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yota691

Committee looking to extend the OPEC production cut

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OPEC output cut would reduce Iraq's 2017 budget deficit by 65%  
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(Range) -07/12/2016

Affirmed the financial advisor to the prime minister, Haidar al - Abbadi, the Organization ofPetroleum Exporting Countries decision (OPEC) to cut production, it will provide Iraq with nearly $ 14 billion a year , which means reducing the deficit budget next in 2017 by 65 percent ', and noted that it will revive the local economy and reduce the need to borrow internal and external, so the oil ministry revealed its commitment to reduce 200 thousand barrels per day of production under the resolution, but economists pointed out that the cooperation with the rest of OPEC producers can achieve a balance between supply and demand and improve the price. 
He said the appearance of Mohammed Saleh, in an interview (long - Presse) that ' the OPEC decision to cut production will reflect positively on the Iraqi economy by reducing the budget deficit', noting that 'any dollar increase in the price of oil enters an additional annual return of $ billion, as well as reduce the need for new oil investments and maintain redeeming investments to maintain production capacity at the same level. ' 
Financial advisor to the prime minister and added that ' the decision means no need for the expenses of a new increase in production', indicating that this' is in two directions: first , to maintain the current production capacity and ensure that no retreat from current levels of oil wells, as well as exchange ceased to invest in new wells because of adherence production quota established by OPEC, which means the provision of between three to four billion dollars of investment plan for the next year in 2017 at the very least. 'Saleh pointed out that ' the outcome of the implementation of the resolution and the possible rise of crude prices by about ten dollars a barrel, means the provision of nearly ten billion dollars in annual revenues further, the other four as a result of lack of need for new oil investments', returned to it' thus means increased savings ratio and reduce the deficit budget in 2017 the next 65 percent. ' 
The benefit, that ' the potential recovery of the Iraqi economy in the event of rising oil prices, also contributes to reducing internal and external borrowing ratio'. 
The price of Brent crude oil, has risen since Monday, by 19 percent , with the highest jump since last July 2015, above $ 55 a barrel, on the back of the Organization of Petroleum Exporting Countries decision (OPEC) cut its production ceiling by 1.2 million barrels per day.The budget deficit in 2017, which exceed percent trillion dinars, more than 21 trillion dinars. 
For his part , he said a spokesman for the Oil Ministry , Assem Jihad, in an interview (long - Presse), said that 'Iraq from key producers in OPEC', noting that ' the organization to cut production decision came by agreement between the Member States to address the decline in the price of crude and its repercussions on the economies crisis'. 
Jihad explained that the 'decision to cut production will be implemented early next year , in 2017 and for a period of six months', pointing out that the 'ad hoc committees will monitor the market situation and identify the need to increase production in the event of stability after the expiry of that period.' 
The spokesman for the oil ministry, that the 'agreement requires that reduces Arabia produced up to 460 thousand barrels per day, Iraq stands at 200 thousand barrels', pointing out that' many producers outside OPEC supported the decision by their willingness to reduce 600 thousand barrels per day, including Russia , which It pledged to cut about 300 thousand barrels of daily production. " 
He continued jihad, that ' the decision aims to control the oil supply glut that the global market witnessed during the past period', returned the 'implementation of the resolution will be supported by price increases of inputs producing countries'. And he drew a spokesman for the Ministry of Oil that 'Iraq will deal wisely with the subject to reduce the negative impacts and maximize the positive aspects, particularly on the revenue', saying ' you can not go out for an international consensus, especially since the decision was the result of tough negotiations. " 
In turn , he said the economist Ahmed Rehn, in an interview (long - Presse) The 'OPEC 's decision to cut production will lead to reduce oversupply in the international market, especially after crossing the barrier of two million barrels per day', noting that 'cooperation OPEC countries with producers outside can bring balance between supply and demand and leads to the result to improve the price of oil. ' 
He said Rehn, that the 'global market responded to the decision by increasing the price of crude will reflect positively on the Iraqi economy', noting that 'we were the wish not covered by Iraq 's decision because of the loss of a lot of opportunities for him for decades as a result of wars, sanctions and others'. 
He stressed the economic expert, that 'Iraq if it had been the fastest in the development of extractive energies for more than benefited decision'. The OPEC countries, announced in ( the thirtieth of November 2016), its members agree on a production cut for the first time since 2008, indicating that the implementation of the agreement will be the start of next January 2017, for a period of six months. 
It is hoped that OPEC members will meet with the rest of the producing countries outside the Organization, this weekend in the Austrian capital Vienna, to reach a final agreement on reducing production.

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Hang in there, Snow.  I truly believe our days of deficit are about to be over.

Edited by Shedagal
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08-12-2016 12:35 PM
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An informed source in the Organization of Petroleum Exporting Countries [OPEC] Thursday that the General Secretariat of the Organization has already sent invitations to all OPEC oil ministers and their counterparts from abroad to attend a joint meeting next Saturday. 

The source said the '21 producing countries from outside the organization declared its readiness to join the work of the Joint Ministerial Meeting , which includes countries members of OPEC and other producers from outside the organization. 

On the names of the countries that will participate in the Vienna ministerial meeting of non - OPEC source revealed the names of some of the countries that will participate in the ministerial meeting, including Russia and Colombia, Congo, Egypt, Kazakhstan, Mexico, Oman and Trinidad Tobago, Turkmenistan, Uzbekistan, Bolivia, Azerbaijan, Bahrain. 

He announced Iraqi Oil Minister Ali Jabbar Allaibi Iraq 's participation in Saturday 's meeting, and stressed that the commitment of all oil - producing countries from inside and outside the organization reduction decision will be important and weighty factor in stabilizing the oil market to achieve common goals. " 

And about the issues on the meeting , the source said , notably addresses the quantification of an output cut that will stick by countries outside the Organization 's solidarity with OPEC countries , which have declared their commitment to withdraw 1.2 million barrels of the world market , noting at the same time that the meeting between the Russian oil minister , directors of oil companies operating in his country is a good indicator about the readiness of Moscow to cut output. 

Many observers do not rule out the oil market to announce Russia during the upcoming Vienna meeting its willingness to reduce output of more than the amount promised by the former and the estimated time by 300,000 barrels a day, because of Moscow 's great keenness on the stability of the world oil market and return prices to levels acceptable for producers and consumers alike. 

On the paradigm shift that occurred in the performance of the OPEC secretariat since the arrival of the new secretary general of the Organization Mohammad Barkindo source linked to the conclusion of his statement this transformation ,among other reasons , notably the tour made by the secretary - general of the Organization states the broad support he received from those leaders who have confirmed their keenness to achieve balance and stability in the oil market and OPEC support the new strategy. 

International media and especially concerned in the oil is still awaiting the official organization 's announcement of the ministerial meeting expected and the names of participating countries from inside and outside the organization details as well as determine the registration deadline for the various means of media , which is expected to be attendance record because of the great importance of this meeting in terms of its impact on the the global oil market and price levels.

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History of edits:: 10/12/2016 11:35 • 34 visits readable
Secretary General of OPEC expects an historic agreement with the countries outside the Organization
[Where - Follow - up] 
Secretary - General of the Organization of Petroleum Exporting Mohammed Barkindo said he expected a total of12 countries from non - members of OPEC to announce with OPEC to help reduce oil production and raise prices in the first plan of its kind since 2001.
He told reporters on Saturday ahead of the meeting "for countries not members of OPEC will cut 600 thousand barrels per day or more, this meeting historic is extremely This will strengthen the global economy and help some of the members of the Organisation for Economic Co-operation and Development in achieving the target inflation countries."
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History of edits:: 10/12/2016 20:36 • 95 visits readable
Countries outside OPEC agrees to cut production by 558 thousand barrels
[Oan- up] 
reached producing countries from outside the [OPEC] to an agreement to cut production 558 thousand barrels per day, during the first half of the year.
OPEC agreed last week to cut output by 1.2 million barrels a day as of Jan. The volume of Saudi Arabia's contribution in that reduction 486 thousand barrels per day.
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History of edits:: 12/11/2016 13:22 • 29 visits readable
Parliamentary Energy: oil agreement will raise the price of oil to $ 60
[Where - special] 
confirmed to the Oil and Energy Committee in Parliament, said on Sunday that "oil - producing countries agreed Petroleum [OPEC] will contribute to the recovery of oil prices to $ 60.
Committee Chairman Erez Abdullah told all of Iraq [where] that " the oil agreement would have a positive impacton the economic situation in Iraq, through the recovery of the economic situation and rising oil prices and therefore accrue to the general situation of the country in the affirmative." 
And between Abdullah said " the initial readings and estimates indicate that oil prices will go up to $ 60 a barrel ,according rebounds general economic organizations and oil ministers of the countries." 
The reach of the oil producers within the Organization of Petroleum Exporting Countries [OPEC] and beyond, to the first joint agreement since 2001 to restrict the production of crude and ease oversupply in the market.
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History of edits:: 12/11/2016 13:40 • 60 visits readable
Parliamentary Oil: OPEC agreement will reduce the budget deficit and improve the living situation of the country
{Baghdad} Euphrates News confirmed the Commission on oil and energy parliamentary, OPEC oil agreement will contribute to reducing the deficit in the federal budget for the next 2017 and improve living conditions in the country.
Committee Chairman Erez Abdullah, told {Euphrates News}, that " the oil the world reached by the OPEC agreement, will help stabilize oil prices and a height, which leads to the stability of the economic situation and increase state revenues and all oil - producing countries." 
He stressed , "There are positive to this agreement, because there was a deficit in the budget of 2017, an estimated $ 21 billion, and rising oil prices will enable the government to meet this deficit, and improve the living conditions of the citizens from the south to the north." 
The oil producers within the Organization of Petroleum Exporting Countries {OPEC} and abroad, reached Saturday to the first joint agreement since 2001 to restrict crude production and ease the oversupply in the market and the agreement came after the continued low prices for over two years , which put pressure on the budgets of many countries and triggered unrest in some of them. 
OPEC agreed last week to cut output by 1.2 million bpd from January. 
And independent producers agreed Saturday to reduce production by 562 thousand barrels per day, slightly less than the size that was targeted initially amounting to 600 thousand barrels per day, said sources in the Oopk.anthy 1

 

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11-12-2016 04:21 PM
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The Commission on oil and energy parliamentary, said on Sunday that an agreement for the oil producing countries of the Petroleum [OPEC] will contribute to the recovery of oil prices to $ 60. 

Committee Chairman Erez Abdullah that ' the oil deal will impact positively on the economic situation in Iraq, through the recovery of the economic situation and rising oil prices and therefore accrue to the general situation of the country in the affirmative. " 

And between Abdullah said 'initial readings and estimates indicate that oil prices will go up to $ 60 a barrel , according rebounds general economic organizations and oil ministers of the States'. 

The reach of the oil producers within the Organization of Petroleum Exporting Countries [OPEC] and beyond, to the first joint agreement since 2001 to restrict the production of crude and ease oversupply in the market.

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Much appreciated Yota, so cut the production of barrels per day, that creates a demand of higher priced oil, start working infrastructure, creating jobs take out terrorism and try to eliminate most of the government corruption. raise the value of your currency.

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Oil Seen Headed to $60 as Saudis Signal Deeper Output Cuts

 

By Mark Shenk and Ryan Sachetta - Dec 12, 2016, 8:02:39 AM

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Dec.11 -- Oil jumped to the highest since July 2015 after Saudi Arabia signaled it’s ready to cut output more than earlier agreed while non-OPEC countries including Russia pledged to pump less next year, strengthening the coordinated commitment by the world’s largest producers to tighten supply. Bloomberg's Aaron Clark has more on "Bloomberg Daybreak: Asia."

Oil may climb to $60 a barrel for the first time in almost a year and a half after Russia and other unaffiliated nations joined an OPEC pledge to reduce production and Saudi Arabia surprised the market by saying it will cut more than previously agreed.

Non-OPEC nations said Saturday they will reduce output by 558,000 barrels a day, adding to a Nov. 30 OPEC commitment to cut 1.2 million starting in January. Brent crude has surged more than 20 percent since OPEC announced its first cut in eight years. Prices jumped as much as 6.6 percent to $57.89 a barrel in early Monday trading.

 

The agreement is the first between OPEC and non-OPEC producers since 2001. It underscores the resolve to end a market-share war that exacerbated a global oversupply and caused prices to slump by 75 percent. The OPEC and non-OPEC plan encompasses countries that pump 60 percent of the world’s oil but excludes producers such as the U.S. and Canada, which have benefited from the boom in shale output, as well as China, Norway and Brazil.

“This is an unprecedented event,” said Thomas Finlon, director of Energy Analytics Group in Wellington, Florida. “The 558,000 barrel decline from non-OPEC together with the OPEC agreement will total 1.8 million barrels a day of cuts, which is about 2 percent of global production. This is enough to have an impact.”

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Russia had already announced it plans to trim output by 300,000 barrels a day next year, down from a 30-year high last month of 11.2 million barrels a day. At the meeting, Mexico pledged to cut 100,000 barrels, Azerbaijan by 35,000 barrels and Oman by 40,000 barrels, a delegate said.

Non-OPEC Joins OPEC in First Global Oil Cuts in 15 Years

The non-OPEC reduction is equal to the anticipated demand growth next year in China and India, according to data from the International Energy Agency. Oil officials said Mexico’s contributions would be made through “managed natural decline” meaning the Latin American nation will not cut output deliberately, but will let production fall as its aging fields yield less. Other countries such as Azerbaijan are likely to follow the same route for their cuts.

The joint commitment “marks a turning point for oil markets,” said Francisco Blanch, head of commodity markets research at Bank of America Merrill Lynch, in a telephone interview. “Shale producers may increase activity, but it will take at least 12 months for those barrels to come into the market. Meanwhile, OPEC barrels will exit global markets on Jan. 1.”

Saudi Minister Jolts Oil Market With ‘Whatever It Takes’ Moment

Saudis Signal Deeper Cuts After Deal With Non-OPEC Countries

“I can tell you with absolute certainty that effective Jan. 1, we’re going to cut and cut substantially to be below the level that we have committed to on Nov. 30,” Saudi Energy Minister Khalid al-Falih said after Saturday’s meeting.

10 Million Barrels

Riyadh’s portion of the OPEC agreement last month was a production cut to 10.06 million barrels a day, down from a record high of nearly 10.7 million barrels in July. The Saudi minister said he was ready to cut below the psychologically significant level of 10 millions barrels a day -- a level it has sustained since March 2015 -- depending on market conditions.

“The Saudis’ latest deal with non-OPEC countries could potentially boost Brent crude price toward $60 this week,” said Gordon Kwan, head of Asia oil and gas research at Nomura Holdings Inc. in Hong Kong.

Bank of America’s Blanch forecast $70 by mid-2017.

Some analysts questioned if some of the producers would adhere to the promised cuts, particularly Russia, which accounted for more than half of the non-OPEC commitment.

‘Playing Wall Street’

“OPEC is playing Wall Street very well,” Stephen Schork, president of the Schork Group Inc., a consulting company in Villanova, Pennsylvania, said by phone. “The Russians have a completely horrible track record of abiding by these type of agreements. OPEC will be lucky if you see two-thirds of this agreement honored. I’m highly skeptical that the Saudis are going to play nice and cede further market control to the Iranians. ”

Brent sank near $27 a barrel in January as surging output from OPEC and other sources, notably U.S. shale, pushed inventories up faster than demand.

“Strong compliance” rather than “full compliance” could still have “a meaningful impact on price,” Jason Schenker, president of Prestige Economics LLC in Austin, Texas, said in an interview.

Russia and Oman will join OPEC members Algeria, Kuwait and Venezuela on the committee to oversee implementation on the accord, a delegate said.

“Assuming reasonable compliance levels, these cuts will be enough to push the market into deficit, allowing inventories to draw and oil prices to recover towards marginal cost,” Neil Beveridge, a Hong Kong-based analyst at Sanford C. Bernstein, said by phone.

‘Limited by Leakage’

Sarah Emerson, managing director of ESAI Energy Inc., a consulting company in Wakefield, Massachusetts, also said the collaboration with countries outside OPEC would “pull the global market into balance, if not in deficit, by the second quarter of 2017” rather than in the third quarter.

The agreement will trigger “strong prices, for sure, but the upside is limited by leakage, which may be substantial as the price climbs toward $60,” she said in a telephone interview.

West Texas Intermediate, the U.S. benchmark, added as much as 5.8 percent to $54.51 a barrel on the New York Mercantile Exchange. Front-month prices have added about 20 percent since OPEC announced its plans to curb supply last month.

“The market should respond very favorably to what we saw here, could push us up to new highs,” Phil Flynn, senior market analyst at Price Futures Group in Chicago, said in a phone interview. “It’s a sign that the production war that was really started two years ago is over and that OPEC and non-OPEC countries feel that they can work to raise prices and not worry about market share.”

 

bloomberg.com 

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History of edits:: 12.12.2016 14:12 • 96 visits readable
Parliamentary Energy: Iraq will witness the biggest case of recovery and we expect another jump in oil prices
{Baghdad} Euphrates News said the oil and energy parliamentary member Jamal Panthers on Monday that Iraq will witness the case of an oil recovery, and there is another leap in oil prices.
The Panthers told {Euphrates News} today that " the first step is positive that its OPEC which is to achieve production within OPEC amounts sense to reduce production amounts to 1.2 million barrels per day and this effect on oil prices and Zadtha to $ 55 per barrel." 

He noted that "step post the rest of the oil - producing countries which are outside the OPEC contributed to reducing production or reduce it to control global prices , " noting that "there is another leap in oil prices and be all producing countries , the status of double dividend." 

He added that "Iraq will be the countries that will see the state of the recovery will be more of the important countries in this context." 

The oil - producing countries within the Organization of Petroleum Exporting Countries {OPEC} and abroad, reached last Saturday to the first joint agreement since 2001 to restrict crude production and ease the oversupply in the market and the agreement came after the continued low prices for over two years , which put pressure on many countries budgets and triggered unrest in some of them. 

OPEC agreed last week to cut output by 1.2 million bpd from January. 

And it agreed to independent producers, to reduce production by 562 thousand barrels per day, slightly less than the size that was targeted initially amounting to 600 thousand barrels per day , according to sources in Oopk.anthy 1
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Expert IMF: Osaralinvt will be between $ 50 to $ 60

Expert IMF: Osaralinvt will be between $ 50 to $ 60
One oil production platforms - the image of Reuters Arabian Eye
 
 December 14, 2016 14:07

Direct: expected economic expert of the International Monetary Fund, oil prices do not come back in the coming period to the level of $ 100 a barrel, according to a press release.

Said Natalia Tamereesa, during the Arab Strategy Forum held in Dubai at the moment, that oil prices will range between $ 50 to $ 60 a barrel, according to a statement received "direct" version.

Tamereesa considered, according to the statement, that the Member States of the Organization of Petroleum Exporting Countries "OPEC" and producing countries are not members of agreement gave a positive indication and cause a rise in oil prices.

The reach of the oil producers within the Organization of Petroleum Exporting Countries , OPEC , on and off, on Saturday, the first joint agreement since 2001 to restrict the production of crude, easing oversupply by 558 thousand barrels per day.

According to the statement, Tamereesa explained that many of the oil-producing countries made a remarkable progress, with the change of oil prices by cutting subsidies for electricity and fuel, and the launch of projects that aim to achieve economic diversification.

Tamereesa and noted that the diversification of the economy is not easy and requires a lot of organization spending reforms, and should not take any solution will be a high cost, according to the statement.

By the time 11:02 GMT, Brent crude futures fell 63 cents, equivalent to 1.18% to $ 55.08 a barrel level.

It fell WTI US mediator in futures 69 cents, equivalent to 1.28% to $ 52.29 a barrel level.

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National oil company has plans to increase deliveries of its Basra oil grades by about 7% 
Iraq, December 15, 2016 

Iraq plans to increase crude-oil exports in January, government records show, immediately raising questions about its commitment to slashing production in line with OPEC’s landmark production agreement last month.

Iraq’s national oil company, the State Organization for Marketing of Oil, or SOMO, has plans to increase deliveries of its Basra oil grades by about 7% to 3.53 million barrels a day compared with October levels, according to a detailed oil-shipment program viewed by The Wall Street Journal. Those oil shipments represent about 85% of Iraq’s exports.

The oil shipment plan was dated Dec. 8, nine days after Iraq agreed to cut its output by more than 4% along with other members of the oil cartel, the Organization of the Petroleum Exporting Countries. OPEC, which controls over a third of global crude-oil production, said Nov. 30 that its collective output would fall by 1.2 million barrels a day beginning Jan. 1, with specific agreements from member countries.

The list of planned tanker loadings has been circulated among potential buyers so they can gauge its availability.

SOMO chief Falah al-Amri declined to comment about the company’s January export levels. Iraq’s oil minister, Jabbar Ali al-Luaibi, has said he would instruct SOMO to act on the OPEC output-cut agreement.

On Wednesday, several hours after a Wall Street Journal article on Iraq’s oil-export plans, OPEC Secretary General Mohammad Barkindo said he planned to ask members in writing on Thursday to announce their future oil-export programs. While OPEC asks members to disclose their production, it would be unprecedented for the cartel to ask countries to announce the levels they export.

“I just thought I should write the ministers to avoid complacency,” Mr. Barkindo said in an interview.

OPEC has a spotty record of complying with its production-cut agreements. A Goldman Sachs report said that, over 17 production cuts since 1982, the cartel’s members reduced output by an average of 60% of the amount committed to.

Iraq agreed to cut its output by 210,000 barrels a day from October levels of 4.561 million barrels a day. The country’s oil officials were among the most reluctant to go along, disputing OPEC’s statistics and threatening to pull out of the agreement until the last minute because it needs the oil revenue to fight its war against Islamic State.

Iraq says it has increased its output to 4.8 million barrels a day in 2016, from less than 3 million barrels a day a few years ago, using Western and Chinese oil companies to tap into its deep crude reserves.

A country’s oil exports and its crude-production levels don’t always rise and fall together because some oil production is consumed locally and other output is stored in tanks.

In Iraq’s case, though, the country consumes only about 15% of its oil production, an amount that doesn’t vary much month to month. Its maximum storage capacity is just over 10 million barrels, which isn’t enough to account for the increase in Basra exports.

Iraqi Oil Minister Jabbar Ali al-Luaibi, right, pictured in the Iraqi city of Basra last August. Photo: Reuters 

Those numbers suggest that Iraq couldn’t cut its production if it wants to meet its stated goals for export shipments in January.

The planned deliveries to mostly Indian and Chinese refiners also represent a rise of 390,000 barrels a day compared with December shipments, according the records viewed by the Journal.

Iraq’s plan to increase exports comes as other OPEC members are informing their buyers that less oil—not more—is coming.

Speaking to reporters this weekend, Saudi Arabian energy minister Falih al-Khalid said state-run Saudi Aramco had notified customers that it will reduce deliveries despite high demand for its oil in January. OPEC members Qatar, Angola and Algeria have also told crude-oil buyers like refineries that they will be reducing deliveries.

In Russia, a non-OPEC producer that joined the cartel’s efforts to pull back output, Energy Minister Alexander Novak said on Wednesday that 12 companies that produce about 90% of the country’s oil have pledged to uphold a production cut, according to Interfax news agency. Russia is among 11 non-OPEC producers that agreed to cuts along with OPEC.

“They will lower [output] proportionally to production volume,” he said.

OPEC has set up a five-member committee to monitor countries’ compliance with their pledges to cut. The committee will include OPEC members Kuwait, Algeria and Venezuela and Russia and Oman from outside the cartel representing the 11 non-OPEC producers that also promised output cuts.

 

wsj

 

http://iraqdailyjournal.com/story-z14460591

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Saturday 17 December 2016 09:54
 
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Alsumaria News / Baghdad
shut down oil prices, Saturday, at an altitude according to the indicators on a global agreement to reduce production. 

Brent prices closed higher for February delivery gained $ 1.30 Uma equivalent to 2.41% of Elly up to $ 55.32 per barrel, while US crude West Texas Intermediate $ 1.13 to $ 52.03 a barrel. 

It agreed Organization of Petroleum Exporting Countries (OPEC) to cut production by 1.2 million barrels per day from January to the first agreement of its kind since 2008.

 

 

 

 


And plans to Russia and other producers are not members of OPEC to cut production by up to half that amount. 

Russia said on Friday that all oil producing companies in the country , including the largest Rosneft agreed to cut production.

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With Ice Brent hovering around 55 usd p/b Iraq's profits will begin to surge and as long as they can keep the crooks hands out of the cookie jar, Iraq is destined for greatness. 

'Good things are coming DV, and again I say, once Mosul has been liberated we should see things move along nicely :cigar:

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Iraq, December 18, 2016 
Iraq is selling more crude oil to its biggest customer, China’s Unipec, people familiar with the matter say, digging a deeper foothold in the global supply market just before production cuts agreed with OPEC and other producers are scheduled to kick in. 

With new deals with Indian and US refiners also coming on stream, the expanded contract with the trading arm of Asia’s largest refiner Sinopec means Baghdad will have to reduce supply to other clients to honour its commitment to cut output by 210,000 barrels per day (bpd) from 2017.

Three people with knowledge of the matter said the Unipec contract was signed just before the Organization of the Petroleum Exporting Countries (OPEC), of which Iraq is a member, agreed with other producers led by Russia to cut output by as much as 1.8 million bpd in an effort to reduce a global fuel supply overhang and prop up prices.

Speaking on condition of anonymity because they weren’t authorised to speak to media, the people said Iraq’s Oil Marketing Company (SOMO) has boosted Basra crude forward export sales to Unipec by 3 percent to a total of 40 million-60 million barrels each quarter – 435,000-652,000 bpd – for 2017.

“If Iraq increases its sales to China while others have to cut back or just hold their volumes steady, Iraq will inevitably gain market share in what is arguably the most important oil market,” said a trader who specialises in sending crude to China but is not allowed to speak publicly.

Iraq is OPEC’s second-biggest producer behind Saudi Arabia and now ranks third among crude suppliers to China – after Russia and Saudi Arabia – having recorded a 15 percent year-on-year jump to about 723,000 bpd between January and October.

As part of the expanded Chinese deal, one of the people said, Unipec is expected to load 2 million barrels of Basra Heavy crude every quarter.

“Basra is now an established grade with stable quality and reliable supplies,” said another trader, who buys Iraqi crude but isn’t authorised to speak to the media.

Unipec said it doesn’t comment on specific deals.

SOMO will also supply Basra Heavy crude under new term contracts to Exxon Mobil, Chevron Corp and Indian refiner Essar Oil for 2017, according to a person close to the matter and a preliminary January loading schedule for the oil.

The contracts contribute to an expected jump in Basra exports to 3.53 million bpd in January 2017, the highest volume since June, the loading schedule showed.

SOMO did not reply to an e-mail from Reuters seeking comment. Exxon and Chevron said they don’t comment on operational matters, and Essar declined to comment.

In India, crude imports from Iraq rose 24 percent in the first 10 months this year to 784,000 bpd, making Iraq the second-largest crude supplier after Saudi Arabia.

Iraqi crude exports to the United States have more than doubled in the first nine months of 2016 from the same period a year ago to nearly 350,000 bpd as Venezuelan supplies declined, data from the Energy Information Administration showed.

 

arabtimesonline

 

http://iraqdailyjournal.com/story-z14474599

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Economy News / Continue ...
 
 
 
Notified the Iraqi oil marketing company "Sumo", Tuesday, customers of crude oil buyer that Iraq will abide by reducing production agreed by the Organization of Petroleum Exporting Countries "OPEC".
 
She said, "Sumo" in the speech reported by "Reuters" that "the size of the production cuts will range between 200-210 thousand barrels per day during the first half of 2017," Mkhtrh clients of crude oil buyer that "Iraq will abide by reducing production agreed by the Organization of Petroleum Exporting Countries OPEC ".
 
For his part, said a source in the sector are aware of the subject according to "Reuters" that "the exact size of the reduction for each shipment of cargoes destined for customers will be determined for each one individually."
 
 
 
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Views 5   Date Added 12/20/2016 - 13:58   Last updated 20/12/2016 - 13:11   No. Content 6155
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Kurdistan agree to reduce oil output

Il Giornale 4 minutes ago  0 Visit


 

BAGHDAD - The Journal News

It approved the Kurdistan Regional Government, to reduce its output of oil source after the approval of the oil companies producing crude, OPEC's implementation of the agreement.

He said Iraqi Oil Minister Jabbar Allaibi by ministers of Arab countries Organization of Petroleum Exporting Council meeting (OAPEC) held in Cairo, on Friday, that the Kurdistan Regional Government approved a commitment to OPEC's agreement to cut production Mathddh according to the Iraqi government.

And reach members of the Organization of Petroleum Exporting Countries (OPEC), the end of last month an agreement to cut the cartel's production of oil of 1.2 million barrels per day by the beginning of 2017.anthy

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Oil Rich Iraqi Oil Province Kirkuk Ready To Participate In OPEC Cuts
 
**Everyone is cutting Oil production in Iraq to align with orders from Baghdad"
 
 
By Tom Kool - Dec 22, 2016, 10:26 AM CST Iraq

Kirkuk, one of Iraq’s richest oil provinces and under Kurdish control since 2014 has now said it’s ready to curb oil production if Iraq requires it to do so.

Bloomberg quoted Ahmed Al-Askari, the head of Kirkuk’s oil energy and industry committee as saying that his province is prepared to reduce output if the decrease is ‘’proportional’’ with the country’s other regions.

Earlier this week, Oilprice reported that Iraq might delay the output cut, as it plans to cut production, but not necessarily meet the deadline of January 1 which OPEC collectively agreed on.

 

Thus far, Iraq has shown various signs of going rogue as some of the International Oil Companies (IOC’s) have reported increased oil output. Oil major BP reported on Tuesday that it managed to ramp up oil production in the giant Rumaila field, reaching a 27 year high with over 1.45 million bpd produced.

The Wall Street Journal surprised markets last week by publishing a shipping document dated December 8th which revealed Iraq’s plans to increase Basrah grade oil exports by 7 percent in January 2017.

Although the director of Iraq’s oil marketing company SOMO declined to comment on Iraq’s intention to ramp up oil exports in January, Iraq’s oil minister Al-Luaibi was quick to say that he would instruct SOMO to adjust export levels in order to comply with the OPEC cuts.

Ahead of the OPEC deal to curb production, Iraq produced 4.8 million bpd in November and decided to offer a 4.5 percent production cut, amounting to some 210,000 bpd.

Related: Oil Prices Edge Lower On Crude Inventory Build

Producing around 12 percent of Iraq’s total oil output. Kirkuk’s oil production in October 2016 amounted to 614,071 bpd of which 49,338 were produced by Iraq’s North Oil Company. In line with Iraq’s commitment to the OPEC deal, Kirkuk would be looking at an output cut of around 25,000 bpd.

25,000 bpd may not seem like a lot, but Kirkuk, protected by Kurdish Peshmerga troops, continues to fight against ISIS and its regional government still struggles to pay salaries to civil servants, pay off its swelling debts and compensate International Oil Companies.

By Tom Kool of Oilprice.com

http://oilprice.com/Latest-Energy-News/World-News/Oil-Rich-Iraqi-Oil-Province-Kirkuk-Ready-To-Participate-In-OPEC-Cuts.html

 
 
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Said Egyptian Minister of Petroleum «Tariq Mulla», on Thursday, that Egypt is seeking to reach an agreement with Iraq to import crude from him directly during the first quarter of next year 2017. 

«Mullah» he said on the sidelines of a conference «Arab countries Organization of Petroleum Exporting» «OAPEC» held Cairo, on Thursday, said that the target imported from Iraq quantities ranging between one million and two million barrels per month. 

According to a "homeland singing" was «Mullah» has conducted a visit to the Iraqi capital Baghdad at the end of October / last October, while the number of members of the National Alliance , called on the Iraqi government to grant Egypt crude oil in response to the blackmail practiced by Saudi Arabia against Cairo. 

The Egyptian Ministry of Petroleum announced earlier, the company «Aramco» Saudi Arabia did not send for the month of November last fuel shipments, and did not reach Egypt 's position that the $ 700 thousand tons per month to meet the needs of the local market of fuel shipments.

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Said Egyptian Minister of Petroleum «Tariq Mulla», on Thursday, that Egypt is seeking to reach an agreement with Iraq to import crude from him directly during the first quarter of next year 2017. 

«Mullah» he said on the sidelines of a conference «Arab countries Organization of Petroleum Exporting» «OAPEC» held Cairo, on Thursday, said that the target imported from Iraq quantities ranging between one million and two million barrels per month. 

According to a "homeland singing" was «Mullah» has conducted a visit to the Iraqi capital Baghdad at the end of October / last October, while the number of members of the National Alliance , called on the Iraqi government to grant Egypt crude oil in response to the blackmail practiced by Saudi Arabia against Cairo. 

The Egyptian Ministry of Petroleum announced earlier, the company «Aramco» Saudi Arabia did not send for the month of November last fuel shipments, and did not reach Egypt 's position that the $ 700 thousand tons per month to meet the needs of the local market of fuel shipments.

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