on the sidelines of a conference. “We are in agreement with most IOCs, not all of them, that they will be in line with us. This is going well.”

Iraq agreed to lower its production by 210,000 barrels per day (bpd) under the deal and Luaibi said earlier on Monday Iraq was abiding by the accord.

The Iraqi minister also told Reuters he was “very happy” with the progress of the output cutting agreement, and expressed hope that oil prices would increase further.

“It is heading toward $60 now. We hope it will get to the level of $60 and $60-$65 will be reachable.”

He said it was too early to say if the supply-limiting deal needed to be extended beyond the first half of 2017.

“We’ll see. We think the market will balance.”

Iraq is now OPEC’s second-largest oil producer having rapidly boosted output in recent years, and is aiming to increase supply further in future once the OPEC deal has ended.

“So far, we are on the level of 6-7 (million bpd),” the minister said, asked where he saw the ideal level for Iraqi production in the longer term.

http://www.iraqinews.com/business-iraqi-dinar/iraq-says-oil-majors-participating-opec-cuts/

[ChuckFinley]

Thanks Yota, getting interesting . 

[tigergorzow]

Oil Minister: Iraq Has Already Cut 180,000 Bpd Under OPEC Deal

By Tsvetana Paraskova - Jan 23, 2017, 11:40 AM CST

Amid speculation whether Iraq would really play along with the OPEC production cuts, the oil minister of the cartel’s no.2 producer said on Monday that the country had already cut 180,000 bpd off its production, and planned to reduce output by another 30,000 bpd by the end of January.

Speaking at an industry event in London, Iraq’s oil minister Jabar Ali al-Luaibi said that Iraq had cut production from a level of 4.75 million bpd, Reuters reports, but this was not the reference basket that OPEC used to determine who should cut what under the production cut agreement signed last November.

Under the November 30 OPEC deal, Iraq had promised to cut 210,000 bpd from a reference production level of 4.561 million bpd—for a production target of 4.351 bpd. Before signing the agreement, OPEC’s second-biggest producer had pleaded exemption on the grounds that it needs revenues to fight Islamic State. Iraq had also disputed the secondary sources data that OPEC used to calculate the baseline for the production cuts.

According to OPEC’s latest Monthly Oil Market Report published last week, although secondary sources placed OPEC’s total crude oil output at 33.08 million bpd on average in December, down by 221,000 from November, crude oil output increased the most in Iraq, whose production reached 4.632 million bpd last month, up by 42,600 bpd from November. Iraq’s self-reported production figure for December is 4.830 million bpd, up by 30,000 on the month.

Related: OPEC + Russia Agree On ‘’Monitoring Mechanism’’

 

Today, its oil minister said that production cuts started at fields operated by national oil companies. Iraq has contacted international oil companies and has so far received a “good response” from most of them, the minister said, according to Reuters. In addition, according to the minister, Russia’s Lukoil, operator of the West Qurna-2 oil field, had recently told al-Luaibi that it was ready to reduce production by 20,000 bpd without compensation.

Unlike other OPEC members whose national oil companies control all or most of the production, Iraq has a number of international oil companies that operate fields in the south. Iraq’s contracts with the IOCs include provisions that the country should compensate producers for having to cut back production. These contractual commitments, together with the Kurdistan Regional Government (KRG) that controls fields in the north and may not play along with the cuts, makes Iraq’s task of complying with the OPEC deal even more difficult.

By Tsvetana Paraskova for Oilprice.com

http://oilprice.com/Latest-Energy-News/World-News/Oil-Minister-Iraq-Has-Already-Cut-180000-Bpd-Under-OPEC-Deal.html

[tigergorzow]

Iraq Oil Ministry sees no need for extending OPEC deal on output cut

January 24 2017 11:12 AM

Iraq oil facility

 

Iraqi Oil Ministry on Tuesday announced that there was no need for extending the agreement on freezing the production of crude oil as part of OPEC agreement with oil producing countries including Iraq.

Oil Ministry Spokesman Essam Gehad said "There is not anything that necessitated extending the OPEC agreement for an addition period because the objective behind it has been achieved by reaching out a unified stance to reduce oil prices worldwide.

All market indicators are positive and signaled that there was no need for extending the OPEC agreement to reduce crude oil output for another six months.

Upon the OPEC deal, Iraq has  reduced its production of crude oil by 160,000 barrels per day to reach to its targeted quota of production which is estimated at 210,000 barrels by the end of the current month.

Energy ministers of OPEC member-states, who met in Vienna on Sunday, voiced upbeat over the agreement clinched two years ago to reduce crude oil output. 

 

 

On Sunday, OPEC and other oil producers agreed on a way to monitor their compliance with last month’s historic supply deal, putting global markets on track to re-balance after more than two years of oversupply.

The countries have already cut oil supply by 1.5 MMbpd, more than 80% of their collective target, since the deal took effect on Jan. 1, Saudi Arabia’s Minister of Energy and Industry Khalid Al-Falih told reporters in Vienna.

“Compliance is great—it’s been really fantastic,” Al-Falih said Sunday. “Based on everything I know, I think it’s been one of the best agreements we’ve had for a long time.”

Saudi Arabia, Kuwait, Qatar, Algeria and Venezuela met counterparts from non-OPEC nations Russia and Oman to find a way to verify that the 24 signatories to their Dec. 10 accord are fulfilling pledges to remove a combined 1.8 MMbopd from the market for six months. They intended to prove the Organization of Petroleum Exporting Countries is serious about eliminating a global glut and dispel skepticism stemming from previous unfulfilled promises.

 

An OPEC committee, comprising ministers from Kuwait, Russia, Algeria, Venezuela and Oman, will meet next on March 17 in Kuwait and again in May. OPEC’s secretariat will present it with a report on the 17th day of each month, the group said in a statement. A technical group, consisting of delegates from each of the five committee members along with OPEC president Saudi Arabia, will meet each month to prepare the report.
 

The monitoring committee will assess data submitted by each producer country, along with information from agencies such as IHS Cambridge Energy Research Associates, Argus Media Ltd. and the International Energy Agency, Russian Energy Minister Alexander Novak said. The committee will evaluate compliance with production targets only, though the technical group may also look at export data to support its analysis, Novak said.

http://www.thebaghdadpost.com/en/story/5357/Iraq-Oil-Ministry-sees-no-need-for-extending-OPEC-deal-on-output-cut

[yota691]

Iraq says that most of the major oil companies participate in the OPEC cuts

economy

 Since 23/01/2017 20:09 pm (Baghdad time)

Follow-up scales News

Iraqi Oil Minister Jabbar Luaibi said on Monday that most of the major oil companies operating in Iraq involved in the agreed crude production cuts among OPEC producers are not members of the organization in order to restore balance to the market.

He added that it was premature to say whether there is a need to extend the agreement after the first half of 2017.

The ministers said that the energy and non-members of OPEC countries began to cut oil production on strong toward under the first agreement of its kind in more than ten years as manufacturers seek to reduce oversupply and support prices.

He said Russian Energy Minister Alexander Novak after the first meeting of the committee monitoring the agreement "a successful agreement ... all countries committed to the agreement ... the results surpass expectations."

The ministers said that the 1.5 million barrels per day, has gone out of the market already of about 1.8 million barrels per day.

The news agency Interfax news agency quoted Novak as saying that participation in the agreement states may cut production 1.7 million barrels per day by the end of the month.

It agreed 11 countries of OPEC countries three years and 11 countries from outside the organization to cut production in the first half of the year.

It was decided to Nigeria and Libya, OPEC members exception where countries suffered setbacks in production.

He informed the Saudi Energy Minister Khalid al-Falih journalists after the meeting, "The Kingdom took the initiative and other countries participated very big steps."

Faleh said, "despite the fact that demand usually declines in the first quarter of the winter, the actions it has taken UK and many other countries have affected the market significantly We have observed impact on spot prices."

The Brent crude oil price went down to $ 27.10 a barrel a year ago, but a cohesive above $ 50 since OPEC producers agreed on the tenth of December / December to cut production in the first half of 2017.

Cuts designed to reduce the glut of global oil supply, which weighed on crude prices to more than two years.

Faleh said that the level of implementation of the agreed cuts "fabulous" and expressed hope in achieving full compliance with degrees in February.

He said Kuwaiti Oil Minister Essam Marzouk, who heads the monitoring committee of ministerial commitment to the panel of five members of the press conference, "We will not accept less than full compliance."

Representing other members of the Committee Algeria, Venezuela, Russia and Oman.

Faleh said that full compliance with global oil stocks will return to the five-year average by mid-2017, which will reduce the oil reserves around 300 million barrels.

"There's no surprises with regard to supply and demand from other sources and there is no reason to suddenly announce in January about the need to cut larger or longer."

He pointed out that Saudi Arabia produces little more than ten million barrels a day less than the buyers were notified deep cuts planned for next month.

Novak said that Russia reduced oil production of about 100 thousand barrels per day, equivalent to double what was planned initially. He said that the average Russian oil production reached 11.15 million barrels a day this month.

He told reporters that it was too early to talk about extending the current agreement after the six-month period of the planned but it remains an option.

Novak said, "Everybody sees that a cut in oil production agreements already have a positive impact on oil markets. Market has become more stable and increased predictability."

It was agreed today to form a joint technical committee comprising representatives of each member of the five members of the Commission on surveillance and the presidency of OPEC, which is currently operated by Saudi Arabia.

OPEC said in a press statement that the Commission would cooperate with the Secretariat of the OPEC in the collection of production data, which will be submitted to the ministerial committee monitoring by the seventeenth of each month.

The Oversight Committee will hold consultations among themselves after the seventeenth of each month and plans to hold two meetings before the next regular OPEC meeting in Vienna on May 25.

Kuwait hosts the next meeting of the committee in March.

Minister was keen to stress that growing demand will absorb any increase in the high US shale oil production costs due to higher oil prices.

Marzouq said, "We are not worried about the increase in production in the United States with higher prices because I think that the increased demand will absorb it."

He said Qatar's Energy Minister Mohammed gentlemen that with the growing demand, the "shale oil will find it takes."

Novak said he is worried about the rise in oil production in the United States.

is over

[Wiljor]

Iraq, January 24, 2017 

Oil advanced to trade near $53 a barrel as Iraq said it’s close to implementing its share of pledged output curbs agreed with OPEC to trim bloated global inventories and stabilize the market.

 

Futures rose as much as 0.6 percent in New York after dropping 0.9 percent on Monday. Iraq, the second-biggest OPEC producer, has reduced supply by 180,000 barrels a day and will cut a further 30,000 a day by the end of the month, Oil Minister Jabbar Al-Luaibi said in an interview. In the U.S., crude inventories probably expanded for a third straight week, according to a Bloomberg survey before government data Wednesday.

Oil has held above $50 a barrel since the Organization of Petroleum Exporting Countries and 11 other nations agreed late last year to curb supply by about 1.8 million barrels a day. While Saudi Arabia says more than 80 percent of the targeted reduction has been implemented since the deal took effect Jan. 1, the International Energy Agency predicts a rebound in shale output as prices rise. U.S. drillers last week added the most active rigs since 2013.

“The market is waiting to see how the OPEC cuts and U.S. supply situation plays out,” said Jonathan Barratt, chief investment officer at Ayers Alliance Securities in Sydney. “There’s a focus on producers and whether they are complying with their pledged cuts, but it’s a waiting game at the moment.”

West Texas Intermediate for March delivery gained as much as 29 cents to $53.04 a barrel on the New York Mercantile Exchange and was at $53.01 at 11:34 a.m. in Hong Kong. Total volume traded was about 56 percent below the 100-day average. The contract fell 47 cents to $52.75 on Monday. Front-month prices have averaged about $52 a barrel since the start of December.

Iraq Cuts

Brent for March settlement added as much as 33 cents, or 0.6 percent, to $55.56 a barrel on the London-based ICE Futures Europe exchange. The grade dropped 26 cents to $55.23 on Monday. The global benchmark crude traded at a premium of $2.51 to WTI.

While 90 percent of Iraq’s output cuts have come from fields operated by companies run by the federal government, Baghdad is also coordinating reductions with the semi-autonomous region of Kurdistan and international oil companies, Al-Luaibi said in London. It’s too early to say if the cuts could be extended beyond the initially agreed six-month term, he said.

Oil-market news:

• U.S. crude stockpiles probably rose by 2.25 million barrels last week, according to the Bloomberg survey before an Energy Information Administration report.
• Asia’s oil refineries are turning to the North Sea for crude supplies like never before as their primary suppliers restrict output in an effort to eliminate a glut, data compiled by Bloomberg show.

bloomberg

http://iraqdailyjournal.com/story-z14672275

[yota691]

Crescent Petroleum is looking to spread in Iraq: that the fastest growing countries

 

 

 

 38 minutes ago

 

 

Twilight News / she Crescent Petroleum looked forward to expand its investments and operations in all parts of Iraq in the coming years after he showed during the recent understanding with respect to the needs of the domestic market and the ability to implement projects in Iraq within the time specified and completed in an effective manner in terms of cost. 
Said Majid Jafar , CEO of Crescent Petroleum - one of the most important private sector companies working in the field of oil and gas in the Middle East, which is based in the emirate of Sharjah - based during his participation in the "Iraq .. opportunities and realities and expectations" within the energy business conference in the Middle East and North Africa meeting hosted by the Royal Institute of international Affairs "Chatham House" in London on 23 and 24 January Shall Iraq has become in recent years the fastest oil - producing developed countries within the Organization of petroleum exporting countries (OPEC) and achieved record exports amounted to 4 million barrels of oil per day , despite challenges political, economic and security faced by the country. " 
He added that Crescent Petroleum company initiated along with its partners to invest more than $ 2 billion over the past decade in Iraq included pumping investments of more than $ 1.2 billion in the Kurdistan region resulted in production of more than 150 million barrels equivalent of gas and liquids during the past eight years. 
He noted that these investments have contributed to the power generation of low - cost millions of citizens in savings in fuel costs allocated to government budgets amounted to about $ 15 billion. 
And participated in the meeting - which dealt with the growing importance of Iraq and its impact on the global oil market - a group of senior officials, experts and executives from the region the latest information and to exchange views on issues facing the energy sector , including oil prices and investment policies. 
He spoke Allaibi Jabar Ali , the Iraqi oil minister during the meeting on the progress achieved by Iraq 's energy sector , despite significant challenges. 
The meeting also focused on the political developments in Iraq 's energy sector and the challenges facing investment in the oil and gas and economic projects ..mstardh projects accelerate ways to move Iraq forward in the completion of oil and gas plans in light of the prevailing security situation and the current situation in the market and the potential for exploration and production sector in Iraq in the long how long and openness to more investment in addition to the prospects diversify Iraq 's economy based on oil during the current economic climate.

 

[DinarThug]

Iraq is seeking to increase its oil production to seven million barrels per day

 Baghdad / term

Iraqi Oil Minister Jabbar Luaibi said that most of the major oil companies operating in Iraq involved in the agreed crude production cuts among OPEC producers are not members of the organization in order to restore balance to the market. 

OPEC agreed and independent producers last year to cut production - the first agreement of its kind in 15 years - the first of January to drain the glut of global supply of oil. This contributed to push crude prices to rise to $ 55 a barrel from its lowest level in 12 years near $ 27 a year ago. 

Allaibi said, that "to meet Iraq 's share of the cut, the country has reduced production from the fields of national and foreign oil companies operating in Iraq , which also participated in the cut fields." 

" We are cooperating with foreign oil companies to do their part of the cutback, we have agreements with most of those companies and not all of them that they will be on one line with us, this goes well." 

He explained that "reducing Iraqi oil production began in the fields operated by national oil companies, and Russia 's Lukoil , which runs the West Qurna field -2 recently informed him that it is prepared to reduce production by 20 thousand barrels per day without compensation." 

He pointed out that "BP and other companies respond in turn , and that everything is going smoothly so far in relation to the oil companies." 

Iraq agreed to reduce production of about 210 thousand barrels per day under the agreement Allaibi said earlier that his country was committed to the agreement. 

He added that he was "very happy the progress made by reducing production agreement" and expressed hope that "prices rise further." 

He said Allaibi "moving prices towards $ 60 now, we hope to reach a level of $ 60 and can reach $ 60-65." 

He continued that "it is too early to say whether there is a need to extend the agreement after the first half of 2017", believing that the "oil market moved into balance." 

And Iraq 's second - largest oil producer in OPEC , where production has increased rapidly in recent years and plans to further increase after the OPEC agreement. 

Allaibi said in response to a question about the ideal level for the production of Iraq in the long term , "yet we are targeting a rate of six to seven million barrels a day." 

Allaibi said to reporters at the effectiveness of the oil industry in London , said Iraq 's production before the cut was 4.75 million barrels per day. 

He added that his country is committed to the policy of the Organization of the Petroleum Exporting Countries (OPEC) and the agreement reached by the organization. 

It was Iraq 's second - largest oil producer in Oopk- initially sought for an exemption from any reduction in production , saying he needed crude revenues in its war against al Daesh. 

On the other hand, the head of Iraq 's South Gas Company, said that "Iraq expects to increase its exports of liquefied petroleum gas for more than three - fold and increase exports of gas condensate doubled in 2017 with the compilation of more of this fuel in the southern oil fields." 

Said Ehsan Abdul Jabbar , Director General of the South Gas Company, said that " the planned increase LNG exports to 100 thousand tons this year from 30 thousand tons in 2016". 

He added that "it is also planned to increase gas condensate exports to 400 thousand cubic meters this year from 200 thousand cubic meters in 2016". 

Iraq last year and began exporting gas liquids addressed by the Basra Gas Company , a joint venture between Shell and the South Gas Mistubaishe. Abdul - Jabbar also assume the position of Chairman of the Basrah Gas Management. 

The company is working on the gas associated with oil produced from fields in southern Iraq assembly and addressed to produce the fuel , which is used in power stations and cooking gas destined for export and liquids. 

Abdul Jabbar said that " the Basra Gas Company will be able to gather more associated gas after the government resumed the payment of dues for the company 's fuel purchased to supply the domestic market." 

He pointed out that " the total gas production from southern Iraq will exceed 900 million cubic feet per day by the end of the year from 700 million cubic feet per day at the end of 2016".

http://almadapaper.net/ar/news.....23699/link

 

[yota691]

Oil rises supported by OPEC 's agreement

 

   

 

 55 minutes ago

 

 

Twilight News / Oil prices rose on Friday, with support from the Organization of Petroleum Exporting Countries, the efforts of OPEC and other producers abroad to promote the market to cut supplies but increased US production of crude have limited gains.

By 0753 GMT, it was trading the global London Brent crude futures at $ 56.41 a barrel, up 17 cents from the previous settlement price.

And increased WTI US mediator in the Futures 21 cents to $ 53.99 a barrel.

Activity was limited during Asian trading due to start Lunar New Year holiday in most countries of the region, including China and Singapore.

Traders said prices found support in production cuts led by OPEC members and other producers, including Russia, in order to reduce global supply glut. But they added that the growth of production in the United States wiped out in part the impact of these efforts.

The OPEC members and other producers outside the organization agreed to cut production by about 1.8 million barrels per day in the first half of 2017 to counter the oversupply that has seen the production of between one million and two million barrels of crude per day over the volume of consumption over the past two years.

But the US oil production rose by about half a million barrels per day since mid-2016 to reach 8.96 million barrels per day.

[yota691]

Expectations of the stability of oil prices at $ 55 a barrel

 

 

1/31/2017 0:00  Capitals / follow-up to the morning   At a time when Iranian Oil Minister Bijan Zanganeh predicted oil prices remain at around $ 55 a barrel this year, customs data released by the Japanese Finance Ministry on Monday confirmed that the country's imports of crude oil rose by three percent. Said Zanganeh press statement: The producers are comfortable with the range of 55 to $ 60 crude barrel , adding that prices if increased to $ 70 a barrel may hamper that balance between supply and demand which will lead to lower prices again  to that shown customs data released by the Japanese Ministry of Finance yesterday that Monday that the country 's imports of crude oil rose by three percent in December to about 3.665 million barrels per day.  According to the data size of Japan 's imports of Iranian oil reached 235 thousand and 453 barrels per day in December , up 23.9 percent on an annual basis.  And it increased Japan 's imports of Iraqi crude 36.6 percent year on year to 76 thousand and 145 barrels per day, while its imports from Saudi Arabia rose 17.9 percent to 1.426 million barrels per day.  And decreased oil imports from Kuwait , Japan 54.9 percent to 190 thousand and 823 barrels per day , while coming from Qatar 6.5 percent , imports increased to 311 thousand and 181 barrels per day coming from the Sultanate of Oman imports jumped 322.1 percent to 55 thousand and 440 barrels per day.  And it reached Japan 's imports of oil from the UAE and 57 884 thousand barrels per day , up 21.5 percent, while its oil imports from Russia fell 32.8 percent to 194 thousand and 285 barrels per day.  The gathering of the Ministry of the financial statements in accordance with the rules allow for suppliers to defer import clearance through customs office.  Oil prices fell European market on Monday, extending losses for the second consecutive day, under pressure from the acceleration of shale oil production in the United States fears after a rise in drilling rigs to the highest level since November 2015, and overshadow that the commitment of producers (OPEC) and independent producers implementing cut agreement global production, with US crude fell to below $ 53.00 a barrel from the opening level of $ 53.11 and hit its highest level of $ 53.15, the lowest level of $ 52.83.   Brent crude was down to the level of $ 55.25 a barrel from the opening level of $ 55.40 and hit its highest level of $ 55.49, the lowest level of $ 55.09.  And said the company "Baker Hughes" oil services Friday 's high drilling rigs in the United States by 15 platform to total 566 platform, the highest level since the week ending November 13 , 2015.  The increased oil production in the United States to 8.96 million barrels for the week ending 20 in January, the highest level since April / April 2016, production is expected to rise above 9 million barrels during February next assurances by the US energy Information administration on.  And Saudi Arabia have confirmed that he has been implemented more than 80 percent of global production cut agreement by about 1.8 million barrels, is expected to be implemented during the remaining 20 percent in February next year.

[yota691]

to increase US oil production of OPEC 's efforts to undermine and reduce prices

 

    

 

 2 hours ago

 

 

Twilight News / Oil prices fell on Tuesday after being undermined by increased drilling activities in the United States, OPEC's efforts and other producers to cut production in an effort to support the market.

By 0752 GMT, futures have been trading for crude International benchmark Brent crude price of $ 55.13 a barrel, down ten cents from the closing price in the previous session. Brent has lost about 5.6 percent of its value since reaching its highest level in January.

It was trading US crude contracts for West Texas Intermediate at $ 52.45 a barrel, down 28 cents from the previous settlement price. The crude is down about 2.8 percent since reaching the peak in January level.

The reduction reflects a sense that the efforts led by the Organization of Petroleum Exporting Countries (OPEC) to cut production by about 1.8 million barrels per day in order to eliminate a surplus in production is not sufficient to draw an increase in drilling activities in the United States.

He said the US bank Jefferies Investment on Tuesday that while it was marked "OPEC's commitment to production targets by force ... the levels of activities (drilling in the United States) is already increasing."

The bank said that as a result "is not inclined to change its forecast for Brent crude at $ 57.75 a barrel in 2017 and $ 71.75 a barrel in 2018."

[gregp]

Oklahoma is hurting financially. Start drilling!! 

[yota691]

OPEC implemented 82% of the commitments to reduce oil production in January

 

 

 21 Hours Ago

 

 

Twilight New / Reuters survey showed poll released on Tuesday that OPEC's oil production tends to fall more than a million barrels a day this month, indicating a strong start for the organization in the implementation of the first agreement in the eight years to cut supplies.

The Organization of the Petroleum Exporting Countries (OPEC) agreed to cut production by about 1.2 million barrels a day starting from the first of January, in the first agreement of its kind since 2008 in order to strengthen oil prices and get rid of the oversupply.

The survey, which was based on the navigation data and information from sources sector that the average supply of 11 OPEC member states covered by the agreement reached 30.01 million barrels per day in January, down from 31.17 million bpd in December.

Compared with the levels at which countries agreed to cut production of them - the October levels in most cases - it means that OPEC members cut production by 958 thousand barrels per day from the size of the cuts they promised and of 1.164 million barrels per day, which reflects a commitment rate of 82 percent agreement.

[Wiljor]

Nation’s shipments decline compared with October level Drop doesn’t yet match reduction to which nation committed

Iraq, February 2, 2017  Oil flows out of Iraq suggest that the Middle East country is complying, at least in part, with OPEC’s plan to curb production. Observed shipments in January were 109,000 barrels a day below October’s level, the month used as a baseline for the Organization of Petroleum Exporting Countries’ reductions plan. That indicates that Iraq has implemented around half of the production cut it agreed as part of the accord, assuming flows provide an indication of output. Shipments from OPEC’s second-largest producer fell to 3.805 million barrels a day in January from December’s 4.03 million, tanker-tracking data and port agent reports showed, with the decline mainly reflecting a 6.5 percent drop in flows from the southern port of Basra. “The Iraqis are making the bulk of their cuts at southern fields,” said Robin Mills, chief executive officer of Dubai-based consultant Qamar Energy, who advises clients working in the region. “Most of the decline is coming in the south because the Iraqis have moved forward some of the maintenance on fields there. The Kurds haven’t been cutting and I don’t expect them to cut at all.” OPEC and 11 other producing countries including Russia agreed late last year to cut a combined 1.8 million barrels a day of output starting from January, with Iraq’s share set at 210,000 barrels. Some analysts expressed doubts that Iraq would deliver its share of the cuts, potentially undermining the drive to rebalance the market and drain inventories bloated by two years of unfettered production that helped to crash prices. During the months of negotiation that led to November’s OPEC agreement, Iraq had insisted repeatedly that it should be exempted from cuts as it battles the Islamic State insurgency and rehabilitates its oil industry after years of war and sanctions. The country also disputed the data to be used in any discussions, insisting that numbers compiled by OPEC underestimated Iraqi production by about 5 percent. Iraq ultimately relented, agreeing to reduce its output. Stalled Prices   While oil prices rallied in the weeks after OPEC announced its supply curbs on Nov. 30, with crude touching an 18-month high early in January, the gains subsequently stalled amid skepticism about how much of the cutbacks would be delivered. OPEC as a whole was on course to reduce supply by 900,000 barrels a day in January, Geneva-based tanker-tracker Petro-Logistics SA said last week. That’s equivalent to about 75 percent of the cut that the producer group agreed. Adherence to the deal is “great” and OPEC probably won’t need to extend the accord when it expires in the middle of the year, Saudi Arabia Energy Minister Khalid Al-Falih said on Jan. 22 when countries met in Vienna to discuss monitoring implementation. Iraq was close to implementing its share of the agreed production cuts and would be in full compliance by the end of the month, Oil Minister Jabbar Al-Luaibi said Jan. 23. The Middle Eastern producer had already reduced output by 180,000 barrels a day and would cut another 30,000 soon, Al-Luaibi said in a Bloomberg television interview. While 90 percent of the output cuts have come from fields operated by companies run by Iraq’s federal government, Baghdad is also coordinating reductions with the semi-autonomous region of Kurdistan and international oil companies, he said. Iraq saw lower shipments from both Basra and from the Ceyhan terminal in Turkey, from where it exports crude originating in the Kurdish region and from Baghdad-controlled fields around Kirkuk, according to the ship-tracking data. Exports from Basra averaged 3.235 million barrels a day in January, down from a record 3.46 million in December, the data showed. Exports of Kurdish crude, and oil from Iraq’s northern fields through Ceyhan, fell to about 569,000 barrels a day from 572,000 barrels in December.   bloomberg http://iraqdailyjournal.com/story-z14726879

[tigergorzow]

Wiljor Thanks, DV,  Excellent news adhering to the OPEC agreement so hopefully Oil will continue to rise just long enough to "RV / RI The IQD.

 

GO HCL!!

GO RV!!

[ggdog60]

Thanks, Wiljor!

 

 

 

[sandfly]

Thanks