Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

Oil rises 1% on settlement amid fears of supply shortages


Recommended Posts

 
14321.jpg
 
  

 Arab and international


Economy News _ Baghdad

Oil prices on Tuesday reached their highest level since November as fears about exports from war-torn Libya narrowed the market as international supplies fell due to OPEC-led output cuts and US sanctions on Iran and Venezuela.

Brent crude futures hit their strongest level since November to $ 71.34 a barrel on Tuesday.


Views 59   Date Added 04/09/2019

 
  • Upvote 2
Link to comment
Share on other sites

 
14335.jpg
 
  

 Arab and international


Economy News _ Baghdad

The Australian and Canadian dollars advanced on Tuesday thanks to a five-month high in oil prices, pushing up most of the commodity-linked currencies.

Oil prices rose on the back of tight global supplies due to fighting in Libya, OPEC-led output cuts and US sanctions against Iran and Venezuela, although energy prices fell slightly on Tuesday.

Alongside the Australian dollar and its Canadian counterpart, the Norwegian krona also made gains.

The Australian dollar was up 0.2 percent at $ 0.7144 and earlier touched a three-week high.

The Canadian currency rose to 1.3293 US dollars against its US counterpart, the strongest level since March 21.

The US dollar fell for a second day in a row, while the list of fees on European goods proposed by Washington had no immediate impact on the euro, as the single currency rose slightly.

The euro was up 0.1 percent at $ 1.1266 as traders awaited a meeting of the European Central Bank on Wednesday.

The dollar was down 0.1 percent at 96.878 after losing 0.35 percent the previous day, its biggest daily decline since March 20.

The British pound is set to reach 1.31 dollars as Prime Minister Teresa May is to ask the leaders of Germany and France to postpone Britain's exit from the European Union in a stalemate in London.

The Norwegian krona rose 0.1 percent to 8,541 to the dollar after a 0.7 percent gain on Monday on higher oil prices. It also rose slightly against the euro.


Views 26   Date Added 09/04/2019

 
  • Upvote 4
Link to comment
Share on other sites

Hovering in the $64/ppb range today. In line with AM's check list for (possible) IQD movement.

 

Oil (WTI) PRICE in USD - Historical Prices

 
Date Closing Price     Open         Daily High         Daily Low
04/08/2019           64.40     63.33          64.48            63.13
         
         
         
         
         
         
         
         
         
  • Upvote 4
Link to comment
Share on other sites

The Energy Information Administration (EIA) raises estimates of US oil production

The Energy Information Administration (EIA) raises estimates of US oil production

 09 April 2019 09:26 PM
Mubasher: The US Energy Information Administration raised estimates of oil production growth for the United States during the current year and next, and increased expectations of crude prices.

The US administration said in a report on short-term energy forecasts released Tuesday that the average US oil production is expected to reach 12.39 million bpd this year, up 0.7 percent from the previous estimate in March.

The US administration also believes that the average oil production in the United States will rise by 0.5% to 13.1 million barrels per day next year.

In terms of oil prices, the agency expects the average price of Brent crude to rise to $ 65.15 a barrel in 2019, up 3.8% from previous forecasts.

It also said that the average price of Nymex crude will reach $ 58.80 a barrel this year, up 4.8 percent from previous estimates.

While the US administration kept its estimates on the prices of crude Brent and Nymex unchanged at $ 62 per barrel, and $ 58 per barrel, respectively, in 2020.

By 18:15 GMT, US crude futures for May delivery fell 0.6 percent to $ 63.98 a barrel.

Brent crude for June delivery fell 0.7% to $ 70.60 a barrel.

 
  • Like 1
Link to comment
Share on other sites

  • yota691 changed the title to Oil prices rise in anticipation of OPEC report

Oil prices rise in anticipation of OPEC report

Oil prices rise in anticipation of OPEC report

 10 April 2019 10:54 p
Mubasher: Oil prices rose during trading on Wednesday in anticipation of OPEC's monthly report, and ahead of US inventory data.

Brent crude for June delivery rose 0.3% to $ 70.82 a barrel by 7:40 am GMT.

US Nymex crude futures for May delivery rose 0.5% to $ 64.30 a barrel.

OPEC is due to announce its monthly production report for March, later in the day.

A Bloomberg survey showed OPEC production fell 295,000 bpd to 30.385 million bpd in March.

The US Energy Information Administration (EDI) is also due to release production data and inventories in the US last week.

The administration raised its estimates for US oil production this year by about 0.7% from previousexpectations to 12.39 million barrels per day.

The US Petroleum Institute announced yesterday that oil inventories increased by 4.1 million barrels in the week ended April 5, at 455.8 million barrels.

 
  • Upvote 1
Link to comment
Share on other sites

OPEC output drops to a four-year low led by Saudi Arabia and Venezuela

OPEC output drops to a four-year low led by Saudi Arabia and Venezuela

 10 April 2019 02:42 PM
From: Noha Al - Nahhas

Mubasher: OPEC's oil production fell for a fourth consecutive month in March, falling by more than half a million barrels to its lowest level in four years.

The monthly report issued by the Organization of Petroleum Exporting Countries (OPEC) said on Wednesday that the production of member states fell by 534 thousand barrels per day in March to 30.022 million barrels per day.

The data showed that the main reason for the decline in OPEC production in March is the decline of production of Saudi Arabia by 324 thousand barrels per day at 9.79 million barrels per day.

Venezuela has also cut production by 289,000 bpd to 732,000 bpd.

Iraq was the third largest country to cut production last month by about 126 thousand barrels per day to an average supply of about 4.52 million barrels per day.

On the other hand, Libya increased its oil production in March by 196 thousand barrels per day at 1.098 million barrels per day.

By 0330 GMT, the benchmark Brent crude for June delivery was up 0.5 percent at $ 70.96 a barrel.

US Nymex crude futures for May delivery rose 0.7% to $ 64.42 a barrel.

 
  • Thanks 1
  • Upvote 2
Link to comment
Share on other sites

History of edits:: 2019/4/10 15:14  43 times readable
OPEC says oil market is weak and Venezuelan supplies collapse
{International: Euphrates News} Venezuela informed OPEC that oil production fell to a new low level not seen for a long time in the past month because of US sanctions and the interruption of electricity which enhances the impact of the global production cuts.
And it contributed to production cuts by OPEC and partners , led by Russia , as well as non - voluntary cuts from Venezuela and Iran in the rise of crude prices 32 percent this year , which led to pressure from US President Donald Trump Organization to reduce support prices in the market efforts. 
In its monthly report, OPEC said that Venezuela , the organization reported that it has pumped 960 thousand barrels per day in March , down about 500 thousand barrels per day from February. 
The data can enhance the discussion within the so - called OPEC alliance + on whether to keep the production cuts after June. A Russian official said this week that Moscow wants to pump additional quantities while OPEC says the restrictions must continue.
And cut OPEC, Russia and other producers outside the Organization of production by 1.2 million barrels per day from January for a period of six months. He is scheduled to meet with producers on 25 and 26 June to take a decision on whether they Samddon agreement. 
Said Kirill Dmitriev, a senior Russian officials who supported the agreement with OPEC on Monday, that Russia wants to raise production when it meets with OPEC in June with improved market conditions and the decline in stocks. 
In a development that could ease the fears of OPEC about a supply glut in the market again, the organization said that oil inventories in developed countries fell in February after an increase in January Althani.anthy
  • Upvote 1
Link to comment
Share on other sites

For the first time since its adoption .. Iraqi oil exports fell to suit the constraints of OPEC

Political | 04:21 - 10/04/2019

 
image
 
 

Translation - balances News 
revealed the oil monthly report issued by the economic news site Helengshebenk, the arrival of Iraq to comply with the instructions of the proportion of OPEC more than 100%. 
"Iraq, for the first time, shows compliance with the OPEC restrictions on oil exports to exporting countries, which are more than 100 percent since the imposition of restrictions in cooperation with non-OPEC exporters in 2017," the report said. 
The report said that Iraq's oil exports last month had "dropped from the upper limit of the export of OPEC by 12 thousand barrels per day," according to data from the local company Sumo.

  • Upvote 1
Link to comment
Share on other sites

  • yota691 changed the title to Iraq competes with Saudi Arabia in OPEC
Date of release: 2019/4/10 19:19 • 228 times read
Iraq competes with Saudi Arabia in OPEC
Iraq has finally managed to pump enough oil to strengthen its presence within the Organization of the Petroleum Exporting Countries (OPEC), a report by Bloomberg said. 
Iraq, the fourth largest crude producer in the world, is threatening the dominance of Saudi Arabia over OPEC's decision to control oil prices, the agency said in a report on Wednesday. 
The doubling of Iraq's crude oil production in the last decade has finally given the country a voice in oil discussions and pushed for its inclusion in the latest round of cuts, and recently joined the committee that monitors compliance with OPEC quotas, according to Bloomberg.
The move, according to Bloomberg, came about two decades after Iraq remained on the sidelines in OPEC because of its inability to raise its oil production and contribute to the price control decisions taken by the organization. 
The report says Iraqis want to have a greater say in OPEC and in the global energy game. 
What is a measure of strength? 
Production volume is a strength in oil markets, according to the Bloomberg agency, which indicated that there is no equally powerful product with Saudi Arabia, the world's largest exporter, which has the capacity to pump about 12.5 million bpd. 
Iraq's oil production is currently five million barrels a day and the country plans to raise it to about 7 million and 500 thousand barrels per day by 2025. 
Wood Mackenzie consultancy estimates that Iraq could reach six million barrels per day by that date.
The Bloomberg agency notes that even if Iraq fails to meet its targets, growing production capacity sends a clear message to Opec that Iraq can affect world markets. 
"Increasing capacity means that you can renegotiate your production quota within OPEC," said research analyst Energie Associates Ricardo Fabani. 
Many challenges 
but with that Iraq faces many challenges in order to play a pivotal role in the global oil market, is the bureaucracy, corruption , and inadequate infrastructure for the export of political unrest. 

In July, the Central Bank of Iraq announced that the country's revenues from oil exports since 2005 amounted to more than 700 billion dollars. 
Iraq has the third largest oil reserves in the world and estimated at 143 billion barrels after Saudi Arabia and Iran.
  • Thanks 1
  • Upvote 1
Link to comment
Share on other sites

  • yota691 changed the title to Oil prices are down on economic concerns and rising US production
 
14404.jpg
 
 

 Arab and international


Economy News _ Baghdad

Oil prices fell on Thursday as US crude inventories rose and the country's record high, with economic concerns casting doubt on fuel demand growth.

Brent crude for July delivery reached $ 71.52 a barrel, down 21 cents, or 0.3 percent, from the previous close.

US WTI crude futures were $ 64.34 a barrel, down 27 cents, or 0.4 percent, from the previous settlement price.

US crude oil inventories rose 7 million barrels to 456.6 million barrels last week, the highest level since November 2017, the US Energy Information Administration said on Wednesday.

US crude oil production remained at a record 12.2 million bpd, making the United States the world's largest oil producer, ahead of Russia and Saudi Arabia.

There is also concern about an economic slowdown that could soon affect fuel consumption after the International Monetary Fund cut its forecast for global growth to its lowest level in 10 years this week.

Despite rising US supplies and economic concerns, global oil markets remain in limbo amid OPEC-led output cuts, US sanctions on oil-exporting Iran and Venezuela and escalating fighting in Libya.

Brent crude and WTI crude have risen about 30 and 40 percent respectively since the beginning of the year.

In contrast to the short-term outlook for oil markets, much attention is focused on the future of demand as alternative fuels are used for transport.


Views 56   Date Added 04/11/2019

 
  • Thanks 1
  • Upvote 1
Link to comment
Share on other sites

Saudi, Venezuela cuts to production causes OPEC combined output to plunge by 534,000 barrels per day in March.
Wednesday 10/04/2019
 
Kingpin Saudi Arabia's production, meanwhile, fell by 324,000 bpd 
Kingpin Saudi Arabia's production, meanwhile, fell by 324,000 bpd

PARIS - OPEC's oil output dropped sharply last month as a result of steep production cuts in Venezuela and kingpin Saudi Arabia, the cartel said on Wednesday.

The Organization of the Petroleum Exporting Countries' combined oil production plunged by 534,000 barrels per day in March, it said in a report citing secondary sources.

OPEC does not release its own production data.

Venezuela, in the throes of political troubles, sanctions and repeated power blackouts, pumped 289,000 fewer barrels per day than the previous month, taking production to 732,000 bpd.

This compares to the more than a million barrels per day Venezuela was pumping at the start of the year, and its production capacity of nearly two mbpd in 2017.

Kingpin Saudi Arabia's production, meanwhile, fell by 324,000 bpd, according to OPEC's sources, the report said.

This, analysts say, is a result of the kingdom's determination to support oil prices in line with a production cut deal between OPEC countries and non-member Russia that is to run until June.

These efforts appear to be paying off. Oil prices rose at their fastest pace in 14 years over the first quarter of the year.

On Wednesday the WTI futures contract, the benchmark for US production, stood at $64.42 and its European counterpart, Brent, at $70.95.

  • Thanks 4
  • Upvote 2
Link to comment
Share on other sites

Economic Concerns Brent Falls 0.5%

Sources: Higher prices may push OPEC to increase production

image.jpg

 

Source:

  • LONDON (Reuters)
History: 12 April 2019

Sources familiar with the «OPEC» may raise oil production from July if the supply of Venezuela and Iran further decline and prices continued to increase, because the extension of production cuts with Russia and other allies of the Organization may cause too much oversupply in the market.

Venezuelan crude output fell below 1 million bpd due to US sanctions. Iran's output may fall further after May if Washington tightens its sanctions on Tehran, which many expect.

Total production cuts helped crude prices rise 32 percent this year to $ 72 a barrel, prompting US President Donald Trump to press OPEC to ease its efforts to shore up the market. Opec said production restrictions should continue, but it has begun to soften the situation.

"If the supply is significantly reduced and the price of oil rises to $ 85 a barrel, this is something we do not want to see, so we may have to increase production," an OPEC source said. The source added that market prospects remained unclear, and that many things would depend on the extent of Washington's tightening of sanctions on Iran and Venezuela before the OPEC meeting scheduled for June.

Low supply

The International Energy Agency (IEA) said global oil supply fell in March as US sanctions and power cuts drove Venezuela's crude production to a long-term low of 870,000 bpd, even below the level announced by OPEC on Sunday.

The Paris-based agency said in its monthly report that power cuts were an additional challenge for the Venezuelan oil sector, which had already fallen due to the collapse of the economy, corruption, mismanagement and recent US sanctions.

The agency, which coordinates energy policies for industrialized countries, said output fell 270,000 bpd, the second-largest monthly drop in Venezuela, and pushed the country's production down by 600,000 bpd from a year ago. The Organization of the Petroleum Exporting Countries (OPEC) said Venezuela had informed it that it pumped 960,000 barrels per day last month, a decrease of about 500 thousand barrels per day compared to February.

OPEC, Russia and non-OPEC oil producers have agreed to cut production by 1.2 million barrels per day (bpd) from January 1 to six months and are scheduled to meet June 25-26 to decide on extending the deal.

On the other hand, oil prices fell yesterday due to the rise in US crude inventories and the country's record production, while economic concerns cast doubt on the growth in demand for fuel. Brent crude futures were $ 71.38 a barrel, down 0.5% from the previous close. Futures for West Texas Intermediate crude futures were $ 64.12 a barrel, down 0.7% from the previous settlement price.

US crude oil inventories rose 7 million barrels to 456.6 million barrels last week, the highest since November 2017. US crude oil production remained at a record 12.2 million bpd, making the United States the largest The world's oil producer is superior to Russia and Saudi Arabia.

Brent crude and WTI crude have risen about 30 and 40 percent respectively since the beginning of the year. In contrast to the short-term outlook for oil markets, much attention is focused on the future of demand as alternative fuels are used for transport.

  • Upvote 2
Link to comment
Share on other sites

Trader Alert: Oilprice.com has officially launched the much-anticipated Global Energy Alert service, a service that includes weekly intelligence reports and our exclusive Top 50 Oil & Gas Companies In 2019 presentation. Sign up today for your risk-free trial.

1555093419-o_1d89ckrv01fmdfm81eijr4p4b38

(Click to enlarge)

1555093442-o_1d89clhsc1dbdfsl12kj1d1lksc

(Click to enlarge)

1555093457-o_1d89cm1js1d9i1itp1lkqq213c8

(Click to enlarge)

1555093478-o_1d89cmli81j9j150g1ts5k234s3

(Click to enlarge)

1555093496-o_1d89cn5n311kqi7m8ah5h775s8.

(Click to enlarge)

1555093513-o_1d89cnno31jhg1km12kgvr5190r

(Click to enlarge)

1555093528-o_1d89co6751tr9sbgs1n1bvp1jo2

(Click to enlarge)

Friday, April 12th, 2019

 

Despite losses on Thursday, oil is set to close out a sixth consecutive week of price gains. The market has been steadily tightening for quite some time, but the instability in Libya this week was the main contributor. “Demand is mixed” but “the tightness of the market is going to win out,” Amrita Sen, chief oil analyst at consultants Energy Aspects Ltd., said in a Bloomberg television interview.

OPEC production falls 534,000 bpd. OPEC production in March fell by 534,000 bpd, led by a massive 324,000-bpd reduction from Saudi Arabia, putting overall output at just below 9.8 million barrels per day (mb/d), well below its 10-mb/d ceiling as part of the OPEC+ deal. Meanwhile, Iraq lowered output by 126,000 bpd, and Venezuela saw a sharp 289,000-bpd decline in output, due in large part to power outages. On the other hand, Libya saw 196,000 bpd come back online, owing to the ramp up of the Sharara oil field. However, fighting in Libya now puts those gains at risk.

IEA: Oil supply and demand fundamentals relatively bullish. The IEA said that supply declines and steady demand have helped tighten up the oil market. However, the agency noted that there are some concerns about demand, and even as the agency maintained its 1.4-mb/d demand growth estimate, it conceded that there are downside risks to that forecast. Related: Is This The End Of The OPEC Deal?

ExxonMobil in talks on floating LNG in IsraelExxonMobil (NYSE: XOM) is reportedly in talks with Noble Energy (NYSE: NBL) and Delek Drilling (OTC: DKDRF) on building a floating LNG gas ship to help develop the Leviathan gas field in Israeli waters. Such a project would allow gas to be exported beyond the region and it would also avoid having to build infrastructure to connect the field to Egypt.

Investors see climate change as threat to profits. Investment advisory firm Mercer LLC says that climate change could cut into profits in entire sectors. While coal, oil and gas lose out if the world gets serious about addressing carbon emissions, sectors such as industrials and agriculture could lose out if there is inaction. “Asset owners should consider climate change at every stage of the investment process, from investment beliefs, policy and process to portfolio construction decisions,” said Deb Clarke, global head of investment research for Mercer.

New gas pipeline could help Permian, and Mexico. Kinder Morgan received a greenlight from federal regulators to begin construction on its Sierrita Compressor Expansion, which would expand the existing Sierrita Gas Pipeline from Arizona to Mexico. More capacity could ease gas bottlenecks in the Permian.

IMF downgrades global GDP. The IMF warned about slower economic growth in an April 9 report, downgrading estimated GDP growth to 3.3 percent this year, down from 3.6 percent in 2018. Previously, the Fund expected growth of 3.5 percent.

Trump issues executive order on pipelines. President Trump signed an executive order intended to streamline the permitting of new energy infrastructure, an effort to strip states of their authority to regulate projects. The effect of the order is unclear since many legal experts think that the order cannot get around federal Clean Water Act legislation that grants states such authority.

Related: European Markets Defy The Biggest Oil Rally In A Decade

Texas flaring enough gas to power the entire state. The Permian natural gas crisis has become so acute that oil producers were flaring gas at the end of 2018 in volumes equivalent to Texas’ entire residential gas demand, according to Bloomberg. The lack of pipelines has resulted in a glut of gas, but because drillers are focusing exclusively on oil, the associated gas continues to come out of the ground. With nowhere to go, natural gas prices have crashed to zero and companies have increased their rates of flaring. “It’s a black eye for the Permian basin,” Pioneer Natural Resources Chief (NYSE: PXD) CEO Scott Sheffield said at a conference at Columbia University this week. “The state, the pipeline companies and the producers -- we all need to come together to figure out a way to stop the flaring.”

Singapore said it will have enough supply for IMO regulations. Forthcoming regulations on marine fuels have raised fears that ship-owners may not have enough low-sulfur fuels, but Singapore, which is home to the world’s largest maritime refueling port, saidthat it will have ample supply when the IMO regulations take effect at the start of 2020.

Chevron to buy Anadarko for $33 billion. Chevron (NYSE: CVX) has agreed to purchase Anadarko Petroleum (NYSE: APC) for $33 billion in a cash-and-stock deal. The acquisition will boost Chevron’s shale assets, as well as some offshore and natural gas plays. Chevron agreed to purchase all of Anadarko’s shares at $65, a 39 percent premium. Chevron said it would dispose of $15 to $20 billion worth of assets between 2020 and 2022 as a result.

ExxonMobil accuses DOE of selling tainted oil from SPR.ExxonMobil (NYSE: XOM) said that some oil it purchased from the federal government’s strategic petroleum reserve (SPR) last year was tainted, containing “extremely high levels” of hydrogen sulfide, according to Bloomberg. That follows complaints from other companies, and raises the concern that the SPR may not offer the supply assurance that the government and the market have long thought.

U.S. approves 40 percent more drilling permits under Trump. The U.S. government has approved nearly 40 percent more oil and gas drilling permits on public lands in 2018 because of an automated online system, helping to clear a backlog, according to Reuters. Notably, however, the online system was setup in the last days of the Obama administration. Meanwhile, Politico reports that the Trump administration is considering opening up the eastern Gulf of Mexico near Florida to offshore drilling, a politically dangerous move that both parties have steered cleared from for a long time.

 

https://oilprice.com/Energy/Energy-General/Oil-Posts-Sixth-Week-of-Gains.html

  • Upvote 3
Link to comment
Share on other sites

Traders In Limbo As Mounting Uncertainty Pulls Oil In All Directions

Crude oil prices are expected to finish the week higher, but the price action late in the week suggests the market may be getting a little top heavy. Early in the week, crude oil surged to a five-month high and continues to hover around these levels, however, new concerns over future demand have slowed down the upside momentum on the daily chart.

Weekly Recap

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading higher on Friday, helped by better-than-expected trade balance data from China, which dampened concerns over a global economic slowdown. Prices also continue to be supported by the on-going OPEC-led supply cuts and the U.S. sanctions against Iran and Venezuela, which have helped tighten global supplies.

 

Prices plunged on Thursday as traders continued to react to rising U.S. inventories. The price action, however, suggests the selling may have been fueled by technical factors.

Earlier this week, the Energy Information Administration reported that U.S. crude inventories rose to their highest level since November 2017. Additionally, U.S. crude output remained at a record 12.2 million barrels per day. However, U.S. gasoline stocks fell by a whopping 7.7 million barrels last week. This was more than enough to offset the crude oil build.

At the same time, the International Energy Agency (IEA) reported that OPEC production fell 550,000 bpd. The IEA also said that U.S. sanctions and power outages pushed OPEC…

 

https://oilprice.com/Energy/Energy-General/Traders-In-Limbo.html

  • Upvote 3
Link to comment
Share on other sites

Oil prices rise after OPEC cuts, US sanctions on Iran, Venezuela

 
April 13, 2019 at 11:09 am | Published in: IranMiddle EastNewsOPECUSVenezuela
Organisation of the Petroleum Exporting Countries [file photo]
Organisation of the Petroleum Exporting Countries [File photo]
 
April 13, 2019 at 11:09 am
Oil prices rose yesterday thanks to the cuts led by the Organisation of the Petroleum Exporting Countries (OPEC), as well as US sanctions imposed on Iran and Venezuela.
 

Global benchmark Brent settled at $71.07 a barrel, up 18 cents or 0.3 per cent compared to previous figures, Addustor newspaper reported yesterday. West Texas Intermediate (WTI) crude rose by 46 cents or 0.4 per cent to settle at $63.84 a barrel.

RPC Capital Markets said it expected crude Brent and West Texas’ average price to be $75 and $67 per barrel until the end of this year, but indications are leaning towards a rise in prices.

The Canadian Central Bank said that the rising prices are fed by geopolitical factors and could bring prices to $80 per barrel or more.

Oil prices doubled on three occasions thanks to the cuts led by OPEC countries, US sanctions on Iran and Venezuela and the renewal of fighting in Libya.

Venezuelan production dropped due to US sanctions, which added to an already deep economic and political crisis in the country, while Iranian production is also expected to drop further as a result of the US sanctions which are to be tightened in May.

 

https://www.middleeastmonitor.com/20190413-oil-prices-rise-after-opec-cuts-us-sanctions-on-iran-venezuela/

  • Upvote 3
Link to comment
Share on other sites

 
14444.jpg
Russian Finance Minister Anton Silwanov. "Internet"
  

 Arab and international


Economy News Baghdad

Russia and OPEC may decide to increase production in order to gain market share with the United States, but this will make oil prices fall to around $ 40 a barrel, the Tass news agency quoted Russian Finance Minister Anton Silwanov as saying on Saturday.

"There is a problem. What should we do with OPEC? We are losing the market occupied by the Americans or are we withdrawing from the agreement," Tass quoted Silwanov, who was speaking in Washington as saying.

"If the agreement is abandoned, oil prices will fall and then new investments will fall and US production will be lower because the cost of producing shale oil is greater than conventional production," he said.

Silwanov said oil prices could fall to $ 40 a barrel and even less for a period of up to a year.

He added that no decision had yet been made on the deal and he did not know whether OPEC countries would be happy with the scenario.

OPEC, Russia and other producers, an alliance known as OPEC + Production, cut 1.2 million bpd from January 1 for six months. The alliance will meet on June 25 and 26 to decide on the possibility of extending the deal.

Collective production cuts have helped push crude oil prices up 32 percent this year to around $ 72 a barrel, prompting US President Donald Trump to call on OPEC to cut its efforts to support the market.

Opec said production cuts should be kept, but there was sign of easing the situation now.


Number of Views 34   Date Added 13/04/2019

 
  • Upvote 1
Link to comment
Share on other sites

  • yota691 changed the title to Oil falls to $ 71 on talk of raising Opec + output
 
14545.jpg
 
  

 Arab and international


Economy News _ Baghdad

 Brent crude fell to around $ 71 a barrel on Tuesday, under pressure from expectations of growing US stockpiles and worries about Russia's willingness to keep abiding by OPEC-led supply cuts.

On average, analysts expect US crude stocks to rise 1.9 million barrels last week, the fourth straight increase. The first inventory reports for this week will be released at 2030 GMT from the US Petroleum Institute.

"We have already seen those stocks rise in last week's report," said Naeem Aslam, chief market analyst at TF Global Markets in London.

"High inventory data has raised many questions for investors - no one wants to see the oil supply overshoot again."

At 0801 GMT, the benchmark Brent crude was down 12 cents at $ 71.06 a barrel. US crude oil futures rose 6 cents to $ 63.46.

While OPEC-led Brent supply cuts have pushed up more than 30 percent this year, the gains have only gone beyond worries that slowing economic growth could weaken demand for fuel.


Number of Views 14   Date Added 16/04/2019

 
  • Upvote 1
Link to comment
Share on other sites

 
14551.jpg
 
 

 Arab and international


Economy News _ Baghdad

A report by the Wall Street Journal highlighted the pivotal role played by Russia in reaching an OPEC + agreement to cut output, and that this gave Moscow great influence in the oil markets. 
When the Organization of the Petroleum Exporting Countries (OPEC) met in December, it was in danger of collapse. Iran, Venezuela and Libya, members of the Organization, refused to cut production, and Qatar also announced its exit from the Organization. 
Adding to this is the pressure on Saudi Arabia, a leading member of OPEC, by US President Donald Trump, to keep oil prices at a low level. 
"The negotiations between the members of the Organization were subject to failure, but the rescue came from Russia, the producer of oil from outside the Organization, where President Vladimir Putin agreed to reduce Russia's production of oil with OPEC."
The newspaper said that it was not revealed the severity of the situation that prevailed in the meeting, "OPEC" and the crucial role played by Russia to find a way out of this crisis, all that was in December behind closed doors, noting that Russia has become an indispensable partner For "OPEC". 
"Russia is now like an OPEC doctor," said Halima Croft, chief commodities strategist at RBC Capital Markets in Canada, and the 
Wall Street Journal report comes at a time when OPEC is meeting in May for an important meeting, Officials said the fate of the OPEC + agreement, which contributed to support oil prices by reducing the participating countries production by 1.2 million barrels per day.


Views 49   Date Added 16/04/2019

 
  • Upvote 1
Link to comment
Share on other sites

  •  
    OPEC producer Iraq sent fewest barrels to U.S. in four years
  •  
    Trump calls for more supply amid rising global oil prices
 
 
 

The U.S. Gulf Coast imported the least amount of crude in nearly three decades as shipments from Iraq plummeted and congestion lingered on a critical waterway weeks after a blaze and chemical spill at the Intercontinental Terminals Co. tank farm.

 
 

The Gulf Coast took just 1.4 million barrels a day of crude last week as Iraqi oil imports fell to a trickle of only 5,000 barrels a day, according to weekly preliminary government data. That’s the lowest amount since August 2015 when the OPEC producer shipped nothing its U.S. buyers.

 
 

The reduced Iraqi shipments caused deliveries from OPEC’s top six suppliers to fall below 1 million barrels a day for the first time in data going back to 2010.

 
 

ITC’s petroleum and chemical tank farm caught fire mid-March resulting in shipping restrictions on part of the Houston Ship Channel, a critical waterway for the petroleum industry. Two weekends ago, the same channel was shut again because of a severe storm, but it resumed traffic with restrictions the next day.

 
 
America's refining center received lowest crude supply since 1990

OPEC and its partners have entered into a pact to reduce crude supply in an effort to cut inventories. The group’s de facto leader Saudi Arabia has been targeting the U.S. for most its cuts, even sending Saudi Aramco-owned Motiva Enterprises LLC no crude in January. That may change if President Trump has called for more supply because of rising international crude prices.

  • Thanks 1
  • Upvote 1
Link to comment
Share on other sites

 
14638.jpg
 
  

 Arab and international


Economy News _ Baghdad

Saudi Energy Minister Ibrahim al-Muhanna said on Friday he expected the oil market to be well balanced this year.

"This year we have seen the implementation of OPEC's decision," he said at an oil summit in Paris.The cut may be extended until the end of the year based on market conditions. "

The Opec + group last year agreed to cut production in a partial reaction to the increase in US shale oil production.


Views 23   Date Added 04/19/2019

 
  • Upvote 2
Link to comment
Share on other sites

I found this site to be interesting for all those who wish to follow the daily oil prices.

Especially interesting is that if you scroll down you will see the prices of oil by location,

here is Basra Iraq,

 

6b74d54eefbcfaee1ebd53ef9363ec18.png Basra Light 73.92 +0.57 +0.78%

https://oilprice.com/oil-price-charts

 

WTI CRUDE  64.07  +0.20 +0.31%
BRENT CRUDE  71.97  +0.35 +0.49%
MARS US  68.10  +0.24 +0.35%
OPEC BASKET  70.81  +0.70 +1.00%
URALS 2 days 69.94  +0.00 +0.00%
  • Like 1
Link to comment
Share on other sites

  • yota691 changed the title to Oil rises 1% on settlement amid fears of supply shortages
  • TexasGranny locked this topic
Guest
This topic is now closed to further replies.
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.



×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.