Oil rises 1% on settlement amid fears of supply shortages

[Laid Back]

11 hours ago, Pitcher said:

I agree LB.  Oil is going to be a dwindling asset class going forward. EV autos will put a huge dent in sales. LNG will be used more and more for power plants and solar will be gaining as well.  

I agree Pitcher,  OPEC hegemony over oil is over.

 

 

[jg1]

This would be a great time for the Democrats in California to jack the taxes way way way up here in California.

[danielchu]

Agreed OPEC will be dwindling! American oil will be king and EV will fall to the wayside.starting with its subsides!

[yota691]

International report expects oil to rise to $ 85 in 2019

 

Reports Economy News Baghdad UBS expects oil prices to rise to $ 85 over the next six to twelve months, boosting expectations for the Middle East. And sees the main investment office ( the CIO ) who enters the management of global wealth has « the UBS » that the recent sales of crude oil at inflated prices, stressing that investors should continue global diversification to avoid political risks are not organized in Europe, the Middle East and Africa emerging and the euro zone and the United Kingdom , Which is due to graduate from the European Union next year. Investors will have to face additional volatility in order to get more opportunities in 2019. Global economic growth will slow to 3.6 percent from 3.8 in 2018, and corporate profits will grow at a slower rate. UBS said in a report that a recession in 2019 is still unlikely, noting that the prices of many financial assets have already moved to reflect uncertain expectations. CIO believes that investors should diversify and hedge their portfolios to protect them against volatility, political and other risks, and should take advantage of growth in areas such as sustainable investment and investment, and packages of value where asset prices are significantly low. " Investors should keep their positions in global equities, with market volatility planned, slowing economic growth and profit growth does not mean there is no growth," said Mark Heveli , chief investment officer at Global Wealth Management at UBS. "Recent sales have left a number of assets Have been evaluated more favorably, but investors should also consider the tense geopolitical environment and tight monetary policy. " Views 7   Date Added 12/15/2018

[yota691]

Expert: It is not possible to predict global oil prices

15/12/2018 02:09 PM | Number of readings:

Oil expert Hamza al-Jawahri said on Saturday that it is impossible to predict the world oil prices under the pressure of the US Gulf countries to reduce prices, indicating that the increase in production from any country in OPEC will reduce prices immediately. " The forecast of oil prices next year is very difficult because of the American pressure exerted on the Gulf countries, especially the UAE and Saudi Arabia, to raise their oil production and not to abide by the latest agreement with OPEC," Jawahri said in a press statement . "Any breach of the agreement between the oil producing countries will significantly reduce oil prices and end the ambition Iraq to increase its national income after the increase in oil prices. " On the visit of US Energy Secretary Rick Perry to Iraq, explained Jeweler that "the visit was aimed at pressure on the Iraqi side in order to dispense with Iranian gas and this is not possible at the moment at all," noting that "the talk that took place between Perry and Iraqi politicians is different from what was issued In media statements ".

 

[yota691]

Iran's oil minister: OPEC is able to resolve differences similar to our war against Iraq

 

Arab and international Economy News _ Baghdad Iran's Oil Minister, Bijan Zengane, hailed the Organization of the Petroleum Exporting Countries (OPEC) for describing the Organization's ability to reach an agreement despite severe internal political differences. OPEC and its allies, led by Russia, agreed on Dec. 7 to cut output more than expected despite US President Donald Trump's pressure to cut crude prices. "OPEC has demonstrated a capacity in which members can hold talks and reach important results regarding their common interests, despite more severe political differences or even military conflicts, such as during the Iran-Iraq war," Zengah said in a tweet on Twitter. Views 17   Date Added 12/16/2018

[yota691]

Oman signs two agreements with Occidental on concession areas 51 and 65

 

Omani Oil Minister Mohammed bin Hamad al-Rumahi speaks to reporters in Vienna. "Reuters reported

Arab and international Economy News Baghdad The Sultanate of Oman signed on Sunday two agreements with a unit of Occidental Petroleum, covering concession areas 51 and 65, Oman's Oil Ministry said in a statement. According to the tweet, Oil Minister Mohammed bin Hamad Al Rumhi signed the concession area agreement 51 with Occidental Oman and the concession agreement 65 with Occidental Oman and Oman Oil Exploration and Production Company, a unit of the state-owned Oman Oil Company. State-owned Oman Television said in a report that the concession 51 covers an area of ten thousand and 133 square kilometers while the concession area 65 about 1230 square kilometers. "The agreement provides for Occidental to spend $ 14 million on exploration work in concession 51 within the initial phase of the three-year contract," he said, quoting Salman al-Shehhi, director general of investments at the oil ministry. Oman's oil production is around 995,000 bpd. The Sultanate is not a member of the Organization of the Petroleum Exporting Countries (OPEC) but is part of an agreement reached by OPEC and other producers earlier this month to reduce global supply to boost oil prices. Views 16   Date Added 16/12/2018

[yota691]

Surplus supply and economic concerns are putting pressure on oil prices

 

Oil

Economy News Baghdad Oil prices steadied on Monday after falling 2 percent in the previous session but remained under pressure amid a slowdown in major economies and fears of oversupply. By 0722 GMT, Brent crude futures were $ 60.31 a barrel, up 3 cents, up 0.05 percent from the last close. West Texas Intermediate crude <LCOc1> was $ 50.27, up 7 cents, or 0.14 percent. The continued growth of oil production in the United States continues to put pressure on oil prices, while analysts doubt that the planned reduction of production led by OPEC is sufficient to rebalance the market. OPEC and its allies, led by Russia, agreed to cut output in January, with the move being reviewed at the April meeting. Sentiment to oil and other asset classes has fallen as concerns over weak growth in major markets such as China and Europe. Views 15   Date Added 17/12/2018

[yota691]

Oil prices are falling again amid concern over supply stalemate

 

Arab and international Economy News _ Baghdad LONDON (Reuters) - Brent crude fell more than $ 3 on Tuesday, falling for a third consecutive session as concern about oversupply worries over reports of rising stockpiles and expectations of record oil production in the United States. Traders say prices are under pressure over concerns about future oil demand as global economic growth weakens and doubts about the effectiveness of planned output cuts led by the Organization of the Petroleum Exporting Countries (OPEC). According to Reuters, as of 0615 GMT Brent crude for the global benchmark Brent $ 58.62 a barrel, down 99 cents or 1.66 percent compared to the previous close. Brent, which fell more than 4 percent in the last three sessions, slipped to $ 58.10 a barrel on Tuesday, down more than $ 1.50 from the previous close. US crude futures fell 91 cents, or 1.82 percent, to $ 48.97 a barrel. Brent crude and US crude have fallen more than 30 percent since early October due to global stockpiles, with WTI trading at unrecorded levels since October 2017. The US Energy Information Administration said on Monday that oil production from seven large rocky oil basins in the United States is expected to rise to more than eight million bpd by the end of the year for the first time. Views 110   Date Added 12/18/2018

[yota691]

US oil production growth blurs OPEC cuts in 2019

 

Oil pump in Texas. "Reuters"

Reports Economy News Baghdad Expectations show that the increase in US crude production will obscure OPEC production cuts aimed at rebalancing the market by the end of next year, undermining the organization's efforts as rock oil producers increase output regardless of the price environment. The US Energy Information Administration said yesterday that US oil production was 11.6 million bpd in the latest week, just below the all-time high of 11.7 million bpd. If production increases at the rate projected by the Department of Information, it will actually swallow OPEC cuts by the end of 2019. Earlier in December, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, agreed to implement sweeping production cuts of 1.2 million barrels per day (bpd), with non-OPEC allies contributing to a reduction of 400,000 bpd. The Energy Information Administration said last week that this was equivalent to an expected increase in US production next year by 1.18 million barrels per day due to the growth of shale oil in early 2019 and the launch of long-awaited sea projects later in the year. Concerns over the price caps of crude oil in the last two months have hurt US crude prices to $ 46 a barrel on Tuesday, from a peak above $ 76 a barrel in October. US production rose last year, surpassing the record 10 million barrels per day in 1970. With technologies such as hydraulic cracking advancing, the United States has become the world's largest producer of crude and is expected to exceed 12 million bpd in the coming months. "In light of the impending pipeline of supplies, OPEC cuts do not seem to be enough to prevent a significant growth in inventories next year," said Robert McNally, president of Rapidan Energy Consulting in Washington. This highlights the growing difficulties faced by OPEC in curbing supply to raise prices to a level that the Organization considers acceptable and appropriate to the budgets of countries. Saudi Arabia's budget for 2019 is expected to be the largest ever, but economists say the kingdom's budget is based on an average price of $ 70 for Brent crude in 2019. Crude currently stands at $ 58 a barrel. OPEC data released this month shows OPEC is losing a market share in 2019, with its share of crude falling from about 33 percent this year to 31 percent in 2019. "I think these (production cuts) are not a single and final solution," said Daniel Yergen, vice president of IHS Market. "It will be a continuous process for a global market that adapts to continued production growth in the US The global oil market has clearly entered the age of rock oil." OPEC and its allies cut production by 1.6 million barrels per day by the end of 2016 in a bid to reduce the global supply gap, but over the lifetime of that agreement, the US market increased 1.62 million barrels a day, giving OPEC a market share. This could happen faster this time, one of the reasons why Opec and others have expected cuts to last for only six months. Saudi Energy Minister Khalid al-Falih said on Wednesday he expected global oil inventories to fall by the end of the first quarter of the year. Source: Reuters Views 12   Date Added 20/12/2018

[yota691]

Iraq is keen to strengthen cooperation with OPEC to stabilize oil markets

 

energy Economy News _ Baghdad Iraqi Oil Minister Thamir al-Ghadhban said on Saturday that Iraq is keen to strengthen cooperation with OPEC to stabilize oil markets, noting that OPEC will discuss during the meeting the conditions of the global oil market, and follow-up environment and climate change, and studies carried out by the organization. "The relations between Iraq and the brothers," he said during a meeting with the ministerial delegation to participate in the 100th meeting of the Council of Ministers of the Organization of Arab Petroleum Exporting Countries (OAPEC), which will be held in the Kuwaiti capital on Sunday 23 December 2018. Members of the Organization and outside it is witnessing steady growth and development in all economic and political fields, "noting that" Iraq plays a constructive role in achieving cooperation, exchange and economic integration of all brothers, through the promotion and development of joint projects, and that the policy of openness of Iraq Su Accelerating these goals. " Al-Ghadhban added that "the OAPEC ministerial meeting is held at a time when the oil market is facing great challenges, which requires all producers more cooperation and effort to develop appropriate solutions and deal with all the developments and changes taking place in world markets and leading to stability and balance. Oil markets and support oil prices to fair and acceptable rates for producers and consumers alike. " "The meeting of the Ministerial Council of the Organization of Arab Petroleum Exporting Countries (OAPEC) will discuss the topics on the agenda of the meeting, the most important of which are the facts and recommendations of the 11th Arab Energy Conference, the international oil market conditions, As well as the ratification of the minutes of the 100th meeting of the Council of Ministers of the Organization, and the distribution of prizes to the winning research. "Deputy Prime Minister for Energy Affairs and Minister of Oil will meet on the sidelines of the conference with a number of brotherly ministers to discuss means of developing bilateral relations and enhancing joint Arab cooperation in the oil and energy sector," spokesman Assem Jihad said. The Organization of Arab Petroleum Exporting Countries (OAPEC) was established in 1968 in Beirut, Kuwait, and one of the main objectives of the Organization is the cooperation of Member States in various aspects of economic activity in the field of oil extraction and the strengthening of relations among them in this field. Access to markets on fair and reasonable terms. Views 26   Date Added 12/22/2018

[yota691]

Al-Ghadhban stressed Iraq's keenness to promote joint Arab cooperation in the fields of energy and oil

01:42 - 22/12/2018

 

 

 

BAGHDAD (Reuters) - 
Iraq's keenness to promote and develop relations between Arab countries and to achieve common goals and interests, especially in the oil and energy fields, was confirmed by Deputy Minister of Energy Affairs Thamer Ghadhban on Saturday.
Deputy Prime Minister for Energy and Oil Minister Thamer Abbas Al-Ghadhban said during his chairmanship of the ministerial delegation to participate in the 100th meeting of the Council of Ministers of the Organization of Arab Petroleum Exporting Countries (OAPEC), which will be held in the Kuwaiti capital on Sunday, December 23 2018, "The relations between Iraq and its members in the Organization and abroad are witnessing steady growth and development in all economic and political fields, and it plays a constructive role in achieving cooperation, exchange and economic integration of all brothers, through the promotion of joint ventures and Matha, and opening up policy pursued by Iraq will accelerate the achievement of these goals. "
"The OAPEC ministerial meeting takes place at a time when the oil market is facing great challenges, which requires all producers to cooperate more and more to develop the appropriate solutions and deal with all the developments and developments in the world markets, And the balance of oil markets and support oil prices to fair rates and acceptable to producers and consumers alike. 
"The meeting of the Ministerial Council of the Organization of Arab Petroleum Exporting Countries (OAPEC) will discuss the topics on the agenda of the meeting, the most important of which are the facts and recommendations of the 11th Arab Energy Conference, the international oil market conditions, As well as the ratification of the minutes of the 100th meeting of the Council of Ministers of the Organization, and the distribution of prizes to the winning research.
"The deputy prime minister for energy and oil minister will meet on the sidelines of the conference with a number of brotherly ministers to discuss ways to develop bilateral relations and enhance joint Arab cooperation in the oil and energy sector," ministry spokesman Asim Jihad said. 
The Organization of Arab Petroleum Exporting Countries (OAPEC) was established in 1968 in Beirut, Kuwait, and one of the main objectives of the Organization is the cooperation of the member states in various aspects of economic activity in the field of oil extraction and closer relations in this field, "The Organization contributes to the development of Arab petroleum industries in all fields, exchange of information and expertise, and has played a major role in establishing relations between the oil-producing countries and those consuming them."
The organization supports scientific research in the fields of oil and gas, through conferences, seminars and meetings, in addition to various publications. The organization has important scientific activities at the Arab, regional and international levels. At the Arab level, the Organization, in cooperation with the Arab Fund for Economic and Social Development, oversees the Arab Energy Conference in coordination with the General Secretariat of the League of Arab States and the Arab Industrial Development and Mining Organization.

[yota691]

23-12-2018 02:42 PM

Former expert at the International Center for Energy Studies answers .. What is the secret behind the drop in oil prices?

 

 

 

 

Baghdad / News:

According to a well-known Western energy expert, low oil prices after OPEC and independent producers cut supply by 1.2 million barrels per day in early 2019 are due to two reasons: the uncertainty about commitment to the deal and the recovery of the global economy.

"Prices have fallen by about 40 percent since the beginning of last October and are below their level when they agreed to cut production for the first time in early 2017," Julian Lee said in a report published by Bloomberg on Sunday.

"There are two main factors behind the decline in prices, the first is the uncertainty about their commitment to this month's output cut, and the second is the uncertainty about the global economic recovery next year," said Lee, a former expert at the International Center for Energy Studies in London. "If the economy recovers, Prices are likely to increase sharply. "

"The fact that the cut production agreement was likely to have a fixed price base but traders do not seem to believe that these countries will abide by that agreement, and in fact they have to believe that because the reduction of supply this time depends heavily on Saudi Arabia, "He said.

"It is expected that Venezuela will continue to decline, while oil sanctions against Iran will be tightened after the expiration of the US exemptions for some countries in May," said Julian Lee.

"Although oil production in the United States is rising to a record level, the market will be balanced in the first half of next year if OPEC and other producers comply with an agreement to reduce supply," he said.

Lee pointed to the recent reports that the growth in world oil demand will slow   in 2019. "This has contributed to falling prices along with pessimistic forecasts about the global economy, Britain's exit from the European Union, the Federal Reserve's decision to raise interest rates, The work of the US federal government because of failure to reach a solution on the budget. "

"If the   pessimistic outlook for the global economy continues in 2019, coupled with expectations of a slowdown in demand, oil prices will continue to fall, but if these fears fall, prices will be likely to recover quickly and sharply," he concluded.

[Butifldrm]

Ahead of the meeting of "OPEC" .. Oil Minister: Iraq plays a major role in achieving economic stability

Saturday 22 December 2018

Baghdad - Nas

The Deputy Prime Minister for Energy Affairs and Oil Minister Thamer Ghadhban on Saturday expressed Iraq's keenness to promote and develop relations between the Arab countries and to achieve the common goals and interests in the field of oil and energy.

Al-Ghadhban said during his meeting with the ministerial delegation to participate in the meeting of the Council of Ministers of the Organization of Arab Petroleum Exporting Countries (OPEC) that "the relations between Iraq and the members of the Organization and from outside it is witnessing a steady growth and development in all economic and political fields," noting that "Iraq plays a constructive role in To achieve cooperation, exchange and economic integration of all brothers, through the promotion and development of joint projects, and that the policy of openness pursued by Iraq will accelerate the achievement of these goals.

Al-Ghadhban added that "the OAPEC ministerial meeting is held at a time when the oil market faces great challenges, which requires all producers to cooperate more and more effort to develop the appropriate solutions and deal with all the developments and changes in the world markets, And the balance of oil markets and support oil prices to fair rates and acceptable to producers and consumers alike.

Al-Ghadhban pointed out that "the meeting of the Council will discuss the topics on the agenda of the meeting, the most important of which are the facts and recommendations of the 11th Arab Energy Conference, the world oil market conditions, environmental monitoring and climate change, .

Keywords:

https://www.nasnews.com/قبيل-انعقاد-مؤتمر-اوبك-وزير-النفط-الع/

[yota691]

Iraqi oil minister: "OPEC pumps one-third of the world's production .. And there are other effects"

Iraqi Oil Minister

 23 December 2018 11:49 PM

KUWAIT (Reuters) - Iraqi Oil Minister Thamer al-Ghadhban said during the conference that it was normal to have periods of low prices and high prices.

Al-Ghadhban pointed out that the research centers have scenarios and that OPEC produces only one-third of the world's production and there are other effects, according to Kuwait News Agency (KUNA) .

 Al-Ghadhban added that despite the severe economic difficulties that Iraq is witnessing and the emergence of the so-called Islamic State Organization and the fighting with it during the past years, which coincided with the sharp drop in oil prices, Iraq has committed to reduce production.

"Today, Iraq is in a responsible position to reduce production as an OPEC country," he said, stressing that falling prices would make investments stop and that OPEC was not the only one controlling production in the world, producing only one-third of the world's production .

[yota691]

Western energy expert reveals the secret behind low oil prices

 

Sunday, December 23,

 

 

BAGHDAD (Reuters)  - Low oil prices after OPEC and independent producers cut supply by 1.2 million barrels per day in early 2019 are due to two reasons - doubts about commitment to the deal and the global economic recovery , a well-known Western energy expert said . "Prices have fallen by about 40 percent since the beginning of last October and are below their level when they agreed to cut production for the first time in early 2017,"  Julian Lee said in a report published by Bloomberg on Sunday.     "There are two main factors behind the decline in prices, the first is the uncertainty about their commitment to this month's output cut, and the second is the uncertainty about the global economic recovery next year," said Lee, a former expert at the International Center for Energy Studies in London. "If the economy recovers, Price candidate sharp increase. "  he continued:" in fact , the reduction of production agreement was Almrjaj that there is a fixed floor prices but it seems that traders do not believe that these countries will adhere to that agreement, and the fact that they believe it because reducing supplies this time largely depends on Saudi Arabia Which proved In the past a great credibility. "  On the market, Julian Lee said, "Venezuelan production is expected to continue to decline, while oil sanctions against Iran will be tightened. After the expiration of the exceptions provided by the United States to some States, in the month of May ".

[yota691]

Kazakhstan: OPEC and independents must stabilize the price of oil in 2019

 

Arab and international Economy News _ Baghdad KAZAKHSTAN (Reuters) - Kazakhstan expects participants in a global oil output reduction agreement to stabilize prices in the first quarter of 2019 and issue a joint statement next month "to support the market," Kazakh Energy Minister Kanat Bozmbaev said on Wednesday.  The Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia and independent producers, including Russia, agreed this month to start cutting output in January to ease the supply gap.  The planned closures in Kashagan, Karachajanak and Tengiz oilfields next year will help Kazakhstan cut output as much as the deal, the minister said in a press statement. Views 13   Date Added 12/26/2018

[yota691]

Before the end of 2018. Where are the Gulf bourses going?

 

Traders follow the prices in Kuwait Financial Market Hall

Market Economy News Baghdad Analysts expected most Gulf markets to continue their wobbly performance during the Sunday and Monday sessions, "the last session of this year," amid the trend of most of the portfolios to improve the annual closures and the increase of the shares of operating shares characterized by cash dividends, despite the decline in global markets last Friday. At the end of last Thursday's meeting, the Saudi stock market and most of the Gulf stock markets rose with Brent crude climbing below $ 50 a barrel, which boosted investor sentiment. Khalid Al-Zaher, a financial analyst and economic expert of Mubasher, expected to dominate the trading sessions Sunday and Monday, green amid the search by many of the portfolios to improve the prices of the annual closures. He stressed that in conjunction with the close of the closure of the fourth quarter and the closing of the annual budgets of companies will be highly volatile because investors are currently in the screening stage of companies that are better operational. Investors are looking to hold on to stocks with better cash returns, and this always requires traders to follow the expectations of board decisions in that regard, which are expected to be announced during the first quarter of next year, he said. He pointed out that the Gulf markets were directly affected by the decline in oil prices so as to anticipate the next oil prices and price stability, causing the weakness of trading and liquidity flowing to the markets. He pointed out that oil prices entered from the beginning of December in a sharp decline affected by political statements and calls to curb prices from the rise, which affected them directly, and the inability of OPEC in its last meeting to control oil prices and curb the bleeding of its prices. Oil has managed to hold the price of support above the price of $ 50 a barrel, and it is expected to close above $ 55 a barrel. For his part, said Ibrahim al-Failakawi economic adviser that these moves come in light of the fog in the oil and the agreement of OPEC and the allies, the latter, which has not been applied so far and did not affect the prices, which are falling at levels of decline has not reached since 2017. He pointed out that the temporary gains that will be achieved by some portfolios in the Gulf markets also come in the absence of a fundamental solution to the dispute between Trump on the wall of Mexico and the federal, which is still trying to continue in the policy of raising interest that harms the trading of shares globally and in a flash. This year, the Fed implemented 4 interest rate increases. He pointed out that there are expectations that semi-government funds will intervene again in the Gulf markets during the coming period if necessary, especially Saudi Arabia, which is supposed to complete the landing cycle in early January. Source: Mubasher Views 74   Date Added 12/30/2018

[yota691]

Oil closes its session this year with its first annual decline since 2015

Editorial date: 2018/12/31 11:53 • 149 times read

The price of oil rose nearly 2 percent in the last session of the year on Monday, tracking stock market gains, but it is the first annual decline in three years amid persistent fears of oversupply.

Oil sentiment was boosted by hints of a possible trade deal between the United States and China as President Donald Trump said he had "a very good call" with his Chinese counterpart Xi Jinping. 
By 0740 GMT, Brent crude futures were up $ 1.04, or about 2 percent, at $ 54.25 a barrel. Brent fell 19 percent in 2018 following a two-year rally. 
US crude was up 46 cents to $ 46.11 a barrel, up 78 cents, or 1.7 percent, from the last close. Crude is about 24 percent lower this year. 
For most of the 2018 period, oil prices were buoyed by strong demand and supply concerns, particularly with regard to the impact of renewed US sanctions on Iran's main producer, which came into effect in November.
Brent, a global oil price index, rose about a third between January and October to $ 86.74 a barrel. 
This was the highest level since late 2014, when a sharp decline in the market began amid a growing global supply gap, with many analysts and many analysts expecting crude to hit $ 100 a barrel by the end of 2018. 
Instead, Brent prices wiped out all 2018 gains to 40 percent from the peak of the year, recording about $ 53.25 per barrel, in what has become one of the sharpest declines in the oil market over the past three decades. 
This came after Washington unexpectedly gave generous exemptions to sanctions on Iran's biggest oil buyer and expectations for crude demand were weighed down by concerns about a global economic slowdown and trade disputes between China and the United States.
"It was Iran's bailout that really blew up the crude oil market bubble at the time," said Sukrit Vijayakar, director of energy consultancy Trevkata. 
"For the near future, and in the absence of anything new, the first point of pressure for the oil markets will come near May 2019 or a month or so ahead when the 'extension of exemptions' from Iran's sanctions is discussed.

[yota691]

JPMorgan: Failure to comply with OPEC agreement threatens to continue falling oil prices

 

 02 January 2019 03:39 PM
Direct : "Ja.ba.morjan" Bank warned that oil prices will suffer from the decline in the current year , OPEC and its allies did not comply with its promise of reducing production.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies are scheduled to start production cuts by 1.2 million bpd this month in order to control falling prices.

In 2018, Nymex recorded the first annual decline since 2015 with losses of about 25%.

"If OPEC cuts production at the agreed rate in the first half of 2019, not just the whole year, we will be drawn to the downside scenario we have identified," US bank analyst Scott Darling told CNBC on Wednesday. Crude price ".

 In its bearish outlook for oil prices, JPMorgan set the price of Brent crude at $ 55 a barrel.

Darling said weak demand for crude was among the factors that could keep crude prices down this year.

On the other hand, the analyst explained that the geopolitical risks of Venezuela, for example, may push oil prices up.

[mr.unlikely]

On 12/14/2018 at 3:23 PM, jg1 said:

This would be a great time for the Democrats in California to jack the taxes way way way up here in California.

Done. Bridge tolls just jumped a buck, too. Gas stil 3.65/gallon and 460.00/year to register my 17 year old truck not to mention 10% sales tax. I think we’re good on this leftist coast for now.

[yota691]

The highest decline in OPEC production of oil in two years

 

Arab and international Economy News _ Baghdad The Organization of the Petroleum Exporting Countries (OPEC) and its allies have cut their production by 1.2 million barrels per day (bpd). Referring to OPEC's sense of the importance of cutting production to stop falling crude prices, Saudi Arabia, the world's largest oil exporter, cut its crude exports last month by 500,000 bpd, Bloomberg news agency reported.  The kingdom's cut in its oil exports coincided with an undeclared drop in Iranian oil exports following US sanctions on Tehran and oil production disruption in Libya due to security problems. OPEC output fell 530,000 bpd to 32.6 million bpd last month, the biggest drop since January 2017, when OPEC set a clear strategy to curb oil surpluses on world markets after US oil production increased at the time. . OPEC and non-OPEC oil allies, notably Russia, known as OPEC Plus, agreed on December 7 to cut production by 1.2 million barrels per day (bpd) for a period of six months from January 1. Despite the agreement, crude prices continued to fall to their lowest level in more than a year. On the other hand, the price of futures contracts for Brent crude oil for global oil on Wednesday, 5.1% to about $ 56 a barrel, almost 35% below the highest level in 4 years and reached in October. This comes as dealers in the global oil market, that the reduction of production of the "OPEC Plus" insufficient to reduce supply in the market in light of the increase in oil production in the US rock, and traders are concerned about the potential for slowing oil demand due to slowing global economic growth , And the continuing trade dispute between the United States and China. Views 30   Date Added 03/01/2019

[yota691]

Brent launches new year trading on low

The world economy puts oil in a new test

 

 

Source:

• Dubai - Ashraf Rafiq and agencies

History: 03 January 2019

The oil sector is entering a new test in the new year directly affected by the performance of the global economy, which will go up or down prices, while the forces that pushed prices to fall by the end of this year still in force.

US crude prices fell late last year by 4% since their highest rise of $ 76 a barrel in October of the same year. Brent crude fell in the last week of 2018 to August 2017 levels. Oil is an important factor in global economic growth, and oil price changes in recent days reflect what is happening in equity markets.

Global concern

The fall in oil prices reflects concerns about rising US production, weak global economic growth, and even cuts by the Organization of Petroleum Exporting Countries (OPEC) and its allies could not stop the downward trend in prices. The continuation of this trend could lead to a decline in global economic growth in 2019.

IMF economists predicted global growth of 2.5 percent in 2019, up from 2.9 percent in 2018, and economic activity meant a drop in demand for energy products. The World Energy Agency warned of a drop in demand in Europe and Asia. It also expected a drop in demand in India, Brazil and Argentina, due to weak currencies and other reasons.

Warning

The Organization of the Petroleum Exporting Countries warned that demand for oil produced by member states would be 1 million barrels less per day in 2019 than in 2018. Robin Miles, chief executive of energy consulting firm Kummer, said the important element in estimating demand would be the economic outlook , Adding that the demand will get some payment from the decline in oil prices, but it seems that the global economy in general is likely to decline in the growth rate.

The agreement between OPEC and other countries, including Russia, has led to a reduction in production, when earlier prices have risen, but this effect has been removed within days. When the cut-off agreement ends in June, oil prices will show the effect of this agreement.

Reduction Agreement

"If oil prices remain below $ 60 a barrel, we will expect OPEC to extend the reduction agreement," said Ross Mold, president of AG Bell, an online investment firm. If the price rises to $ 80 a barrel, the organization may consider raising production again.

"It is very difficult to predict what will happen in the future because the United States has changed its policy towards Iran," said Spencer Welch, chief executive of oil markets at AHSMarket. "The US does not want the fuel price to rise, so its policy will be affected by what happens in market.

The United States became the world's largest oil producer in September, surpassing Russia and Saudi Arabia for the first time since 1973, and this indicates how US production of global energy policy is changing. US oil production has doubled in the past two decades, raising doubts about OPEC's ability to control prices.

"One of the factors that contributed to OPEC's loss of control over the oil industry is the emergence of other countries outside the Organization to produce oil," said Jamil Ahmed, head of currency and market research at FXTM. There is no more influential United States in this regard.

Oil retreats

Oil markets tumbled more than 1% in the first session of 2019 on the back of higher US production and fears of a slowdown this year as factory activity shrank in China, the world's largest oil importer.

Brent crude for the year was $ 53.05 a barrel, down 75 cents, or 1.4 percent, from the last closing in 2018. WTI futures fell 58 cents, or 1.3 percent, to $ 44.83 a barrel.

Weak factory activity in December in Asia amid the Sino-US trade war and a slowdown in Chinese demand, which has hurt production in most economies, signaling a difficult start to the world's largest economic growth zone in 2019.

Production of Russia

On the other hand, data from the Russian Energy Ministry showed yesterday that Russia's oil production rose to its highest levels in the post-Soviet period, recording 11.16 million barrels per day in 2018, exceeding the annual average of 11 million barrels per day for the first time.

The production level exceeded the previous annual average of 10.98 million barrels per day recorded in 2017. Russian oil production amounted to 555.838 million tons last year, compared to 547 million tons in 2017. Reuters uses the conversion rate of 7.33 barrels per tonne.

Russian Energy Minister Alexander Novak said his country's output in 2019 could fall to 552 million tonnes as a result of the global production agreement. Last December, the Organization of the Petroleum Exporting Countries (OPEC) and a number of other top producers, including Russia, agreed to cut their total crude production by 1.2 million bpd from January to curb falling oil prices.

[yota691]

Al-Ghadhban confirms Iraq's full commitment to the OPEC production cut agreement

 

Friday, January 4th

 

 

Alsumaria News / Baghdad confirmed Oil Minister Thamer Ghadban, Friday 's commitment to Iraq 's full agreement to cut production reached by the OPEC and its partners, adding that Iraq has played an important role to reach this agreement in order to find realistic solutions to control the glut of oil supply.  Al-Ghadhban said in a statement received by Alsumaria News that "the Ministry of Oil has taken measures to implement the reduction of production by (3%), which constitutes about (140) thousand barrels per day of the total production of Iraq, according to the proportion of the agreement of the producer countries of OPEC members, And its partners, which was adopted at the meeting held in Vienna Last month and provided for a reduction of (1,200) million barrels, of which (800) thousand barrels per day is the proportion of the members of the Organization of the (OPEC) and (400) thousand barrels per day of the proportion of producing countries from outside, "asserting" Iraq's full commitment to an agreement To reduce production reached by OPEC and its partners, which came into effect on January 1, 2019. "     Al-Ghadhban added that "he instructed the officials of the production and marketing sectors earlier to take urgent measures to comply with the production levels scheduled for October 2018, according to agreement, which was at the rates of (4,653) million barrels," stressing " The stability of production throughout the country at the rate of (4,513) million barrels for the next six months, after calculating the rate of reduction of Iraq's share (140) thousand barrels, and according to the time period of the agreement, which came into force at the beginning of January 2019. "Iraq played an important role with other producers in reaching this agreement in order to find logical and realistic solutions to meet the challenges of the global oil market, control the oil supply gap and work to restore balance between supply and demand, which in turn will support oil prices." , And that the Ministerial Committee of the meeting of OPEC and its partners, will follow up and monitor the developments of the oil market during the coming period and submit their reports to Member States.  Al-Ghadhban revealed that "through his contacts with his counterparts in OPEC and its partners, he stressed the keenness of all to abide by the oil agreement and achieve the planned targets in support of oil prices in international markets."  The OPEC production cut-off agreement, which was reached by Opec and its partners, came into effect this year, with OPEC production falling by 530,000 bpd, the highest in a year.

[yota691]

OPEC cuts production at the fastest pace in two years

 

 03 January 2019 08:37 PM
Mubasher : A recent survey showed that the Organization of Petroleum Exporting Countries' (OPEC) production of crude fell at its highest pace in nearly two years last December, led by Saudi Arabia.

A 15-member OPEC oil production fell by 460,000 bpd last month, the biggest monthly drop from January 2017, to 32.68 barrels per day, a Reuters survey showed on Thursday.

Saudi Arabia's output fell by 400,000 barrels per day (bpd) in December after hitting a record 11 million bpd in November, the survey said.

The second largest drop in oil production was in the UAE, followed by the third with the closure of the largest ore field as a result of unrest.

OPEC and its allies have begun cutting oil production this month by 1.2 million barrels per day (bpd) for a further six months and the agreement will be assessed in April.