Committee looking to extend the OPEC production cut

[ChuckFinley]

Well things are moving our way. Let's just hope it is done by the end of the year.  

[Wiljor]

Iraq, October 11, 2016 

Iran and Iraq will not send their oil ministers to an OPEC meeting scheduled for this week on the sidelines of the World Energy Congress in Istanbul, Turkey. This is according to sources close to the two countries, quoted by Reuters.

That meeting was actually going to be more of a series of bilateral talks, according to one of the sources that spoke to Reuters, probably dedicated to hammering out the details of the production freeze to be discussed at OPEC’s November meeting in Vienna. A final decision, in other words, will not be reached in Istanbul.

The absence of two of OPEC’s biggest producers suggests this final decision on the freeze might turn out to be even more challenging than already believed.

Iran was the first to throw a wrench in the workings of the freeze deal as it was being negotiated. When Saudi Arabia made the biggest concession so far, pledging to reduce its output if Iran froze its own at August levels (3.6 million bpd), Oil Minister Bijan Zanganeh said Iran would first like to restore its daily production to 4 million bpd and above.

It was this statement by Iran’s oil minister that dampened already weak hopes that a deal could be agreed at the Algiers meeting of OPEC. The meeting then came and went without a final agreement, but with Iran agreeing to talks in November, after getting what it wanted: it’s possible that the country will be able to ramp up its daily output to 4 million barrels by November 30.

Then Iraq spoke against the method OPEC uses to calculate each member’s production quota. If an agreement is reached in November, there will be new quotas for every member, and Iraq wants these to be based on self-reported daily production rates. These, however, are frequently higher than the figures reported by external sources, even though they don’t reflect the actual production as accurately.

All in all, the absence of Bijan Zanganeh and Jabar al-Luaibi from this week’s meting hints at the serious difficulties OPEC will encounter when the final negotiations on a freeze begins.

 

oilprice

 

http://iraqdailyjournal.com/story-z14063369

 

[Candy01]

5 hours ago, ChuckFinley said:

Well things are moving our way. Let's just hope it is done by the end of the year.  

HUGE AMEN!!

[yota691]

«OPEC» calls for a meeting restores balance to the oil market

 

 

15/10/2016 0:00  Shrinking demand and supply gap caused in raising prices  capitals / follow - Sabah  Oil prices rose Friday , supported by shrinking the gap between supply and demand in the fuel market in the United States at a time when technical indicators traders encouraged in the financial markets on the purchase, but the uncertainty surrounding the feasibility of a planned reduction in production continues to put pressure on the markets.  Brent  was futures trading global crude measurement Brent crude on the international market at a price of $ 52.18 a barrel by 0643 GMT , a rise of 15 cents from the previous close ,or the equivalent of 0.29 percent after it fell in early trade.  after falling WTI US mediator below $ 50 a barrel on Thursday , was trading at $ 50.78 a barrel , up 34 cents , or about 0.67 percent compared with the previous close.  traders said: the rise in US crude resulted in shrinking the gap between supply and demand in the fuel market.  The US energy Information administration on Thursday announced lower volumes distillates rose 3.7 million barrels. These include diesel and heating oil outputs, while gasoline volumes declined by 1.9 million barrels.  Increase stocks  is that US crude stocks rose for the first time in six weeks by 4.9 million barrels in the week ending on the seventh of October to 474 million barrels.  Outside the United States traders said the price of Brent crude received support from technical indicators attracted investment from traders in the financial market.  meeting «OPEC»  on the other hand called on the Organization of Petroleum exporting countries (OPEC Russia and a number of other major non - member states of the organization) to a meeting to be convened this month , while the Organization, Moscow is seeking to strengthen cooperation between them to restore balance to the oil market, prices of which fell to record lows. the  announcement was made after a meeting in Istanbul between the number of ministers of member states of OPEC and Minister of energy Alexander Novak , in order to promote common efforts to boost oil prices , which have hurt the economies exporting countries and oil producing.  the meeting was held on the sidelines of the World energy Conference in Istanbul, during which promised Russian President Vladimir Putin on Monday to cut the production of energy in the country in line with the promises of OPEC to cut production.  he said Qatari energy Minister Mohammed bin Saleh Al- Sada on Wednesday , saying: « We agreed to hold a meeting for technical »OPEC» on 28-29 of this month. The invitation will be sent to a number of countries , the main non - OPEC ».  , Said the Qatari minister said« This meeting aims to provide a better understanding of the best to move toward restoring balance to the market , including everyone 's interest - not only producers and exporters of oil , but also the global economy of the ways » . But he did not disclose other countries that are not members of the organization have been invited to participate in the meeting.  , Saying only «We have a list of non - member countries in OPEC, and we are working on a revision. We intend to expand to obtain the views of the largest possible number of non - member states ».  And led the possibility of Russian cooperation, which is one of the two largest producers of oil , along with Saudi Arabia, in its policy with OPEC coordinating, to the rise in oil prices in world markets over the past few days , so he reached its highest level since even for a brief period.  He Novak said Russia has received an invitation to participate in the October meeting in Vienna, which would seek to «develop a road map for cooperation between our countries map» to rebalance prices. He praised the talks in Istanbul, calling it «constructive».  , Said Novak said the meeting «informal» , which took place on the sidelines of the«Global Energy Conference» held in Istanbul, discussed not only the current market conditions but also «mechanisms» of cooperation between OPEC countries and non -member states in the organization. It was Novak raised the possibility Tuesday to freeze Russia 's oil output levels for a period of six months , in line with the OPEC plan to cut production.  He said he is not discussing any definite figures at the meeting. He said «for numbers they left for the future, and I think it 's in the October meeting, we will discuss probably standards  concrete».  Participated in the talks with the Russian minister that took place in one of Istanbul hotels , headed by Secretary General of the Organization of Petroleum Exporting Countries Mohammed Barkindo, energy ministers in OPEC countries, including the United Arab Emirates Suhail Al Mazroui, and Qatari Mohammed bin Saleh Al- Sada, and Venezuelan Aluggiu del Pino. But Saudi Arabia 's energy minister Khaled Faleh , who had left Istanbul absent from the meeting, as the Iraqi ministers Jabbar and coffee and Iran 's Bijan Zanganeh was not involved.  He praised Barkindo close cooperation between Russia and the Organization , which agreed at its meeting in Algeria last month to cut production for the first time in eight Years. He said «I have regained the broad consensus among producers».

[yota691]

The price of oil determined by US stocks and OPEC supply and {}

 

 

22/10/2016 0:00  BAGHDAD / Mustafa al - Hashimi  said the economic academic Dr. Majid Baidhani that the global outlook for growth or decline in oil prices is forecast related to demand in emerging economy countries ,growth rates , along with shortages or oversupply and the amount of US stockpiles of crude, as well as the results of the meetings "OPEC".  It is intended GCC economy emerging group "Brix" which includes Brazil, Russia, China, India and South Africa.  He Baidhani "morning" that US stockpiles of crude and the quantities of data presented to them a larger role in raising or lowering index world price of their being characterized with an area of uncertainty in the market global energy leads to the difficulty in determining the accuracy of the current prices or futures expectations.    the World Bank has recently raised its forecast on oil prices in the next year , up from $ 53, according to the previous forecast, to $ 55 a barrel.  a senior economist at the bank, John Pavas in a statement issued by the bank: "We expect a significant increase in fuel prices, especially of oil in the next year."  He continued , though there is some uncertainty about the outlook, and we are waiting for the details and implementation of the "OPEC" decision , which will affect the oil markets, if enacted , . According to the bank 's expectations, the price of fuel, ie oil ,natural gas and coal, will increase next year by 25 percent. The outlook for oil prices in the current year, and was maintained at a level of $ 43 a barrel.  The "OPEC" countries had agreed at an informal meeting in Algiers, on 28 September last, the reduction of oil production up to 32.5 to 33 million barrels in today, but there is no agreement on quotas for certain countries.  It is expected that the final decision in this regard during the "OPEC" meeting in Vienna on next November 30.

[Wiljor]

PM

OPEC’s second-largest producer threw an obstacle in the group’s path toward a final deal to stabilize oil markets when Iraq balked at joining efforts to trim output to prop up crude prices.

Iraq should be exempted from cutting production because it’s embroiled in a war with Islamic militants, Oil Minister Jabber Al-Luaibi said Sunday at a news conference in Baghdad. The country currently produces more than 4.7 million barrels a day it pumped in September, and Iraq’s output could rise higher still as the government urges international companies to boost production at its fields, he said. The minister disputed Organization of Petroleum Exporting Countries figures that peg Iraqi output at less than 4.2 million barrels daily.

“We are with OPEC policy and OPEC unity,” Al-Luaibi said. “But this should not be at our expense.” A meeting in Algeria last month of the group’s 14 members stretched to seven hours as Iraq argued over the level of production that should be used as a baseline for setting quotas.

OPEC is trying to woo other producers to join in the group’s first output cuts in eight years, a policy shift that members agreed to last month in Algiers. Crude plunged to a 12-year low in January, hammering the budgets of producers from Venezuela to Saudi Arabia. The price slide led OPEC to abandon its two-year-old Saudi-led policy of allowing members to pump as much as they could in an effort to protect market share.

Russia Demurs

Russia, the biggest prize in OPEC’s quest for support, refused again on Sunday to commit to joining the plan. Russia can’t say yet whether it will freeze or cut output as part of a final accord and is reviewing “many scenarios” to speed the oil market’s recovery, Energy Minister Alexander Novak said after talks with Gulf Arab counterparts in the Saudi capital.

“We see reasons to take steps to balance the market in coming months to bring investments back and reduce volatility,” he said. "We discussed issues related to levels of limiting oil production by Russia and by other countries that may join the agreement, but it’s too early to tell the concrete figures because the process of finalizing positions is going on.”

Like Iraq, Russia is seeking to ramp up output, not tamp it down. Russia is producing about 10.9 million barrels a day on average this year, according to Energy Ministry data. The latest draft of Russia’s energy strategy sees a potential increase in annual production from 534.1 million metric tons last year to 555 million tons, or 11.1 million barrels a day, by 2020.

OPEC pumped a record 33.75 million barrels a day in September, with Saudi Arabia accounting for 10.58 million barrels of the total, according to data compiled by Bloomberg.

Saudi Arabia’s Energy Minister Khalid Al-Falih echoed comments by Russia’s Novak that oil markets are improving. Even so, producers must take further action to speed the recovery, he said in Riyadh.

‘Intense Consultations’

“Oil markets started moving into balance recently, but we in OPEC, along with producers from outside the group, started intense consultations to take the right action to quicken the re-balancing and market recovery,” Al-Falih said in a speech Sunday.

Iraq became the fourth OPEC member -- after Iran, Nigeria and Libya -- to seek an exemption from output limits. The group aims to decide on individual levels when it meets on Nov. 30 in Vienna.

Iraq asked OPEC during the meetings in Algeria for an exemption from its participation in any cuts, Al-Luaibi said in Baghdad. He cited Iraq’s war against Islamic State as the reason it should be grouped with Iran and Nigeria in being left out of cuts.

Saudi-Led Policy

OPEC adopted a Saudi-led policy in 2014 of allowing members to pump as much as they could to retain market share in the face of increased supply from outside the group. Prices have plunged to about half their 2014 levels, reaching a 12-year low in January as rising sales from OPEC added to new production in countries like the U.S. and Russia. Brent crude, the global benchmark, has climbed about 40 percent this year as OPEC discussed cuts. Prices closed Friday at $51.78 a barrel.

Iraq pumped 4.228 million barrels a day at fields controlled by the federal government, Deputy Oil Minister Fayyad Al-Nima said at the Baghdad news conference. Production at fields operated by the semi-autonomous Kurdish government in northern Iraq stood at 546,000 barrels daily last month, Al-Nima said. Exports totalled 3.871 million barrels a day in September, Falah Al-Amri, the head of the state oil marketing company known as SOMO, said at the conference.

“We have passed 4.7 million barrels a day,” al-Amri said. “We are not going back. It’s a question of sovereignty.”

bloomberg.com 

[Wiljor]

Oil Halts Rally Above $50 as Iraq Signals Break From OPEC Cuts

 

By Ben Sharples - Oct 23, 2016, 8:33:43 PM

 

Oil halted its advance near $50 a barrel as Iraq threatened to derail OPEC’s plan to stabilize crude markets by saying it should be exempt from planned output cuts.

Prices slid as much as 0.7 percent in New York after rising 0.4 percent Friday. Iraq should be exempted from trimming production because it’s embroiled in a war with Islamic militants, Oil Minister Jabbar Al-Luaibi said Sunday at a news conference in Baghdad. Rigs targeting crude in the U.S. rose for an eighth week to the highest level since February, according to Baker Hughes Inc.

 

 

Oil has fluctuated near $50 a barrel amid uncertainty about whether the Organization of Petroleum Exporting Countries can implement an accord to reduce oil output when they gather at an official meeting in November. A committee will meet later this month to try to resolve differences over how much individual members should pump.

“The mindset of the market at this stage is to wait for the actual outcome of the November meeting,” said Ric Spooner, a chief market analyst at CMC Markets in Sydney. “Oil will probably hold around $50 a barrel, but the short-term risk looks to the downside. Implementation of the output deal will probably be left to Saudi Arabia and a couple of others.”

West Texas Intermediate for December delivery lost as much as 34 cents to $50.51 a barrel on the New York Mercantile Exchange, and was at $50.64 at 9:30 a.m. in Hong Kong. Front-month futures gained 1 percent last week to close at $50.85 on Friday. Total volume traded was about 50 percent below the 100-day average.

Brent for December settlement slid as much as 31 cents, or 0.6 percent, to $51.47 a barrel on the London-based ICE Futures Europe exchange. The global benchmark crude traded at a premium of 96 cents to WTI.

 

[sandfly]

THANKS

[yota691]

OPEC countries agreed to set a combined output to reach 33 million barrels per day

Dr.. Gentlemen: The oil market is moving into balance

OPEC and Russia hold a meeting today to discuss supply and demand

An urgent need to attract huge investments in oil projects

The formation of a technical committee to determine the share of production for each of the OPEC member states

 

 

 

Riyadh - Qena Agencies: HE Dr. Mohammed Bin Saleh Al- Sada, Minister of Energy and Industry confirmed that the oil market is moving into balance, pointing out that the continuing decline in oil prices over thepast two years has led to the depletion of cash to invest in projects that ensure the supply of oil. He d.Gentlemen believed "that the difficult phase in our point of view is over, but slowly."

He stressed that the recovery process, "took time and also need time to re-balance our efforts did not combine for the benefit of everyone," stressing the need for the "next stage, the next few weeks", to "intensify its efforts and contacts," especially among the big producers in OPEC and outside. This came during a joint press conference held yesterday by the Minister of Energy and Industry with AD. Khalid al-Falih, Minister of Energy and Industry, Saudi Arabia, and Alexander Novak and Russian Energy Minister, on the sidelines of the acts of the thirty-fifth meeting of the Petroleum Cooperation Committee of the Gulf Cooperation Council (GCC) in Riyadh. He stressed His Excellency Dr. Mohammed Bin Saleh Al-Sada, who headed the UAE delegation at the meeting, that has become an urgent need to attract huge investments in projects that ensure the supply of oil.

He also said that members of the Organization "OPEC" agreed to set production combined to range between 5.32 and 33 million barrels a day, and it has been the formation of a committee of high-level technical and put in charge of the production quota for each of the Member States, to be approved during the meeting of the "OPEC" Next and to be held in Vienna on 30 November. D.asadh also announced that "OPEC and Russia will hold a meeting on Monday in Riyadh to display the" economic models between supply and demand, and will exchange technical and economic views ", in preparation for a technical meeting between the two parties in the October 28 to 29, in Vienna." He met happiness and oil and energy ministers of the Gulf Cooperation Council (GCC) owners, on the sidelines of the Petroleum Cooperation Committee meeting with HE Mr. Alexander Novak and Russian Energy Minister, where they discussed the global oil market conditions.

 

[yota691]

Urgent Oil Ministry's [where]: OPEC secretary general to visit Baghdad this week

History of edits:: 24.10.2016 12:09 • 58 visits readable

[Oan- Baghdad] 
revealed the Oil Ministry, said the Secretary General of the Organization of Petroleum Exporting Countries [OPEC] Mohammed Barkindo, will visit Baghdad this week.

He said ministry spokesman Assem Jihad told all of Iraq [where] a copy of it, that "[Barkindo] will visit Baghdad this week to brief him on Iraq 's oil production figures , " saying the visit " in support of Iraq , especially since he has not visited since the country period." 
Jihad said , "we will be telling Secretary General of OPEC , the fact Iraqi oil production, especially since Iraq is a founding member of OPEC and this gesture from him appreciated from the Ministry of oil. " 
the visit is to coincide with the show Iraq's desire exemption from freezing production in OPEC. 
the oil minister said Jabar Ali Allaibi Sunday that he should Iraq exemption with production restrictions being in need of income at the time , who is running the war against Daesh. 
as head of the Iraqi oil marketing company said Sumo Falah al - Amiri, yesterday that "Iraq will not reduce its production , whether the decision of OPEC or the other." 
the Bank of [A. .an.zd] said on Monday: "Iraq 's remarks at the weekend that he may not join the OPEC agreement to cut production may lead to the exposure of oil prices under pressure in today 's session." 
According to senior agent oil Ministry blessing Fayyad said Iraq's oil production reached 4.774 million barrels aday , although the volume of exports amounted to 3.87 million barrels a day.

[yota691]

Allaibi: Iraq should be exempt from the OPEC agreement to install production

 

 

Sunday 23-10-2016 | 2:28:01

 

 

 

 

Iraqi Oil Minister Jabbar Allaibi - XYZ

Twilight News / Iraqi Oil Minister Ali Jabbar Luaibi said on Sunday that his country should be exempt with production constraints because of the war being waged in the face of the organization Daesh.

He said in an interview with journalists that Iraq was engaged in a fierce war, adding that he should be relieved of the country such as Nigeria and Libya.

Falah Al Amiri, head of the Iraqi Oil Marketing Company (SOMO) The wars fought by Iraq since the eighties undermined its stake and said that Iraq was producing will reach nine million barrels if it were not war.

He explained that there are countries that took Iraq's market share attributed Baghdad's refusal to cut production for this reason.

He said that Iraq will be put up on OPEC amid quiet atmosphere to avoid any tension.

 

[Wiljor]

OIL PRICES DROP AS IRAQ SAYS DOESN'T WANT TO JOIN OPEC CUT Iraq, October 24, 2016  Oil prices fell early on Monday as Iraq said it wanted to be exempt from any deal by producer cartel OPEC to cut production to prop up the market, and as U.S. drillers stepped up work. Brent crude futures LCOc1 were trading at $51.59 per barrel at 0133 GMT, down 19 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude was down 22 cents, or 0.4 percent, at $50.63 a barrel. Traders said the price falls followed comments from Iraq, which said it wanted to be exempt from a production cut by the Organization of the Petroleum Exporting Countries (OPEC) that the group plans to decide at its Nov. 30 meeting. OPEC plans to reduce production to a range of 32.50 million to 33.0 million barrels per day (bpd), down from 33.39 million bpd in September. That would be harder to achieve if Iraq, which is OPEC's second-biggest producer after Saudi Arabia, didn't participate. Iraq said on Sunday that its oil production stood at 4.774 million bpd, with exports standing at 3.87 million bpd. "We are not going back in any way, not by OPEC not by anybody else," said Falah al-Amri, the head of Iraq's State Oil Marketing Company. "Comments by Iraq over the weekend that it may not join the OPEC agreement to cut production could see oil prices come under pressure in today's session," ANZ bank said on Monday. Also pressuring the market, U.S. oil rigs rose by 11 last week, the first double-digit increase since August.  "We should see rig counts continue to increase in the wake of the recent price rally," Morgan Stanley said. Ongoing strength in the dollar .DXY, which can crimp demand as it makes fuel purchases more expensive for countries using other currencies at home, also weighed on oil. On the demand side, Japan's crude imports fell 4.6 percent in September from the same month a year earlier, to 3.27 million bpd, official data showed on Monday. Despite Monday's lower prices, analysts said that oil markets, which have been dogged by two years of oversupply, might be rebalancing in terms of production and consumption. "Statistical balances suggest that conditions have improved markedly. We suspect that the market is moving more quickly into balance than is generally recognised," Barclays bank said in a note to clients on Sunday. "The market moved into a small deficit in Q3, will remain so in Q4 and then the deficit will expand significantly in 2017," it added.   reuters   http://iraqdailyjournal.com/story-z14137234

 

[yota691]

The oil minister of OPEC Secretary General: We support the convergence of views between producers inside and outside the organization

History of edits:: 25.10.2016 22:18 • 89 visits readable

[Where-Baghdad] 
Oil Minister Jabbar Ali Hussein Allaibi stressed his support for the efforts of the Secretary General of the Organization of Petroleum Exporting Countries ( OPEC ) Mohammed Sanusi Barkindo in bringing the views between producers inside OPEC and outside, and the search for the best ways to stabilize the global market and overcome these circumstances his wisdom and long experience in this field .

Through Allaibi during a meeting Barkindo who arrived in Baghdad today, optimism reach producers inside OPEC and outside to effective solutions that will lead to the stability of the global oil market to support prices, praising the importance Zayar carried out by the secretary - general to Baghdad in this circumstance is going through Iraq, particularly since the visit comes after long decades of the last visit by the secretary - general of OPEC to Baghdad. 
The contract Allaibi, a meeting with the secretary - general which reviewed the oil activity in Iraq, was also discussed during the meeting of production and export levels. 
The Secretary - General, said that "Iraq plays a good role in the global oil market stability , "stressing that" Iraq is an active and important country in the organization, one of the countries that contributed to the foundation, where he hosted Baghdad in the early sixties of the last century , the first meeting of the organization , "adding that" Iraq is the major countries in oil production OPEC as it comes in second place after Saudi Arabia. " 
He said, We have seen cooperation keen major of the Iraqi oil Ministry to support the organization to reach a take serious steps aimed at boosting oil prices and achieve the desired in the global oil market balance, as reflected on the producers, and that the organization will continue to efforts to get out of this crisis. 
on the other hand stressed Barkindo that " the Organization of Petroleum exporting countries ( OPEC ) went through times that good conditions for more than half a century and difficult periods as well, and the current period is the hardest , " according to his personal opinion, "and therefore we are taking steps in order to reach decisions serve and support oil prices, we work with Iraq in order to address the issue and get out of the current crisis. " 
He added that Iraq" as well as over such circumstances, we are sure that Iraq will recover and will remain a unified country, and Iraq will have a major role not only in the organization but in the world Collect , "and expressed" delight to visit Iraq, describing it as the cradle of civilization, believing that any secretary - general of the Organization should visit Baghdad because it is the place where I was born organization. " 
and on the Organization 's measures to ease the situation, Barkindo, said the " stressed member states will overcome in time recently on the difficulties facing the global oil prices at the present time by working together with oil producers outside the Organization. 
the Secretary General of the Organization of Baghdad today arrived at the head of a large delegation from the Organization of petroleum Exporting Countries on an official two - day visit which will meet officials in the oil ministry and the Iraqi government take .

 

[yota691]

 

Hakim receives Secretary General of OPEC

Hakim calls for OPEC, excluding Iraq, cut oil production

 

Author: 
Editor: BK 25/10/2016 23:14 Number ofViews: 1590 
 

 

Long-Presse / Baghdad

The head of the National Alliance, Ammar al-Hakim, on Tuesday, Organization of Petroleum Exporting Countries (OPEC), excluding Iraq, of any agreement to cut production because he needs "urgent" as fighting terrorism "on behalf" of the world, calling on the organization to adopt a policy of "win-win" in support prices and maintain the global market share, while OPEC Secretary-General expressed his "support" the Iraqi request.

 This came during a meeting with al-Hakim, today, the new Secretary General of OPEC, Mohammed Sanusi Barkindo, at his office in central Baghdad, the presence of the Minister of Oil, Jabbar Luaibi, the former minister of oil, Ibrahim Bahr al-Ulum, the Director of Crude Oil Marketing Company (SOMO), Falah al-Amiri, the head of the Commission parliamentary power, Ali Fayad, according to a statement to the media office, received (range Lierse) a copy of it.

The head of the National Alliance, said that "Iraq should be excluded from any agreement that aims to cut oil production," attributing it to "the need for Iraq without the other for this exception being locked in a fierce war with Aldaasha terrorism on behalf of the world."

The al-Hakim, the importance of "creating negotiating atmosphere between oil producers and OPEC world for all", calling for "the adoption of win-win policy to support oil prices and to maintain OPEC's share in the global market."

The head of the National Alliance, that "the Iraqi oil industry suffered a lot of turns that suspended ceilings production and prevented the export of more than a decade and then fought a war with terrorism and Daesh making an exception stake in the oil market of any reduction in production is necessary," pointing to the that "Iraq is one of the founders of OPEC is calling for the early states to support prices and maintain a share of the organization."

For his part, Barkindo, "support Iraq's request Basttnaih of any agreement to cut production," blessed for Iraq, "the victories achieved by the terrorism Aldaash, praising at the same time Iraq's position in the naming of the Secretary General of the organization after it was vacant for more than three years."

The Minister of Oil, Jabbar Ali Hussein Allaibi, had confirmed during a meeting with the Secretary General of OPEC, on Tuesday, to support Iraq to the convergence of views between producers inside and outside the organization, and the search for the best ways to stabilize the global market, while Barkindo count that Iraq plays a "good role "in the oil market stability.

The Secretary-General of the OPEC Mohammed Sanusi Barkindo, has arrived in Baghdad on Tuesday (25 October 2016 present), at the head of a large delegation on an official two-day visit, he will meet with officials in the Ministry of Oil and the Iraqi government.

The Director of the State Oil Marketing Organisation (SOMO), said in (the eighth of September 2016), to support the Iraq freeze oil production for a limited period in order to raise crude prices, while detecting informed OPEC ceiling of production expected if the members agree on, he confirmed his intention continue to increase its annual production in the short term, at a rate of 100 to 150 thousand barrels per day.

The OPEC, have agreed in the (28th September 2016), on a limited reduction in oil production, nearly 700 thousand barrels per day, to reduce the decline in prices, in the first agreement of its kind since 2008, indicating that it means reducing the production of 33 million and 240 thousand barrels per day, bringing between 32 million and 500 thousand to 33 million barrels per day.

 

[yota691]

26-10-2016 04:32 PM

President stresses the importance of supporting crude prices in the global markets

 

 

 

The President of the Republic Fuad Masum, the new Secretary-General of the Organization of Petroleum Exporting Countries [OPEC] Mohammed Sanusi Barkindo, the importance of supporting crude prices in the global markets. 

According to a presidential statement, that infallible received at the Peace Palace in Baghdad on Wednesday, Barkindo, confirmed 'Iraq fiscal policy at the current stage relies primarily on oil exports ,especially since the Iraq fighting a day war against al Daesh offender on behalf of the world the fact that terrorism is a threat to everyone, which calls for the mobilization of all possible efforts to strengthen the momentum of this fateful battle and maintain economic stability of the country. " 

the President of the Republic, that ' the organization was founded in Baghdad in 1960 and that Iraq basic and founding member,' pointing out that 'As a result of circumstances that are currently going through is the need of all possible support aims to not cut oil production. " 

during the meeting, which was attended by oil Minister Jabbar Laibi , a comprehensive review of the activity Iraqi oil as well as discuss the production and export levels, said President infallible to ' the importance of the adoption by Member States of the Organization of profit for everyone to support oil prices in the global market and to maintain OPEC quota policy. " 

for his part, Secretary General of OPEC , ' Iraq 's role actor in organization, 'pointing to' constructive endeavors aiming to take decisions that serve and support oil prices, explaining the desire of the organization to work with Iraq in order toaddress the issue and get out of the current crisis. " 

as the price of Barkindo 'Iraq 's efforts to nominate a secretary - general of the organization after it was vacant for more than three years, 'praising' the victories achieved by the Iraqi forces on Daesh terrorist, 'expressing' wishes for Iraq 's access to the achievement of political and financial stability. " 

In the context of relations between Iraq and Nigeria transfer Barkindo greetings Nigerian President Mohammad Bokhari to Masum President, wishing success of the two countries in eliminating the terrorist groups of Bdaash and Boko haram. 

President infallible and carrying the visiting delegation compliments to the President of Nigeria, stressing Iraq 's desire to strengthen the bonds of cooperation between the two friendly countries.

[yota691]

OPEC secretary for Ebadi: Iraq's most prominent leaders of the organization and has a great transparency to export oil

History of edits:: 26.10.2016 22:59 • 120 visits readable

{Baghdad: Euphrates News} Prime Minister Haider al-Abadi, received in his office on Wednesday, OPEC secretary general Mohammed Sanusi Barkindo and his accompanying delegation.

A statement by the Office of the Abadi agency {Euphrates News} received a copy of it today that "Abadi said during the meeting the importance of the role of OPEC and Iraq 's continuing cooperation with and support to serve the lifting of global oil prices." 
Turn here , Secretary General of the Organization of Petroleum Exporting Countries,according to the statement " the victories achieved by Iraq Daesh terrorist gangs and that OPEC and the whole world countries trust Iraq and its leadership as fighting terrorism. " 
He noted that" Iraq has the biggest role in the revival of OPEC , which is the most prominent pillars and their leaders and enjoy great transparency in the export of oil and has a vital role to play in the region. "End quote

[nannab]

 

  Good morning all. Thank you Yota.

[Wiljor]

Iraq Serves Sweet Tea and Raw Data to Avoid OPEC Production Cuts

 

By Sam Wilkin - Oct 27, 2016, 8:55:15 AM

 

3:08

Oct. 27 -- Oil is trading at a three-week low on concerns that OPEC is unable to make the kind of progress it needs to come to a consensus and to a tangible agreement from Vienna in late November. Bloomberg analysis shows that even if OPEC cuts, it still might not be enough to drain the surplus. Bloomberg's Wael Mahdi reports on "Bloomberg Markets: Middle East." 

 

With trays of sweet tea and a tour of Babylonian treasures at the national museum, Iraq’s Oil Minister Jabbar al-Luaibi welcomed energy reporters to Baghdad. A month after railing about OPEC data, he chose a softer approach to make the case that his country pumps more oil than the group acknowledges and won’t join other members in cutting output.

Iraq took the unusual step this week of trying to persuade oil-industry watchers, and by extension the Organization of Petroleum Exporting Countries, to accept its statistics pegging last month’s crude output at more than 4.7 million barrels a day. OPEC has calculated a lower tally in recent months, based on information from analysts.

The stakes are much higher now. Iraq, OPEC’s second-largest producer, is embroiled in a war against Islamist fighters occupying much of the country, and it needs to sell all the oil it can pump to pay for and win the fight. The government wants an exemption from cuts as OPEC prepares to assign output quotas to its members in an effort to rein in a global glut and shore up prices. By digging in its heels, Iraq may prevent OPEC from paring output for the first time in eight years.

“We want you to see for yourselves what our production is,” al-Luaibi said on Sunday. “We have reached good figures, but still we are ambitious and heading toward more production.”

More Production

OPEC will meet on Nov. 30 to try to complete a deal its 14 members reached last month in Algiers that aimed at reducing their collective output and propping up crude. The group signaled last month that Iran, Nigeria and Libya would be spared from any cuts, due to sanctions and security issues that have curtailed their production. Iraq, citing its war with Islamic State militants, wants similar treatment.

After inveighing in Algeria against the secondary sources of data cited by OPEC, al-Luaibi offered his media guests at the Oil Ministry an unprecedented breakdown of the nation’s official output figures. Al-Luaibi reiterated that Iraq is fighting a costly war against extremists “on behalf of the world” and would not cut production from current levels. 

Instead, Deputy Oil Minister Fayyad Al-Nima said, the question for Iraq is, “do we freeze or do we go up?” The ministry issued a statement a few hours later announcing the tender of 12 small to medium-sized oil fields -- a sign that it has no plans to scale back output.

‘No Turning Back’

OPEC Secretary-General Mohammed Barkindo arrived in Baghdad on Tuesday to discuss Iraqi supply. He said the producer group is facing its “hardest” challenge as members debate cuts needed to balance the market, in remarks distributed by Iraq’s Oil Ministry.

There will be “no turning back” on OPEC’s Algiers agreement, and the organization will fix quotas at its Nov. 30 meeting in Vienna, Algeria’s Energy Minister Noureddine Boutarfa said in a state radio broadcast aired Thursday.

OPEC pumped a record 33.75 million barrels a day last month, data compiled by Bloomberg show, as its members scrap with each other and with higher-cost producers for market share. Benchmark Brent crude is trading at around $50 a barrel, less than half its 2014 peak.

While Iraq refuses to pump less oil, Falah Al-Amri, the head of the state oil-marketing agency, said the ministry wants also to resolve the “misunderstanding’” over conflicting numbers for the crude it produces.

Kurdish Output

Much of the discrepancy arises from oil pumped in Iraq’s semi-autonomous Kurdish region, which exports independently of the federal government, Al-Amri said. Some secondary sources give much lower figures for Kurdish output than the ministry’s monthly data. Another issue in the spat over Iraq’s output is the amount of condensate and oil products that the country blends with its crude before storing, consuming or exporting it, he said.

As part of its outreach effort, the ministry took the exceptional step of providing a breakdown of output from each of its producing regions and bringing the heads of each regional company to Baghdad to meet the reporters. But their divergent numbers for Iraqi production have yet to be reconciled.

Iraq’s finances have been under pressure since mid-2014, when a drop in oil prices coincided with Islamic State’s capture of large swathes of territory in the north and west of the country. The Iraqi army and other forces began an offensive last week to recapture the northern city of Mosul. 

Posters honoring fighters killed in action against Islamic State adorned the walls and gates of public buildings in Baghdad, 400 kilometers (250 miles) behind the front lines of the Mosul campaign. 

“Iraq is fighting a vicious war, a bloody war,” al-Luaibi said, “In spite of all the difficulties, Iraq is progressing very fast in pushing the production of oil.”

 

bloomberg.com

 

[sandfly]

THANKS

[yota691]

OPEC will meet today to discuss the reduction of oil production

History of edits:: 28.10.2016 13:42 • 19 visits readable

{International: Euphrates News} looking "OPEC" countries on Friday in Vienna, necessary for the implementation of the Algiers agreement on the reduction of oil production measures.

It is expected to announce details of the agreement and the distribution of the reduction between the countries quotas, at the end of the meeting , which is held for two days starting today and tomorrow. " 
Dropped the price of a barrel of crude benchmark blend" Brent "16 cents to $ 50.31, as the decline in the price of US barrels light crude 26 cents to $ 49.46. 
this comes back down , ignoring the meeting of the "OPEC" in Vienna, due to market doubts the ability of oil - producing countries to agree on measures to stabilize the market. 
sources told "Reuters", on Thursday, that some of the Gulf states including Saudi Arabia have indicated their willingness to cut oil production by 4%. This reflects recognition of the importance of rapid intervention to contain market crisis, especially after the return of the oil to drop below $ 50 for Brmel.anthy

[yota691]

OAPEC: 30% of the oil reserves, the three Arab countries, including Iraq

 

 

Economy News / Continue ...     Arab countries Organization of Petroleum Exporting said (OAPEC) The oil reserves to Saudi Arabia, Iraq and Kuwait of about 511.2 billion barrels, indicating that it represents about 30 percent of total world oil reserves. She explained (OAPEC) in an editorial published in the last monthly published by the Kuwait News Agency (KUNA), that "the world's total proven oil reserves estimated at 1.697 trillion barrels at the end of 2015," noting that "the proven oil reserves in the Member States of the Organization (OAPEC ) during the same period is estimated at about 701.6 billion barrels account for about 41.3 percent of the total global oil reserves. " It pointed out that "since mid-2014 has been postponed to pump about 222 billion US dollars of capital investment and development operations for about 4.2 million barrels of oil equivalent per day of maximum production capacity, noting that it could lead in the long term to a reduction in supply and a rise in prices ". It reported that "the average oil production in the Member States of the Organization of OAPEC amounted to about 27 million barrels per day in 2015, the problem of 29.5 percent of the total global oil production." She (OAPEC) said, "The International Energy Agency predicts that global oil production up to 100.4 million barrels per day by 2040 and that oil production up to the seven Arab countries (Algeria, Iraq, Kuwait, Qatar, Libya, Saudi Arabia and United Arab Emirates) to 35.3 million bpd, representing a about 35.2 percent of the total global production in 2040 ".      mm
Views 150   Added 10/30/2016 - 10:39   Last updated 30/10/2016 - 12:35   No. Content 5622

[Wiljor]

OPEC CONFIRMATION OF OIL FREEZING DEAL TO DEPEND ON IRAQ, IRAN

OPEC decision to freeze oil production will depend on the positions of Iraq and Iran, Azerbaijani Energy Minister Natik Aliyev said on Saturday.

Iraq, October 29, 2016 Adoption of a roadmap on the decisions made by the Organization of the Petroleum Exporting Countries (OPEC) in Algeria on freezing oil production will depend on the positions of Iraq and Iran, Azerbaijani Energy Minister Natik Aliyev said on Saturday.  “Everything will depend on the position of countries, primarily, OPEC members such as Iraq and Iran,” Aliyev said. Putin Says Russia Ready to Freeze Oil Production Together With OPEC He noted that these two countries were interested in increasing oil production and returning their positions on oil markets. “That is why it is important for us to know their point of view today taking into account what can occur till the end of the year,” Aliyev added.  On September 28, OPEC member states agreed on cutting its oil production to 32.5-33 million barrels per day for the whole cartel, however, no exact limits for each country have been placed. The OPEC countries are set to finalize the agreement on oil output freeze at the OPEC summit in Vienna on November 30. sputniknews   http://iraqdailyjournal.com/story-z14172611

[ChuckFinley]

Thanks Wiljor for the updates.

[Wiljor]

2 hours ago, ChuckFinley said:

Thanks Wiljor for the updates.

saludos Chuck

 

[Wiljor]

State marketing agency shows rare details of crude production Iraq wants OPEC to accept its figures before November meeting

Iraq, October 31, 2016  Iraq published data showing a rare level of detail for its oil production and exports, a week after inviting energy reporters to Baghdad to make a case that the country is pumping more crude than analysts and OPEC acknowledge. The country’s state oil marketing agency released a statement on Sunday showing September production figures for each of the 26 fields it controls, plus a single output figure for the semi-autonomous Kurdish region, which manages its crude independently. Previous monthly statements showed just two figures: total production and total exports. The Oil Marketing Co., known as SOMO, also provided detailed data on exports and domestic consumption. OPEC’s second-largest producer says it pumped more than 4.7 million barrels a day last month, several hundred thousand barrels a day more than oil-industry watchers recognize. The Organization of Petroleum Exporting Countries assesses output for its 14 members based on such secondary sources. Iraq wants the group to accept the ministry’s figures before a Nov. 30 meeting at which OPEC could limit production for its members. Oil Minister Jabbar al-Luaibi complained about OPEC data at a meeting in September in Algiers. He adopted a milder approach last week, inviting reporters to Baghdad for a tour of the national museum and a detailed discussion of production figures. “We want you to see for yourselves what our production is,” he said on Oct. 23.   Transparency Push The field-specific data for September sheds light on how SOMO calculates Iraqi production. However, it doesn’t provide a breakdown of Kurdish production, which accounts for much of the difference between the data cited by SOMO and secondary sources. “It’s an effort of transparency and backing up their numbers, but I’m not quite sure how effective it’s going to be,” Robin Mills, chief executive officer of consultant Qamar Energy, said by phone from Dubai. “The biggest discrepancy is likely to be in the Kurdish fields.” Production from the Kurdish enclave in northern Iraq averaged 546,000 barrels a day last month, according to SOMO. That figure is an estimate because the central government has not received the latest production data from Kurdish authorities, SOMO Director General Falah Al-Amri said last week. SOMO bases its estimate on what Kurdish production was in 2013 and 2014, he said. In the north of the country, the Kirkuk and Baba Gurgur fields produced 93,000 barrels a day for the federal North Oil Co., SOMO said. The nearby Bai Hasan and Avana fields pumped 275,000 barrels a day for the NOC. The BP Plc-operated Rumaila oil field, Iraq’s largest, pumped an average of 1.4 million barrels a day in September, SOMO said. The two fields at West Qurna produced a combined 870,000 barrels a day, while output from Zubair was 390,000; Majnoon, 214,000; and Halfaya, 204,000.   bloomberg   http://iraqdailyjournal.com/story-z14179343