Committee looking to extend the OPEC production cut

[yota691]

Oil rises to $ 53 after the imposition of sanctions on Iran

History of edits:: 02/04/2017 10:13 • 90 visits readable

[Where - Follow - up] 
Oil prices rose to $ 53 after the United States imposed sanctions on some Iranian individuals and entities , due to Iran 's test of a ballistic missile.

Oil prices also received support from a strong report on jobs in the United States is likely to continue demand for energy force. 
There was the earliest maturity for WTI contracts for the settlement of the American mediator on the rise by 29 cents , or about 0.5 percent to $ 53.83 a barrel. The contract rose more than one percent this week. 
There were settling global Brent crude contracts for Brent crude at an altitude of 25 cents to $ 56.81 a barrel, making the high crude two percent this week, the biggest weekly increase this year. 
The futures trading US crude volumes are relatively low on Friday where they were trading around 440 thousand held by 2030 GMT , below its average trading during the 200 days of holding 528 thousand per day. 
The increased pace of US job growth more than expected in January , with high employment rates in the construction and retail companies. The number of jobs in non - agricultural sectors in the United States increased by 227 thousand jobs.

 

[yota691]

Tensions between Washington and Tehran, climbing oil prices

 

 

Economy News / Continue ...       Oil prices rose Monday amid concerns the extension of new US sanctions against Iran can affect the crude supply, after Iran test fired a ballistic missile. Tensions between Washington and Tehran since Iran's ballistic missile test which prompted President Donald Trump's management to impose sanctions on individuals and entities linked to Iran's Revolutionary Guards.   And reached price of a barrel of Brent oil futures towards $ 56.86 a barrel at 0037 GMT, up 5 cents from the last close.   The price of a barrel of oil for West Texas Intermediate also rose in the futures five cents to touch $ 53.88 a barrel.   This reflects the tension between Washington and Tehran have a negative impact on the oil market because of concerns over the escalation of the dispute between the two sides, especially after waving the new US administration to cancel the nuclear deal with Tehran, which led to the resumption of Iran's oil exports.   It coincides US-Iranian differences at a time when oil-producing countries are trying to restore the balance in oil prices through restrain oversupply in the market, especially after them from reaching an agreement to cut production by about 2 percent.         mm
Views 15   Date Added 06/02/2017 - 9:45   last updated 02/06/2017 - 15:39   No. Content 6653

[yota691]

, oil prices are rising thanks to the dollar 's decline and Iran

 

 

    

 

 5 hours ago

 

 

Twilight News / Oil prices rose on Monday as traders turned to buying futures contracts for crude oil as the dollar fell and fears of a possible extension of new US sanctions on Iran, including impact on crude supplies.

But signs of increased US production and worries about slowing demand for imports from China limited the oil gains.

By 0620 GMT, it was trading the global London Brent crude for $ 57.01 a barrel, up 20 cents from the last adjustment.

And increased WTI futures 19 cents to $ 54.02 a barrel.

Traders said that the rise in prices was the result of pumping cash into futures contracts for crude as the dollar fell and expectations thanks to strong overall market and supported the efforts of producers to cut production.

The dollar lost nearly four percent against the basket of major currencies since the beginning of January, becoming the investment in other products, including crude futures more attractive.

Traders said tension between Tehran and Washington, where oil also support push rocket ballistic test conducted by Iran in the recent US president Donald Trump to impose sanctions on individuals and entities linked to Iran's Revolutionary Guards.

[yota691]

Oil consolidating near $ 57

07-02-2017 01:56 PM

Hits: 236

 

East News -

London, New York, Dubai, Ankara - Reuters 

cohesion of the price of oil at a level close to $ 57 a barrel yesterday, with limited stock availability and signs of rising prices , which will revive the American production, the impact of the growing tension between the United States and Iran.

The data showed Friday that US energy companies said drilling platforms for oil exploration thirteenth week during the 14 weeks. Despite the reduction of «OPEC» production, US crude inventories rose more than expected last week.

It was the global Brent crude blend «Brent» trading at $ 56.75 a barrel, down six cents, as was trading in a narrow range does not exceed 46 cents. It rose US crude to $ 53.87 a value of four cents.

American refineries are facing the possibility of gasoline demand fell for the first time in five years, what is fueling fears that profits this year, worse than those recorded in 2016, which was disappointing. It coincides decline in gasoline demand with the worst year experienced by US refineries indicators, in terms of profits since the start of shale oil boom in 2011, which were dashed in 2014 and reaped US independent refiners fruits of that, it contributed to lower gasoline prices and economic growth in feed demand for fuel.

With the formation of refineries substantial reserves harmed margin last year's profits, record gasoline demand contributed to strong exports to prevent the registration of further losses. The sector currently faces the possibility of higher crude oil prices, after the cut in global production of new federal data indicate the possibility of erosion of the network that protects the demand for gasoline.

He said Sarah Emerson aired from «E. SAE Energy»: «envisage particularly careful about refining margins and demand gains, as oil prices rise, while demand for gasoline tends to drop».

She drew the US Energy Information Administration last Wednesday, that the average gasoline supply in the United States in four weeks «amounted to 8.2 million barrels per day, the lowest level since February 2012».

Traders are watching gasoline demand in the United States very closely, because it represents 10 percent of global consumption. He said the refineries analyst at «Wood Mackenzie» Marc Brodbernt, that «it is difficult to draw conclusions from one week of data, but if the demand is weak as the data show, the refineries will face a real problem.»

And the US relationship - Iran and its impact on investment in Iran, Iranian Deputy Oil Minister for Trade and International Relations Amir Hossein Zamani Nia confirmed yesterday that «Iran did not impose restrictions on American oil companies wishing to participate in energy projects, but US sanctions make it impossible cooperation» , according to the news agency quoted the Islamic Republic of Iran, «said the basis of the sanctions imposed by the US Congress, no American oil companies working in Iran.»

Iran hopes that occupies the third place among the top Organization of Petroleum Exporting Countries producers (OPEC), to attract foreign companies to invest and boost output after underinvestment over the years. But the entry of foreign companies in investment is still limited so far, despite the lifting of sanctions.

Trump and imposed management last Friday new sanctions on Iran, and declared it «initial steps», The Washington «will not continue to turn a blind eye» acts hostile Iran. Hussein felt that these sanctions «does not have the effect of global companies are still keen to implement activities with Iran».

In Turkey, the sources in the natural gas sector, reported yesterday that the company «Botas» the Turkish government responsible for the operation of natural gas pipelines, the decision would halt work cut gas supplies to half of the private sector, and power plants owned by the state, as of today ». The «Botas» reduced gas supplies to power plants by 50 percent in January (last January), to meet the growing demand of the houses because of the cold weather. And demanded power stations then switch to a secondary fuel sources as possible.

[yota691]

Twice the price of oil indicators since the beginning of this year

 

 

8/2/2017 0:00  BAGHDAD / Follow - up joy pumice  while continuing some oil - producing countries from members and non - members of the Organization "OPEC" its efforts to maintain the reduced oil production agreement, through the initiation Baltkulais - out, Iran is trying a member of the organization is to attract foreign investors into the energy sector, after it announced discovered oil field and natural gas a big contain 15 billion barrels of oil and 1.8 trillion cubic meters  of gas.  The center of this picture, crude oil prices were stable yesterday after landing by the US supplies and speculation, and rising tensions between the United States and Iran.  And reached Brent crude oil futures to $ 55.96 a barrel, up by 24 cents from last close, were traded West Texas Intermediate crude futures , up 20 cents to $ 56.21  a barrel.  The increase comes after Van fell by 1.5 to 2 percent, and Van about the level of $ 5 out up or down since the beginning of the year, suggesting a weak price indicators.  The company "National Iranian Oil" and announced the discovery of oil and gas field naturally large, besides the official data suggest that the Islamic Republic has geological reserves of crude oil are estimated at 175 billion barrels.  He stressed Kaddoura Executive Director , "National Iranian Oil" for the company to Iran 's production, a member of the organization "OPEC", of high - quality oil will reach before the month of April around 4 million barrels per day, which is a great achievement for Iran, and by the fact that the country 's production fell to a level 2 million barrels per day, due to international sanctions that were imposed because of Tehran 's nuclear program, which filed in early 2016.  the issue of Iran is considering the construction of plants for oil refining in Brazil and Spain for the supply of petroleum products export markets.  In a related development , Iraq announced the arrest of loading operations for a period of 24 hours, the Iraqi President export terminal off the coast of southern city of Basra, starting from midnight Tuesday because of the installation of a new pipeline that feeds the   facility.  A source at the South Oil Company said marine loading operations in the three berths connected to a single port of Basra will not be affected.  The estimated loading capacity harbor by about 1.8 million barrels per day, besides Iraq issued the second largest oil producer within the Organization of Petroleum Exporting Countries "OPEC" , after Saudi Arabia record amounts of crude from the southern ports amounted to 3.51 million barrels per day in December 2016.

[yota691]

Related News: 7 factors affecting oil prices rates

 

 

9/2/2017 0:00  BAGHDAD / Imad Emirate Determine oil prices, forecasting is not easy, it has many of the studies in this area failed because of the difficulty of identifying political factors that shrouded much of the mystery and international agreements of confidentiality, according to the specialist, the factors that control oil prices is a political-economic factors at the time  Himself .  Economic academic Dr. Ali Mahdi Albiermana, said that the most important factors that affect the price of oil is being depleted commodity, so the determining prices differs from the rest of the regular goods , which are defined by the market mechanism and the marginal cost. Reserve size and select Albiermana in an interview for the "morning" that those factors that it is the size of oil reserves , which is an important factor in determining the price of oil, in light of the size of the reserve can determine the extent of the scarcity of crude oil and, in general, increasing the size of proven reserves of oil is an indication of oil stability. He added that the economic growth rate is a deduction in determining the global demand for crude oil rate factor, if expectations for a rise in global economic growth rates, this situation raises the demand for oil , which impacts on increasing the price  of oil. Among Albiermana, that spot markets are the most influential in the oil price component, these markets witnessed a remarkable development with thebeginning of the seventies of the last century, reaching its contribution to world trade more than 30 percent, and has become a spot prices having an impact in determining the official prices announced by the organization " OPEC , "he said , adding that the strategic stocks of crude oil impact is also in oil prices  , global. He noted that US crude inventories are also playing a role in determining crude oil prices on the global level, saying if the US government said rising inventories of crude, it leads to falling prices. According to the American Petroleum Institute, the US crude inventories rose by 14.2 million barrels last week , while also increased gasoline stocks  and Aldezl.ozadt crude inventories 14.2 million barrels for the week ending on the third of February to reach 503.6 million barrels , while analysts expected to rise 2.5 million barrels. Albiermana pointed out that the political factor is one of the crucial factors in determining the price of crude oil, this factor is reflected through the economic and political dependency relationship to some of the top producers with the major countries. Years of stability and concluded Albiermana his speech by noting that oil prices have seen remarkable stability for several years of the last century, was fired on those prices at the price administrative, a price determined by the IOCs , which was dubbed the Seven Sisters (Exxon Mobil , American, Dutch Shell, and BP "BP" British, American, Chevron and France 's Total and US ConocoPhillips, Eni and Italian) in order to serve its economic interests and its industrial  major. He has characterized those prices to fall and did not exceed two dollars in the best of times, these low prices were the main reason for the founding of the "cartel" by both Iraq and Saudi Arabia, Iran, Kuwait, Venezuela, announced its founding conference in Baghdad in  1960.

[yota691]

of the Technical Committee of the OPEC and independent producers to meet in February 22

 

 Twilight News    

 

 3 hours ago

 

 

Twilight News sources in OPEC / said on Thursday that the joint technical committee between the organization and independent producers and involved a review of the implementation of the global agreement to reduce production will meet on February 22 in Vienna.

And Administrators group called the Joint Technical Committee nominated by the five countries, which monitors compliance with the agreement: Algeria, Kuwait and Venezuela, members of the OPEC, as well as Russia and the Sultanate of Oman is Aledutin in the organization.

Saudi Arabia is also a member of the Joint Commission as President of the Organization of the Petroleum Exporting Countries (OPEC) in 2017.

 

 

[yota691]

The International Energy: lower global output by 1.5 million barrels due to the freezing of OPEC

History of edits:: 02/10/2017 14:07 • 16 visits readable

[Oan- follow] the 
International Energy Agency said Friday that global oil production fell in the past month , about 1.5 million barrels per day to 96.4 million barrels per day due to the organization 's obligations [OPEC] to cut production.

The agency said in its report on the oil market that the production of [OPEC] dropped about a million barrels a day last month to reach 32.06 million barrels a day to comply by 90 percent with an output cut that was reached in November last year and began to implement last month 's agreement. 
She explained that some of the producers , including Saudi Arabia cut output as much bigger than required , but the decline in production was partially offset by higher inflows from Libya and Nigeria , which have been Aafaahma cuts. 
The agency said that global demand growth will continue to be stable and will rise to up to 98 million barrels a day this year , up about 1.4 million barrels a day from last year. 
This is the first time since 2015 that record [OPEC] decline in production on an annual basis.

 

[yota691]

Oil climbs backing report refers to a record commitment to OPEC's agreement

History of edits:: 02/10/2017 14:10 • 15 visits readable

{International: Euphrates News} Oil prices climbed more than one percent on Friday after the International Energy Agency pointed to a record level of initial commitment of OPEC members implementing the historic agreement reached last year to curb production in order to strengthen global oil prices.

The IEA said in a report that members of the Organization of Petroleum Exporting Countries} {OPEC cut production in January , equivalent to 90 percent of the required reduction levels , a record level of commitment in the first month of the implementation of such agreements. 
She said the agency "some producers, especially Saudi Arabia are reducing it seems larger than required as much." 
And increased global London Brent crude 66 cents to $ 56.29 a barrel by 0938 GMT , after touching its highest level in the session at $ 56.39 a barrel , following the publication of the IAEA report directly. 
Rose WTI US mediator in the Futures 56 cents to $ 56.56 for Brmel.anthy

[yota691]

OPEC is committed to one of the "biggest" oil production cuts in its history

 

Last updated 14 minutes ago.

 

LONDON, England (CNN) - a rare level of discipline Organization of Petroleum Exporting Countries "OPEC" appears to comply with its promise to cut oil production.

He said the International Energy Agency (IEA), which monitors the power supply to the world's richest economies, on Friday, OPEC has achieved 90 per cent compliance for its decision to cut production 1.8 million barrels of daily production.

 

US crude oil prices rose by 1 per cent, to trade at $ 53.50 a barrel after the emergence of the International Energy Agency report.

 

Since 1989, OPEC has planned for several production cuts similar to the agreement that was negotiated in 2016. But in that period, OPEC producers to pump larger quantities of oil than their quotas agreed upon in most months.

But this time is different: the Kingdom of Saudi Arabia has promised to reduce its production B490 thousand barrels of daily production, but in fact reduced its production 560 thousand barrels. Angola and Qatar also reduced by more than promised and done.

The International Energy Agency in its report: "This is the first step of its kind, which is certainly one of the biggest OPEC output cut in the history of the Organization's initiatives."

 

Kuwaiti Oil Minister for CNN: OPEC may cut dilate 2:26 production

And entered production cut agreement into force on the first of January last, and is scheduled to continue for six months, although some OPEC members have already indicated their willingness to consider an extension of the period of validity of the agreement.

And it approved a handful of major producers outside OPEC - including Russia, Mexico and Kazakhstan - to join OPEC members in their efforts to curb oversupply.

The International Energy Agency said Russia reduced its daily production by 100 thousand last January. It had agreed to a gradual reduction of 300 thousand barrels of daily production. Official data has not yet been to Oman and Kazakhstan are available, but it seems that they are also committed to the agreement.

The designed production cuts to support prices and ease the budget felt by the main producers pressure.

While the strategy is working, stimulate price increases investment and production in other places. Producers of oil shale in the United States, for example, are now returning to the market after the severe harm from its collapse in oil prices in 2014.

[yota691]

OPEC's decision {} contributed to the increase of imports by Iraq Finance

 

 

2/11/2017 0:00  Expert of for {morning} $ 500 million a month  BAGHDAD / Farah pumice  at a time when announced Oil Marketing Company (SOMO) to raise the official selling price of crude Basra price of light to Asia in March , 40 cents shipments from the previous month to reach the average Khami prices of Oman and Dubai minus 50 cents a barrel, a specialist financial expert stressed that the organization "OPEC" the decision to reduce oil production contributed to the increase of imports by Iraq of Finance more than half a billion dollars a month.  And it was raised the official selling price of Basra crude heavy price for Asia five cents to Khami average price of Oman and Dubai minus 5.45 dollars a barrel.  And it sets the official selling price of Basrah Light crude to Europe at a price of Brent minus USD 3.70 a barrel discount of 40 cents from the price of crude higher index Argus sulfur of the Americas.  It was set a price of Basra crude heavy for Europe at a price of Brent minus USD 7.55 a barrel and when the price of crude higher index Argus sulfur minus 4.45 dollars a barrel for the Americas.  Kirkuk crude  were also determine the price of Kirkuk crude to Europe at a price of Brent minus USD 4.15 for the Americas at a price of raw Argus index higher sulfur plus 50 cents.  Iraq 's decision came just hours after the announcement that the President of the Basra terminal resumed exporting oil tanker loading after a hiatus of 24 hours because of the installation of a new pipeline feeds the harbor.  He added that the loading midnight on Tuesday stopped and resumed midnight on Wednesday of last week.  The estimated loading capacity at the port by about 1.8 million barrels per day.  Marine loading operations have not been affected in the three berths connected to a single port of Basra.  Iraq 's exports  and released Iraq - the second largest in the Organization of Petroleum Exporting Countries "OPEC" member - record amounts of oil amounted to 3.51 million barrels per day from the southern ports in December.  In the context of connected, assured the financial expert Thamer al - Azzawi , an increase of imports by Iraq financial result of the sale of oil to more than $ 500 million a month , thanks to the private organization "OPEC" The decision to cut oil production of more than one million barrels per day by the member states.  He said al - Azzawi , the "morning" to Iraq contribute actively to reach a decision and implement it , praising the government 's step of this decision.  According to the Ministry of Oil and the Iraq oil imports last month amounted to more than $ 5 billion.  Oil licenses  in the meantime, was chaired by the Minister of Oil Jabbar Ali Hussein Allaibi a lengthy meeting with representatives of the oil companies operating in Iraq under the oil licensing rounds.  He Allaibi, according to a statement on the need to implement the commitment to plans for production and development of oil fields.  He added that the ministry pay attention to a  significant investment optimization of gas associated with oil operations and completely eliminate  heartburn and work to reduce the environmental pollution operations, stressing the need to pay greater attention to water injection  and increase the pressure in the field to ensure  increased production as well as attention to its quality.

[yota691]

Masum receives an invitation to attend a summit of Petroleum Exporting Countries in Caracas

History of edits:: 11/02/2017 16:43 • 113 visits readable

{Baghdad: Euphrates News} President Fuad Masum received yesterday an official invitation of Venezuelan President Nicolas Maduro Mros to attend the leaders of the Petroleum Exporting Countries meeting proposed oil held at the summit level in Caracas later to find the system that ensures the oil-exporting countries to achieve a lasting and balanced stability of crude oil prices .

Vivid as Venezuelan president in his letter that the agency {Euphrates News} received a copy of it on " the heroic efforts of the Iraqi people and their struggle to consolidate the independence, sovereignty , and the values of peace." 
The transfer of the message Oil Minister Jabbar Allaibi on behalf of the Venezuelan delegation in charge transferred to the infallible, and who could not attend to the seat of the presidency in the Peace Palace in Baghdad because of the synchronization of his access to them with out demonstrations in the region, and included Secretary of State Delsey Rodriggsz and Minister of Oil and Mines Venezuelan Nelson Martinez. " 
It is expected to attend the meeting , leaders of the members of the organization of Petroleum exporting countries {OPEC} and other oil - exporting countries to study the proposals, including price regulation package and its relationship with the production at the global level, and the establishment of regional formulas to achieve a just crude oil pricing, and discuss the needs of consuming countries in the world and ways to enable oil - producing countries to carry out its responsibility to ensure a fair, logical and permanent Aguetsadyatea.anthy prices

[10 YEARS LATER]

Just another perspective folks - 

http://www.oil-price.net/

 

[tigergorzow]

3 minutes ago, 10 YEARS LATER said:

Just another perspective folks - 

http://www.oil-price.net/

 

10YL,  Thanks...Good Site

[10 YEARS LATER]

10 minutes ago, tigergorzow said:

10YL,  Thanks...Good Site

[yota691]

Oil Minister confirms that Iraq is planning to produce 5 million barrels per day

 

 

Economy News / Baghdad ...       Detection and Oil Minister Jabbar and coffee, on Sunday, a plan of the ministry to export oil through the port of Aqaba, Jordan, and among the common oil wells problem on the border with Kuwait and Iran can be resolved through the signing of partnership contracts in the production, as he emphasized that Iraq plans to produce five million barrels per day .   He said in a statement Laibi I followed "Economy News" that "the common wells with Kuwait can be resolved through the signing of partnership contracts in the production, we are moving in this direction, even with common fields with Iran to resolve this file."   He explained that "there are seven oil fields with Iran in Maysan province, as well as with the State of Kuwait, and we are currently working with Kuwait in order to export natural gas to it, which is the first time that occur in Iraq."   Laibi "The licenses that Iraq has signed with the Iraqi oil companies rounds yielded raise production rates to double what it was, and we are soon to reach the production level of five million barrels per day, in addition to our transformation from a country wasted all the associated gas into a product of this Article."   He pointed out that "the Basra Gas Company was formed for the purpose of forging partnerships with foreign companies signed a contract with the company« Shell »Global, and now work is in good shape between the two companies, and there are good relations with the Arab Republic of Egypt in this area. There are also agreements will be held in this aspect and there to export oil to the Jordanian port of Aqaba line, which is very important. "   On the possibility of the development of national oil companies, the minister said that "Iraq Racing said in this area, was there the national oil company, which was founded mid-fifties of the last century and had a board of directors manages the business and became the first company in the world. However, the former regime to resolve this company in the eighties and associated oil Ministry, which is the Ministry of planning, and now seek to pass legislation to restore this company, as well as the establishment of a national gas company. "       mm
Views 247   Added 12/02/2017 - 12:29   Last updated 02/12/2017 - 14:24   No. Content 6704

[yota691]

Iraq expects full implementation of the agreement {OPEC}

 

 

2/13/2017 0:00  BAGHDAD / Farah pumice   Iraq has increased its forecast full and serious commitment to the oil - producing countries to reduce production to support oil prices in the global market after the data ( the latest OPEC).  So to the UAE expected more commitment in the coming months, according to UAE Energy Minister Suhail Al Mazroui.  According to the data used by the (OPEC) to monitor the supplies were carried out (OPEC) , more than 90 percent of the production cuts in January in a strong start for the implementation of the first cut of production in eight years. For his part , favored economic analyst Rahim Al Shammari another increase in crude oil prices in the coming period.  The Al - Shammari said in his statement the "morning" that data (OPEC) shows how the concerned parties commitment to the recent Convention , which should benefit Iraq and the countries accredited in revenue producing Alinvt.oassadt oil prices after the indicators announced by the (OPEC), as increased global Brent crude Brent crude to $ 1.07 , or 1.9 percent , to $ 56.70 a barrel in the settlement, where on the raw highest level in the session at $ 56.88 a barrel, besides been settled WTI US mediator in the futures at an altitude of 86 cents , or 1.6 percent to $ 53.86 a barrel, while the basket recorded (OPEC) , containing 13 types of crude to $ 52.76 a barrel. It agreed (OPEC) to cut oil production by about 1.2 million barrels per day as of January 2017 with Russia and ten other producers from outside to support oil prices and reduce the oversupply in the market. The organizers expect the Iraqi oil sector , the full application of the agreement (OPEC).  According to the average estimates of six secondary sources used by the (OPEC) to monitor production output OIC Member States has dropped and the 11 state to 29.92 million barrels per day , or that the degree of compliance with the undertakings amounted to 92 percent.  The International Energy Agency (which is one of the six secondary sources): The members of the Organization of Petroleum Exporting Countries (OPEC) cut production in January, equivalent to 90 percent of the reductions required levels , a level much agreement over (OPEC) in 2009 , when the initial compliance rate of 60 percent.

 

[The Englishman]

Iraq’s Oil Flow to Plunge as Maintenance Helps Meet OPEC Pledge

by 

Laura Hurst

, 

Sam Wilkin

, and 

Khalid Al Ansary

13 February 2017, 14:24 GMT

• Basra exports planned at 3.01 million barrels per day in March
• Iraq is cutting crude production under last year’s OPEC deal

 

 

 

 

 

 

 

0:200:30

 

 

IEA Sees OPEC Achieving 90% Production Cut Compliance

 

 

Saudi Arabia Cuts Oil Output by Most in 8 Years

Iraq’s oil exports are poised to slump to a seven-month low in March as ongoing maintenance at some of its biggest fields coincides with a seasonal slump in shipments, potentially helping the country to meet a pledge to OPEC that it would restrict crude supply.

The second-biggest producer in the Organization of Petroleum Exporting Countries will export 3.01 million barrels a day of crude from its Persian Gulf export terminals, down from 3.64 million in February, loading programs obtained by Bloomberg show. The March figure is the lowest since August, while this month’s flows are scheduled to be the highest since October 2015.

While the slump could help Iraq to honor its commitment to OPEC, what’s harder to judge is the extent to which the reduced flows reflect a government-led push to restrict supply. Some key fields will be undergoing maintenance in March, limiting what they pump. Also, planned cargo flows have dropped during the month from February every year stretching back to at least 2012, often amid stormy weather at export terminals.

Nonetheless, it is not clear if the authorities would have factored weather into their schedule for this year, said Robin Mills, chief executive officer of consultant Qamar Energy.

“They schedule what they can, then that may get disrupted by bad weather,” Mills said by phone from Dubai. “They’re constrained on the exports anyway so they have to try to cram in as much as they can.”

Production Cuts

 

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Iraq pledged on Nov. 30 to cut 210,000 barrels a day from what it was pumping in October, as part of a drive by global producers to reduce a crude glut. The nation so far reduced by about half that amount, the International Energy Agency in Paris estimated on Feb. 10. OPEC itself is attempting to limit supplies by about 1.2 million barrels a day, with non-member states also promising curbs of about 550,000 barrels a day.A spokesman for Iraq’s Oil Ministry could not be reached for comment by phone, and a spokesman for the state-run South Oil Co. declined to comment as he was away from the office.

Iraq’s export capacity increased by more than 1 million barrels a day this month with the addition of a new pipeline at the Basra Oil Port, South Oil Co. said last week. The Persian Gulf port, Iraq’s largest export facility, increased its capacity to 2.5 million barrels a day, from about 1.4 million previously.

The oil ministry has allocated most of its OPEC cuts to state-operated oil fields. International oil companies have also started maintenance work at some fields, which is likely to trim their output. Iraq’s largest oil field Rumaila, operated by BP Plc, started maintenance in January that is due to finish in June. The Majnoon field operated by Royal Dutch Shell Plc was due to start maintenance this month, to finish in April, according to a person familiar with the matter.

Exports of Basrah Light crude are set to fall to 2.21 million barrels a day in March, from 2.75 million this month, the loading plan shows. Basrah Heavy shipments are due to slip to 806,000 barrels a day from 893,000 in February.

https://www.bloomberg.com/news/articles/2017-02-13/iraq-s-oil-flow-to-plunge-as-maintenance-helps-meet-opec-pledge

[yota691]

"OPEC" show more commitment to cut oil production countries

In the economy  February 14, 2017 0  51 visit

 

(Follow-up: SNG)

Data published by the "OPEC" has shown, that the organization has committed more than 90% during the January agreement to cut production, suggesting that oversupply may fade this year.

 

The monthly report of the Organization of Petroleum Exporting Countries "OPEC", it has reduced oil production by 890.2 thousand barrels per day during the last month, compared with December / December the previous year to reach 32.139 million barrels. While the total size of the total reduction of the producers of the raw material and acceding to the Vienna Agreement (the judge to cut production) approximately 1.146 million barrels a day.

According to the report, the largest percentage reduction came from the "Saudi Arabia, Iraq and the UAE, while increased production volumes in Nigeria, Libya and Iran."

With regard to Russia, "OPEC" organization lowered from the roof of its forecast for oil production in the country during the current year 2017, with 20 thousand barrels a day, compared with expectations in January, to reach 11.03 million barrels per day.

The report noted that oil production in Russia over the past month, fell by 120 thousand barrels per day, up to 11.19 million barrels a day.

With regard to oil demand for 2017, it predicted "OPEC", to grow by 0.22 million barrels per day to reach 95.81 million barrels.

According to the report, expectations of increased oil demand for 2017 improved by 35 thousand barrels per day to 1.19 million barrels a day. And that this is due to climatic conditions, the cold is expected.

[The Englishman]

Iraq Plans For Enormous Boost To Refining Capacity

By Irina Slav - Feb 14, 2017, 2:59 PM CST

Iraq’s government is ambitious and it wants to make the most of the country’s oil and gas reserves. Plans for an expansion of the country’s refinery network have been circulating for years, but the war with IS has put these on hold. What’s worse is that the prospects for these plans are gloomy unless it gets a significant amount of external help.

Before the war with IS engulfed OPEC’s second-largest exporter, plans were to add five new refineries to the network over a period of 20 years, starting in 2008. At the time, the refining capacity of Iraq stood around 886,000 bpd.

Since then, the only progress made has been the start of construction of the Karbala refinery, as one expert, the former chief of the Energy Study Secretarial of OPEC, notes in an industry analysis.

 

In it, Saadallah al Fathi quotes information from an unnamed industry insider who had told media that Iraq’s government is planning the construction of not five but twelve to thirteen new refineries with combined installed capacity of between 1.425 and 1.530 million bpd. All this is supposed to happen in the next four years, no less.

Al Fathi is right to be suspicious of this information. He is also suspicious of the unnamed source’s statement that Iran will be helping Iraq prop up its downstream industry, but these suspicions are not so well grounded: Iran’s current rulers are allies of the government of Haider al-Abadi, and it makes sense to suggest that the neighbors have realized that if they work together they may reap more benefits than if they try to compete.

The suspicion surrounding the timeline for the construction of these twelve or more refineries, however, is sound. Iraq is still fighting IS – the army has not yet retaken Mosul. Progress with that mission has been slow, but it is being made and we will probably see the terrorist group ousted from its last big stronghold in Iraq later this year.

This, however, will not solve Iraq’s security problems: the consensus in army circles seems to be that a prolonged presence of U.S. forces will be needed to help the Iraqi army maintain peace between various religious groups and deal with the very likely resurgence of IS.

This situation is by no means conducive to business. Investors are bound to be wary when they make decisions about throwing money at new refineries. And without external investors, Iraq’s refinery expansion plan is doomed.

The country’s coffers have been drained from the war with IS and the oil price crash. Iraq can’t even make the most of the price improvement because it has to cut its production as per the agreement struck with the other members of OPEC as a way of propping up prices. It can’t wriggle out of the agreement because traders and analysts are watching it like hawks: Iraq is considered the most likely OPEC member to cheat on its compliance with the agreement precisely because it needs more oil revenues desperately.

Last month, Oil Minister Jabar al-Luaibi reassured the market that Iraq will stick to its undertaking in the production cut agreement, adding that it plans to tender five new refineries on an investment basis, and expand existing ones, most of them damaged during the war with IS. Saadallah al Fathi is skeptical – the investment basis has been advertised before but has failed to attract meaningful investor interest.

While skepticism may be in order when it comes to war-torn Iraq, it is still the country with the fifth-largest oil reserves in the world, and that changes things. It all seems to hinge on the success in rooting out IS from Iraq and on the success of the output cut deal, which has so far been limited.

By Irina Slav for Oilprice.com

[Boozer]

5th Largest in the world , and still a currency worth 0 ,,,

[yota691]

The stability of global oil prices, with the continued reduction of production

 

 

2/15/2017 0:00  London / follow-up to the morning   Oil prices steadied on Tuesday with the support of the efforts that led OPEC to cut production, while others rise in production led to crude futures remain in a narrow moving in since the beginning of the year scale. By 0830 GMT , futures have been trading for crude International benchmark Brent crude at $ 55.89 a barrel , up 30 cents from the last settlement price.  Futures rose US light crude 25 cents to $ 53.18 a barrel.  Experiencing crude prices in the global stock markets Tzbba in prices as a result of the instability of supply and demand in its markets around the world.  Van Alkiesaan fell two percent on Monday , and both are currently in the middle of the range of five dollars , which is moving in since early December.  Agreed Organization of Petroleum Exporting Countries (OPEC) and other producers including Russia to cut production by about 1.8 million barrels per day during the first half of 2017 in an effort to curb oversupply in the global oil markets.  But what has undermined these efforts the rise in production in the United States , where he led increased drilling activities and in particular by the shale oil producers to higher overall production to 8.98 million barrels per day , up 6.5 percent since the middle of 2016 to the highest level since April last year.  Said Ric Spooner , chief oil market at CMC Markets in Sydney: "Oil seems trapped in a narrow range for the time being and concentrate mainly on private supply considerations."

[yota691]

02/14/2017 (00:01 pm)   -   the number of readings: 524   -   thenumber (3852)

 

 

Iraq plans to cut 628 thousand barrels of oil production during March

 Baghdad / term 
 

Iraq plans, the second largest producer in OPEC, cut oil exports to 3.013 million barrels per day during the month of March. He attributed the oil expert, this procedure to maintenance work carried out by the Ministry of Oil in the oil fields. 
She said the agency (Reuters) " The oil loading program, showed that Iraq 's second - largest producer in OPEC plans to cut oil exports from the southern port of Basra to 3.013 million barrels per day in March, the lowest level since last August." 
She added that "according to the program will drop Basra Light crude exports in March to 2.207 million barrels per day, and crude exports will decline slightly heavy Basra to 806 thousand barrels per day." 
And at least the size of shipments in March / March by 628 thousand barrels than planned for the month of February the current. The lowest level since August / August last, in a new sign of Baghdad 's commitment to reduce production agreement entered into by OPEC with independent producers. 
Iraq recently announced its full commitment to implement the agreement and OPEC has cut production of 210 thousand barrels per day in order to reduce the oil supply in the market, which has contributed significantly to the improvement in oil prices , which reached $ 56. 
Iraq is committed to export quantities of oil worth $ 168.7 million to meet the Financial Audits of his spending budget set to 106 trillion dinars. And imposed on the budget of the Ministry of Oil to export 3.75 million barrels per day, and at a price of $ 45. 
But the failure of the Baghdad and Erbil agreement on oil region, caused by cutting export provided for in the budget. In addition, Iraq to take responsibility for reducing 210 thousand barrels of daily exports of commitment to OPEC 's agreement. 
Oil Ministry did not announce the size of the monthly oil exports since the start of the OPEC agreement in the first of this year, also reveal the selling prices, which raised questions about the reduction of oil the size of Basra and Kirkuk. 
The MP said Tariq Jamal, a member of the parliamentary energy committee, (range) that " the reduction of Iraqi oil exports, confirms that Iraq is committed to OPEC 's agreement and supports its decision to withdraw the supply of crude oil from the global market." He explained that "Iraq 's production capacity in a big boom where statistics indicate to the production of 3.5 million barrels from the southern provinces , in addition to 700,000 barrels, go to domestic consumption, the production of isolation from the Kurdistan region." 
He attributed it to the oil expert Hamza Jeweler, cut oil exports to the "maintenance of oil fields in the south of the country, in addition to Iraq 's commitment to reduce oil production." 
He said the jeweler, told the (range), " The reduction of oil exports to Iraq due to maintenance work carried out in the Rumaila and Zubair, which led to a break in addition to the reduction of 210 thousand barrels per day of Iraq 's production, according to the agreement , OPEC" .lavta that " reduced oil exports will be offset by higher oil prices , which recently rose compared to last year. " 
The Southern Oil Company stopped its oil exports for a full day because of linking a new pipe to export oil through ports in order to double the pumping from the storage to the export ports warehouse capacity. 
In another context, Tariq al- Hadidi, Chief Executive Officer of the General Authority of the Egyptian Petroleum said, " The travel of the Egyptian delegation to Iraq comes in the context of termination of the agreement with the Iraqi side," pointing out that " the recent period has seen intense negotiations between the Egyptian Oil Minister Tariq Al - Mulla, the Minister of Oil Iraqi Jabbar Allaibi "predicting that" the Convention enters into force in a few weeks. " 
Hadidi added that "Egypt get Iraqi crude since the period by international companies and suppliers, but the intergovernmental agreement between the two countries, Egypt gives payment facilities , " adding that " the Basra oil is one of the finest raw materials imported by Egypt." 
Egypt is seeking to import between one million and two million barrels of Iraqi oil a month, and is expected completion of the agreement during the current quarter of 2017.

[yota691]

A global company: the price of oil between $ 55 to $ 60 sounds good

 

Tuesday February 14, 2017 17:11

 

 

 

Alsumaria News / Baghdad considered the CEO of BP Global, said on Tuesday that the price of oil between $ 55 to $ 60 sounds good.  He said Bob Dudley, according to " Reuters ", he believes that "crude oil price of $ 55 to $ 60 a barrel seems a good price."  Dudley said at a news conference that " the US shale oil production will continue to hold back any increases in crude oil prices."

[southbeach]

Climbing. Be patient. Despise not small beginnings. Bible.