Committee looking to extend the OPEC production cut

[yota691]

Iraq confirms to reduce oil production at a rate of 160,000 barrels in line with OPEC's decision

01/10/2017

 (Independent) announced that the Iraqi Oil Ministry for reducing oil output by 160,000 barrels per day in line with OPEC's decision, saying the quest to reduce production to 210,000 barrels per day, the end of this month.

The oil minister said Jabar Ali Allaibi in a statement received (independent) a copy of it on Tuesday, said that "Iraq has begun reduction measures since the beginning of the new year in line with the decision of producing countries from inside and outside OPEC," noting that "the quantities that have been reduced from national production rate crude oil to 160,000 barrels per day. "

Allaibi He added that "Iraq is seeking to reach the reduction amounts rate end of the month to an average of 210,000 barrels per day, a ceiling for Iraq, which was agreed upon at a meeting of the Petroleum Exporting Countries (OPEC)," stressing that "Iraq's commitment to the reduction decision despite the achieved record levels in oil exports during the year the past".

Through Allaibi hope "in the improvement of oil prices after the control of the over supply and the growth of global oil demand in the coming period." ( End ) ..

[Wiljor]

Iraq, January 11, 2017 

Iraq has reduced its oil production by 160,000 barrels a day and will comply with cuts it agreed to make under an OPEC output deal, Oil Minister Jabbar Al-Luaibi said, even as ship loading data suggested that exports are set to increase next month.

 

The Persian Gulf producer is poised to ship 3.64 million barrels a day of crude oil in February from its ports in southern Basra province, according to a loading program obtained by Bloomberg, more than its December average of 3.51 million barrels a day, which itself was a record high. Iraq has pledged to reduce its production by 210,000 barrels a day from October levels, under a Nov. 30 agreement by the Organization of Petroleum Exporting Countries.

“If it’s really happening, it should soon be visible via lower exports” because Iraq has limited storage capacity, Giovanni Staunovo, a Zurich-based analyst at UBS Switzerland AG, said by phone. “Let’s see if it shows up.”

The rising exports from Basra have led some analysts and traders to question whether Iraq will comply fully with its promised contribution to the OPEC output cut. The group’s second-biggest producer was initially reluctant to accept a quota, asking first for an exemption to help it fight Islamic State militants and then disputing OPEC’s accounting before finally agreeing to the deal. The nation pumped 4.61 million barrels daily in December, data compiled by Bloomberg show.

Iraq is cutting production from fields operated directly by the federal government, Al-Luaibi said Tuesday by text message. The country’s government-operated fields produce around 440,000 barrels a day, or less than 10 percent of Iraq’s total output, Oil Ministry data from September show.

The remainder comes from fields operated by international companies, whose contracts entitle them to compensation if the government orders them to curtail production, and the semi-autonomous Kurdish region, whose government has not given any indication that it plans to contribute to the cuts.

To read more about who controls Iraq’s oil, click here

Iraq expects to fully implement its pledged cut of 210,000 barrels a day by the end of January, Al-Luaibi said, without specifying areas or fields where it would make the additional decrease beyond the current reduction of 160,000 barrels a day. Phone calls to officials at the KRG’s Ministry of Natural Resources in Erbil were not answered.

Separately, Iraq’s Oil Ministry urged Angola’s state oil company Sonangol to resume work at two northern fields near Mosul by the end of February, the ministry said Tuesday in a statement. The company withdrew from the two fields, Najma and Qayyara, in 2014, under threat from Islamic State militants. The fields previously produced as much as a combined 30,000 barrels a day of crude.

 

bloomberg

http://iraqdailyjournal.com/story-z14596200

[Boozer]

supply and demand

[yota691]

Allaibi: Iraq wants oil prices near $ 65 a barrel

 

 Twilight News    

 

 2 hours ago

 

 

Twilight News Iraqi Oil Minister / said on Thursday that his country is committed to the global oil producers to cut production, and are interested in oil price in the range of $ 65 a barrel. 
The minister Jabbar told the Allaibi journalists on the sidelines of a conference in Abu Dhabi that Iraq hopes to better prices, spin Brent crude prices are currently around $ 55 a barrel. 
The Iraqi Oil Ministry said on Tuesday it has reduced its production of 160 thousand barrels per day since the beginning of January (January). 
She added that by the end of this month will decrease production of 210 thousand barrels per day. 

[jeepguy]

11 minutes ago, yota691 said:

are interested in oil price in the range of $ 65 a barrel

man I get a lot of  { haven`t we been here before ? }  ....  I think  what I see , is  ,  yeah you can get your 65 dollar a barrel , but you will need too increase the value of your currency ,  or  the price of oil will go back too 40 dollars a barrel !  < ----  this seems like  we have  seen post like this already !  or am I seeing the future again ?     { never seems too work in the lotto pool though !  I guess it is too deep  }   {are they getting geared up for summer travels ?  for the rise in the oil values ... }

Edited January 12, 2017 by jeepguy

[yota691]

Iraq looks to the price of $ 65 per barrel of oil

By Roudao one hour ago

Iraqi Oil Minister Jabbar Allaibi

Roudao - Arbil , 

said Iraqi Oil Minister Jabbar Luaibi, Thursday, that Iraq is looking forward to the price of $ 65 , "or something of that framework" for a barrel of oil during the coming period. 

He Allaibi in a statement to reporters on the sidelines of an energy conference in the UAE capital Abu Dhabi, that the current oil prices need to be further improved. 

By the time (06:46 GMT) ascended International benchmark Brent crude in March / March delivery, estimated at slightly, to $ 55.27 a barrel, up from Wednesday 's close of $ 55.10 price. 

The Iraqi minister, who called on his country last year , by excluding them from any consensus on the decrease or stabilize production, urgent financial liquidity to their need, that Baghdad would cut oil exports by about 210 thousand barrels by the end of this month. 

He pointed out that "was so far exports reduced by 170 thousand barrels per day, in addition to 40 thousand barrels will be reduced by the end of January this month. 

Members have begun in the " OPEC " and independent producers, earlier this year, to cut production by 1.2 million barrels and 558 thousand barrels per day, respectively, in an attempt to stabilize the global oil markets.

[yota691]

OPEC: No doubts about Iraq 's commitment to cut production

 

 

 2 hours ago

 

 

Twilight News Secretary - General of the Organization of Petroleum Exporting Countries , Mohammed Barkindo / said Thursday he sees no reason to doubt Iraq 's commitment to its pledge to cut production. 
Asked if there was the possibility of Iraq 's commitment to his pledge not to cut production, Barkindo said he met with Iraqi officials do not see any reason to doubt its full implementation cuts. 
He added that he was confident in the form of a year that producers remain committed to the agreement between the Member States of the «OPEC» and independent producers, but it is too early to determine if there is a need to extend the agreement for more than six months. 
Barkindo said that it was not «OPEC» at a specific target for the price of oil, but they want to ensure the continuity of expensive investments in the sector. 
The Iraqi Oil Ministry said Tuesday it has reduced its production of 160 thousand barrels per day since the beginning of January (January) month, and that at the end of the month will decrease production of 210 thousand barrels per day.

 

[Wiljor]

Iraq, January 12, 2017 

Analyzing December 2016 data prompts three disturbing remarks:

• First, there is more than 128% difference between what the Minister of Oil and the DG of SOMO said on how much Iraq should cut its production to comply with OPEC requirements*;
• Second, the breakeven Iraqi export oil price should be at least $48.37/b sustained during the first half of 2017 to compensate OPEC production cut burden;
• Third, there is a possibility that the magnitude of OPEC cut could prevent Iraq from attaining the export threshold adopted by Budget Law 2017, leading to increasing the breakeven price further to a minimum of $49.40/b.

So far, the Ministry of Oil did not outline, formally and publically, how it could deal with OPEC cut; worst still there is very significant and disturbing divergence on even how much cut has to be done: 210kbd or 479kbd.!

Furthermore, by keeping silent, irresponsive, preventing the publication and disclosure of any related data (except for foreign media) and completely non-transparent could only make things difficult for Iraqi citizens to know what is going on regarding this vital matter; and surely they are entitled to ask who should be held accountable for this mismanagement of their natural resource.!

 

iraq-businessnews

http://iraqdailyjournal.com/story-z14604768

[yota691]

Oilfield

Allaibi: we have reduced the export of oil to 170 thousand barrels per day and hope the arrival of its price for 65 dollars

 

Author: AR, HAA 
Editor: AR 
01.12.2017 16:23 
Number of Views: 234

 

 

Long-Presse / Baghdad

Confirmed Iraqi Oil Minister Jabbar Luaibi, said Thursday that Iraq has implemented its commitment to the Convention to reduce production, which has been reached between the major oil producers in the world, as he pointed to reduce its oil exports at a rate of 170 thousand barrels per day, pointed out that Iraq hopes to be the price of oil up $ 65 a barrel.

Allaibi said in the press on the sidelines of a conference of oil in Abu Dhabi's remarks and I followed (the long-Presse) that "Iraq has implemented its commitment to the Convention to reduce production, which has been reached between the major oil producers in the world in terms of reducing its export rate of up to 170 thousand barrels per day and was increased to reduce the rate of export this week, up 40 thousand barrels per day. "

Allaibi He added that "Iraq hopes to achieve an improvement in oil prices and we look forward to up to $ 65 a barrel or asymptotic his price."

The Iraqi Oil Ministry said on Tuesday (10 January 2017) for reducing the production rates of up to 160,000 barrels per day since the beginning of the month of January, noting that the rate of production cuts by the end of the month will reach 210 thousand barrels per day.

[yota691]

Official: Iraq exported 3,000,077 bpd

History of edits:: 01.13.2017 15:36 • 57 visits readable

[Oan- follow] the 
representative of Iraq in OPEC, said Falah al - Amiri, said that Iraq 's exports amounting to 3,000,077 bpd.

The oil minister Jabbar Ali Allaibi announced on Thursday that Iraq cut exports of 170 thousand barrels per day and Siqlsa 40 thousand barrels a day again this week , "stressing that" Iraq is committed to the agreement of oil producers world to cut production. " 
The Oil Ministry announced last Tuesday it had cut production 160 thousand barrels per day since the beginning of January and this will reach downward to 210 thousand barrels per day by the end of the month.

[Theseus]

As of the end day on Friday, January13, 2016

Crude Oil Brent

Latest Price & Chart for Crude Oil Brent

End of day Commodity Futures Price Quotes for Crude Oil Brent $55.45 (downward trend since start of the year)

Read more:http://www.nasdaq.com/markets/crude-oil-brent.aspx#ixzz4Vluxlpk9

[Lorre]

Prices should start to come up to Abadi's hoped for 65.00 a barrel if everyone keeps their productions cuts as they have stated with OPEC. However, there is news today that Iraq may continue pump despite the agreement. This was the drama the other day. There is more recent news today.

http://www.businessinsider.com/iraq-oil-compliance-opec-cuts-2017-1

Edited January 14, 2017 by Lorre

[Theseus]

Its down from a month high of 58 and change already.

[jeepguy]

thanks theseeus

 

 

 

[Laid Back]

I believe their 2017 budget is base in $45 pb. 

$55.45 pb is still good for Iraq... $10 surplus per barrel

Go oil production

Go HCL 

Go RV

[Synopsis]

30 minutes ago, Laid Back said:

I believe their 2017 budget is base in $45 pb. 

$55.45 pb is still good for Iraq... $10 surplus per barrel

Go oil production

Go HCL 

Go RV

I agree, Laid Back!

If I remember right, the budget was based on either $42 or $43/barrel.  I thought someone said for every dollar a barrel over the base, the budget deficit would close by 1 billion USD.  There is a projected 20 or 21 billion USD deficit in the budget at the base budget crude oil price.  If crude oil hits $65/ barrel (average for the year) then the budget would be balanced and there may be a slight surplus.

[Artitech]

they got it figured on $45.00

[Laid Back]

21 minutes ago, Synopsis said:

I agree, Laid Back!

If I remember right, the budget was based on either $42 or $43/barrel.  I thought someone said for every dollar a barrel over the base, the budget deficit would close by 1 billion USD.  There is a projected 20 or 21 billion USD deficit in the budget at the base budget crude oil price.  If crude oil hits $65/ barrel (average for the year) then the budget would be balanced and there may be a slight surplus.

Synopsis, I remember that article about the $1 billion👍🏻

[Lorre]

As OPEC's second largest producer, this can only help Iraq. This is a win win. Speculators jumped the gun because of them opening Basra. OPEC is not going to bankrupt their second largest producer.

http://mobile.reuters.com/article/idUSKBN14U1F1

JMHO,

[SnowGlobe7]

16 hours ago, Laid Back said:

Synopsis, I remember that article about the $1 billion👍🏻

before corruption gets a hold of it...that is why (to me) the news of fixing corruption is soooo important

reminder...I am a cat...what do I know?

[Synopsis]

4 hours ago, SnowGlobe7 said:

before corruption gets a hold of it...that is why (to me) the news of fixing corruption is soooo important

reminder...I am a cat...what do I know?

Lots!

i suspect Maliki and associates will get a lot more attention once Mosul is taken back and everyone asks, "How did we get into this mess?"  The finger pointing will go to Maliki and I suspect he'll be the favorite villain.  Sadr will likely ramp up the corruption charge on Maliki and others.  Pretty sure Mahmoud Mehat and Ali al-Allaq will get "attention" too since these guys are part of the Maliki corruption appointment machine. With these folks removed, the progress should go even faster.  Ali al-Allaq recently mentioned the delete the zeroes project has been delayed.  I suspect this is the "wrong" message with other powerful folks having a different opinion.

Just my opinion and 

[SnowGlobe7]

I like it...and thank you!

You bring a ton here...and I for one appreciate it....

 

[Lorre]

http://www.iraqinews.com/business-iraqi-dinar/opec-production-cut-spare-iraqi-budget-us14-bn/

 

 

Search

 

Business
OPEC production cut to spare Iraqi budget US$14 bn: PM adviser

by Mohamed Mostafa
Dec 7, 2016, 10:45 am

48
SHARES

 

 

 

 

OPEC organization. File photo.

 

Baghdad (IraqiNews.com) A recent decision by OPEC to cut oil production to drive up oil prices will cut Iraq’s 2017 budget deficit by US$14 billion (65%), according to a financial adviser to Prime Minister Haider al-Abadi.
The decision by the Organization of the Petroleum Exporting Countries to cut production from January by nearly 1.2 million barrels per day (3%) to 32.5 million barrels will nourish Iraq’s local economy and reduce the need for domestic and foreign loans, according to Mazhar Mohamed Saleh.
After initial reluctance citing impact from war against terrorism on its economy, Iraq agreed with OPEC last week to reduce its oil production by 200.000 bpd.
Saleh told Almada Press that the decision will have a positive effect on the Iraqi economy through reducing the budget deficit. “One dollar added to oil prices yields an additional annual revenue worth one billion dollars, besides,” he said. “That’s beside halting spending on investments in new oil wells in light of commitment to the OPEC-prescribed production share, which means saving at least 3-4 billion dollars from the investment plan in the 2017 budget.”
The deficit in the proposed Iraq’s 100-trillion-dinar budget for 2017 stands at more than 21 trillion dinars.
The OPEC deal, the first since 2008, goes into force starting January and lasts for six months. OPEC will meet with non-member producers this week in Vienna to reach a final deal on production cut.
World petroleum rates had fallen down by more than 60 percent since 2014, to the dismay of oil-reliant economies, including Iraq, OPEC’s second biggest producer.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Edited January 16, 2017 by Lorre

[10 YEARS LATER]

On 1/12/2017 at 2:10 AM, yota691 said:

Iraq looks to the price of $ 65 per barrel of oil

By Roudao one hour ago

Iraqi Oil Minister Jabbar Allaibi

Roudao - Arbil , 

said Iraqi Oil Minister Jabbar Luaibi, Thursday, that Iraq is looking forward to the price of $ 65 , "or something of that framework" for a barrel of oil during the coming period. 

He Allaibi in a statement to reporters on the sidelines of an energy conference in the UAE capital Abu Dhabi, that the current oil prices need to be further improved. 

By the time (06:46 GMT) ascended International benchmark Brent crude in March / March delivery, estimated at slightly, to $ 55.27 a barrel, up from Wednesday 's close of $ 55.10 price. 

The Iraqi minister, who called on his country last year , by excluding them from any consensus on the decrease or stabilize production, urgent financial liquidity to their need, that Baghdad would cut oil exports by about 210 thousand barrels by the end of this month. 

He pointed out that "was so far exports reduced by 170 thousand barrels per day, in addition to 40 thousand barrels will be reduced by the end of January this month. 

Members have begun in the " OPEC " and independent producers, earlier this year, to cut production by 1.2 million barrels and 558 thousand barrels per day, respectively, in an attempt to stabilize the global oil markets.

Translation: We got this, let the manipulations commence ! ! ! ! ( shhh . . . we've already begun . . . it's a secret )

(another Homer Simpson moment ) - we know that already, Thanks ! 

 

[Synopsis]

3 hours ago, SnowGlobe7 said:

I like it...and thank you!

You bring a ton here...and I for one appreciate it....

 

Thank You, Snow - Internet High Five to You, too!

Hopefully, we won't all be sitting here at our computers, iPhones, etc waiting and watching for this to happen much longer!

Go Moola Nova!