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OPEC ministers expect to extend oil deal and deepen cuts

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History: 28 June 2019

Iraqi Oil Minister Thamir al-Ghadhban said yesterday that OPEC is expected to expand the agreement to cut crude supplies at its meeting next week and discuss deepening the cuts since January 1.

The agreement between the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, to cut output by 1.2 million bpd expires at the end of June. Meetings in Vienna on July 1 and 2 are scheduled to discuss next steps.

"The extension will be at least the same level, because it was not very effective, it was effective to a certain level in order to reduce the bottleneck in the market to the lowest possible level, but there are new ideas or calls for agreement, even more."

That issue would be discussed in Vienna, but he declined to identify the proposed alternative level of reductions. Sources told Reuters this month that Algeria had put forward the idea of deepening the cuts by 600,000 barrels per day. Kuwait's Oil Minister Khalid al-Fadhil said he supports the extension of the agreement between OPEC and its non-member countries to reduce oil production until the end of 2019, Kuwait News Agency (KUNA) reported.

Kuwait is committed to reducing production under the deal, Al-Fadil said before OPEC's meeting next week. Russian Energy Minister Alexander Novak said yesterday he believed the Organization of the Petroleum Exporting Countries and its allies would reach an agreement when they discuss their agreement on global oil production during their meeting in Vienna.

Novak said the Russian Energy Ministry was still in talks with oil companies in the country over the production agreement. "I think we will definitely agree, there will be a unified general decision," he told reporters when asked if he expected the talks to be difficult during the Vienna meeting.

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Novak: The G20 summit could decide on a deal to cut oil production

Novak: The G20 summit could decide on a deal to cut oil production

28 June 2019 01:00 PM
Directly : Alexander Novak , Russian Energy Minister believes that the twentieth summit meetings may provide greater clarity for the OPEC and its allies with regard to the extension of the agreement to cut production.

Today, the G20 Summit, held in Osaka, Japan, was launched.

OPEC and its allies are scheduled to hold a revision meeting of the production reduction agreement in the first two days of July in Vienna, the meeting that will decide the future of the agreement.

"The market is at a very exciting stage at the moment, it seems balanced in terms of supply and demand, but on the other side there are a lot of uncertainties," Novak said Friday on the sidelines of his meetings at the 20th summit on Friday.

"We hope to be clearer after the 20th summit," he said, as oil producers are expected to make a balanced decision on supply.

OPEC and its allies have decided to cut production by the end of June by 1.2 million bpd after a sharp drop in prices by the end of 2018.

Novak is expected to meet Saudi Energy Minister Khalid al-Faleh on the sidelines of the summit.

 
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 Arab and international


Economy News _ Baghdad

Oil prices fell on Friday as traders awaited any development in the US-China trade war from a scheduled meeting between the two heads of state on Saturday at the G-20 summit and look forward to next week's OPEC meeting. 
By 0644 GMT, Brent crude futures were down 35 cents, or 0.5 percent, at $ 66.20 a barrel. 
US WTI futures fell 30 cents, or 0.5 percent, to $ 59.13 a barrel. 
G20 leaders meet on Friday and Saturday in Osaka, Japan, but the most anticipated meeting between US President Donald Trump and his Chinese counterpart Xi Jinping on Saturday. 
A trade dispute between the world's two largest economies is squeezing oil prices, fueling concerns that slowing world growth could negatively affect demand for crude.
The Organization of the Petroleum Exporting Countries (OPEC) and some independent producers including Russia, the group known as OPEC +, plan to hold meetings on July 1 and 2 in Vienna to decide on extending their production cuts. 
OPEC members agreed to cut oil production by 1.2 million bpd from January 1.


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Economy News _ Baghdad

MOSCOW - Russia's energy minister Alexander Novak said on Friday he hoped the G20 meeting in Japan would provide visibility to OPEC and independent oil producers as they consider extending a supply cut agreement after June.

"The market is currently at a very important stage," Novak said. On the one hand, it seems balanced in terms of supply and demand, but on the other hand, there is a lot of blurry. "

"We hope there will be more clarity ... after the G20 summit in Osaka," he said, adding he expected oil producers to make a balanced decision on supplies.


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The rise in the number of oil drilling platforms in the United States

The rise in the number of oil drilling platforms in the United States

 28 June 2019 08:33 PM
Mubasher : The number of oil drilling platforms in the United States increased this week, while natural gas platforms declined.

According to data released by Baker Hughes on Friday, US oil drilling platforms rose by 4 platforms during the week ending to 793 platforms.

While the number of natural gas exploration platforms in the United States fell by 4 platforms to 173 platforms.

By 5:07 pm GMT, US crude futures for August delivery fell 0.3 percent to $ 59.27 a barrel.

While Brent crude for August delivery rose 0.4 percent to $ 66.79 a barrel.

During the same period, the price of natural gas futures fell by 0.4 percent to $ 2.32 per million British thermal units.

 
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Trump Administration to Dredge San Francisco Bay to Make Room for More Oil Tankers

Groups Push Back on Plans to Expand Bay Area Refining

Global Research, June 28, 2019
 
 
Golden Gate Bridge © Robert Galbraith / Reuters

OAKLAND, Calif.— Public-interest groups filed a joint letter Monday with the U.S. Army Corps of Engineers strongly warning against efforts to dredge a deeper channel through San Francisco Bay.

The Army Corps’ proposal would result in a 13-mile dredging project designed to make it easier for oil tankers to move greater amounts of crude to and from Bay Area refineries. Dredging scrapes layers off the bay floor to make a deeper path for ships, allowing them to load up with more oil while navigating through the bay.

The dredging would coincide with the refineries’ plans to process more Canadian tar sands crude via ship over the coming years. Canada has taken another step toward completing the massive Trans Mountain Pipeline expansion, which would significantly increase the volume of dirty tar sands coming to West Coast refineries. The dredging project may also allow the port of Stockton to export more coal to Asia.

“The Trump administration is proposing what amounts to almost $15 million in subsidies each year for four refineries to increase production,” said Zolboo Namkhaidorj, youth organizer at Communities for a Better Environment. “The communities of color beside the refineries will be breathing even more dangerous pollution, when we need to be transitioning off fossil fuels and into healthier communities.”

“The Corps has failed to fully disclose the project’s impacts,” said Erica Maharg, managing attorney for San Francisco Baykeeper. “This dredging project will increase refinery production, potentially open up more exports of dirty coal through the bay and harm imperiled fish species. The Corps must do more to mitigate these harms.”

According to expert analysis, the dredging project could release up to 7.2 million additional tons of carbon dioxide equivalent into the atmosphere, along with significant increases in local air pollution. The proposed project may also make oil spills more likely and more severe. In 2016 a spill from an oil tanker docked at the Phillips 66 refinery sent 120 people to the hospital, and the Air District issued a shelter-in-place order for 120,000 residents in Vallejo.

“The Trump administration is pushing this project to allow Big Oil to bring more dirty, climate-destroying tar sands oil and other crude to California,” said Marcie Keever, legal director for Friends of the Earth. “This action puts our region and communities at an unacceptable risk of more pollution and oil spills and the Army Corps’ actions should be halted immediately.”

“This proposed project is just another attempt by the Trump administration to make it easier for the fossil fuel industry to profit at the expense of our health and safety,” said Terilyn Chen, Sierra Club’s regional coal organizer. “Our communities do not want to see more dirty tar sands traveling through our water, and we will continue to fight back against this dangerous proposal.”

The project could also be detrimental to numerous imperiled fish species that inhabit San Francisco Bay. Whales and other marine mammals could see greater risks from ship strikes and be harmed by increased noise levels.

“This project is a boondoggle meant to line the pockets of big oil companies,” said Hollin Kretzmann, a senior attorney at the Center for Biological Diversity. “But the harms from spills, accidents and climate chaos will fall on the public and the marine species that live in the bay’s unique ecosystem.”

 
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14 hours ago, yota691 said:

“But the harms from (non) spills, (non) accidents and (non) climate chaos will fall on the public and (NOT) the marine species that live in the bay’s unique ecosystem. freacosystem.”

 

:lmao:   :lmao:   :lmao:

 

THERE is JUST NO limit to THEE LUNACY OF THEE Bay's Unique Freacosystem!!!

 

Go Moola Nova!

:pirateship:

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This action puts our region and communities at an unacceptable risk of more pollution and oil spills and the Army Corps’ actions should be halted immediately.”

We are OK with living with the dirty needles, homeless peoples mess on the sidewalks, illegals crossing our borders an being taxed to death but are totally against a tanker coming into beautiful an clean city of San Francisco....LMAO I would be embarrassed to say I lived in that third world state.

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Russian President Vladimir Putin on the sidelines of the G20 summit in Osaka, Japan
  

 Arab and international


Economy News Baghdad

MOSCOW (Reuters) - Russian President Vladimir Putin said on Saturday Russia had agreed with Saudi Arabia to extend an OPEC deal to cut oil production by six to nine months.

"The agreement will be extended in its current form and in the same quantities," he told a news conference after talks with Saudi Crown Prince Prince Mohammed bin Salman on the sidelines of the G20 summit.

OPEC and its allies meet in the so-called OPEC + on July 1 and 2 to discuss a 1.2 million bpd cut in output. The agreement expires after June 30.

"We will support the extension, both Russia and Saudi Arabia, with regard to the extension period, we have not yet decided whether six or nine months may be nine months," Putin said.

The nine-month extension means that the agreement will continue to operate until 30 March 2020.


Views 38   Date Added 06/29/2019

 
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Oil likely to extend the decision to cut production for 9 months

Political | 03:33 - 30/06/2019

 
image
 
 

BAGHDAD 
(Reuters) - Oil Minister Thammar al-Ghadhban on Sunday extended the decision to cut production for months, stressing that Iraq's stance is positive and realistically addresses the challenges of the oil market and supports all trends aimed at achieving a balance between supply and demand. 
"The direction of the main producer countries indicates a decision to extend the production reduction agreement from (6-9) months," Ghadhban said as he left for Vienna to attend the 20th ministerial meeting of OPEC producers and their allies. 
"The challenges of the oversupply of oil in the world markets are still present and requires a decision to restore balance to the oil market and support oil prices, so the decision to extend the agreement to reduce production leads to alleviate the difficulties and problems experienced by the oil market."
He added that "the ministerial meeting includes listening to the reports of the relevant committees on the oil market, and discussed by members to reach an agreement contributes to the stability of the global oil market and support prices," stressing "the existence of challenges and difficulties faced by producers and seems to address problems and difficulties takes some time , And that dealing with the challenges by those concerned with realism and great dream and patience. "

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Sunday، 30 June 2019 07:42 PM

Iraqi oil minister expects 6-9 months OPEC output deal extension

image.png.eba1864711528e98e9700f6a80553d99.png

https://www.thebaghdadpost.com/en/Story/42266/Iraqi-oil-minister-expects-6-9-months-OPEC-output-deal-extension

 

Iraqi Oil Minister Thamir Ghadhban said on Sunday that he expects a global deal cutting crude production to be extended by six to nine months and that his country supports all efforts to improve stability in the oil market.

“The main oil producers are heading towards a decision to extend the oil production agreement by six to nine months,” the minister said in a statement ahead of talks among OPEC and its allies on Monday and Tuesday about renewing the pact.

“Iraq’s position is positive, deals with the reality of the challenges of the oil market and supports all (efforts) related to balancing oil supply and demand.”

Russia has agreed with Saudi Arabia to extend the deal with OPEC on reducing oil output, Russian President Vladimir Putin said, as oil prices come under renewed pressure from rising US supplies and a slowing global economy.

Saudi Energy Minister Khalid al-Falih also said the deal would most likely be extended by nine months and no deeper reductions were needed.

"It’s a rollover and it’s happening,” Falih, whose country is the de facto leader of OPEC, told reporters earlier.

The pact is due to expire on Sunday and currently involves curbing oil output by 1.2 million barrels per day.

Oil ministers from the Organization of the Petroleum Exporting Countries meet on Monday in Vienna, followed by talks with non-OPEC oil producers on Tuesday.

The United States, the world's largest oil producer ahead of Russia and Saudi Arabia, is not participating in the pact.

The United Arab Emirates' energy minister said on Sunday he hoped for a productive outcome from the Vienna meetings, according to his official Twitter account.

"Confident the alliance will reach a decision that will restore oil market balance," Suhail bin Mohammed al-Mazroui tweeted.

A nine-month extension would mean the deal runs out in March 2020. Russia's consent means the so-called OPEC+ group may have a smooth meeting if OPEC's third-largest producer Iran also endorses the arrangement.

New US sanctions on Iran have reduced its exports to a trickle as Washington seeks to change what it calls a "corrupt" regime in Tehran. Iran has denounced the sanctions as illegal.

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Iraqi oil minister expects six-nine months OPEC output deal extension

Rania El Gamal, Ahmad Ghaddar

 

June 30, 2019 / 6:38 AM / Updated 4 hours ago

https://uk.reuters.com/article/uk-oil-opec-iraq/iraqi-oil-minister-expects-six-nine-months-opec-output-deal-extension-idUKKCN1TV0I1?rpc=401&

 

VIENNA (Reuters) - Iraqi Oil Minister Thamer Ghadhban said on Sunday that he expects a global deal cutting crude production to be extended by six to nine months and that his country supports all efforts to improve stability in the oil market.

FILE PHOTO: Iraqi Oil Minister Thamer Ghadhban speaks to the media at the ministry's headquarters in Baghdad, Iraq May 16, 2019. REUTERS/Khalid Al-Mousily/File Photo

“The main oil producers are heading towards a decision to extend the oil production agreement by six to nine months,” the minister said in a statement ahead of talks among OPEC and its allies on Monday and Tuesday about renewing the pact.

“Iraq’s position is positive, deals with the reality of the challenges of the oil market and supports all (efforts) related to balancing oil supply and demand.”

Russia has agreed with Saudi Arabia to extend the deal with OPEC on reducing oil output, Russian President Vladimir Putin said, as oil prices come under renewed pressure from rising U.S. supplies and a slowing global economy.

Saudi Energy Minister Khalid al-Falih also said the deal would most likely be extended by nine months and no deeper reductions were needed.

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“It’s a rollover and it’s happening,” Falih, whose country is the de facto leader of OPEC, told reporters earlier.

The pact is due to expire on Sunday and currently involves curbing oil output by 1.2 million barrels per day.

Oil ministers from the Organization of the Petroleum Exporting Countries meet on Monday in Vienna, followed by talks with non-OPEC oil producers on Tuesday.

The United States, the world’s largest oil producer ahead of Russia and Saudi Arabia, is not participating in the pact.

The United Arab Emirates’ energy minister said on Sunday he hoped for a productive outcome from the Vienna meetings, according to his official Twitter account.

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“Confident the alliance will reach a decision that will restore oil market balance,” Suhail bin Mohammed al-Mazroui tweeted.

A nine-month extension would mean the deal runs out in March 2020. Russia’s consent means the so-called OPEC+ group may have a smooth meeting if OPEC’s third-largest producer Iran also endorses the arrangement.

New U.S. sanctions on Iran have reduced its exports to a trickle as Washington seeks to change what it calls a “corrupt” regime in Tehran. Iran has denounced the sanctions as illegal.

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Looks like the Markets like the news on the China-US Truce. Futures including Oil jump on the news.  Tomorrow should be an interesting day for us traders.  OPEC decides to roll over its cuts to 2020.  This should be good for oil prices rising in the future.  Stay tuned, news is looking good. 

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OPEC set for oil cut extension next week if Iran endorses pact; deal likely to be extended by 9 months

Business Reuters Jul 01, 2019 11:16:29 IST
 

https://www.firstpost.com/business/opec-set-for-oil-cut-extension-next-week-if-iran-endorses-pact-deal-likely-to-be-extended-by-9-months-6909841.html

 

Vienna: The Organisation of the Petroleum Exporting Countries (OPEC) and its allies look set to extend oil supply cuts next week at least until the end of 2019 as Iraq joined top producers Saudi Arabia and Russia on Sunday in endorsing a policy aimed at propping up the price of crude amid a weakening global economy.

Iran is the only major OPEC nation yet to have spoken publicly about a need to extend production cuts. Tehran has in the past objected to policies put forward by arch-rival Saudi Arabia, saying Riyadh was too close to Washington.

The United States is not a member of the OPEC, nor is it participating in the supply pact. Washington has demanded Riyadh pump more oil to compensate for lower exports from Iran after slapping fresh sanctions on Tehran over its nuclear programme.

The OPEC and its allies led by Russia have been reducing oil output since 2017 to prevent prices from sliding amid soaring production from the United States, which has become the world’s top producer this year ahead of Russia and Saudi Arabia.

Fears about weaker global demand as a result of a US-China trade spat have added to the challenges faced by the 14-nation OPEC in recent months.

OPEC set for oil cut extension next week if Iran endorses pact; deal likely to be extended by 9 months

Representational image. AFP

Russian President Vladimir Putin said on Saturday he had agreed with Saudi Arabia to extend existing output cuts of 1.2 million barrels per day, or 1.2 percent of global demand, by six to nine months—until December 2019 or March 2020.

Saudi Energy Minister Khalid al-Falih said the deal would most likely be extended by nine months and no deeper reductions were needed.

“It’s a rollover and it’s happening,” Falih, whose country is the de facto leader of OPEC, told reporters.

Warren Patterson, head of commodities strategy at Dutch bank ING, said OPEC had more to lose by not extending the deal.

“It comes down largely to fiscal breakeven oil prices—the Saudis have a breakeven price of around $85 per barrel, and so they will be concerned about potentially a widening gap between this level and where the market trades,” he said. Benchmark Brent crude has climbed more than 25 percent since the start of 2019 to $65 per barrel. But prices could stall as a slowing global economy squeezes demand and US oil floods the market, a Reuters poll of analysts found.

Worsening geopolitical risk

 

The output-cutting pact expires on Sunday. The OPEC meets in Vienna on Monday followed by talks with Russia and other allies, a grouping known as OPEC+, on Tuesday.

Iraqi Oil Minister Thamer Ghadhban said on Sunday he expected the deal to be extended by six to nine months but that his country had an open mind on the matter.

“The most important thing is to achieve a stable market and avoid volatility, trying to do something about the (overhanging) stocks, which are high,” Ghadhban told reporters.

“So I fully endorse an extension until the end of the year. I have no objection if there is consensus for the nine months,” he added.

“The decision should be taken within OPEC and that’s what’s going to happen.”

Iraq has overtaken Iran as OPEC’s second-largest oil producer and its exports have been rising due to investments by Western majors.

Iran’s exports, in contrast, have plummeted to 0.3 million barrels per day in June from as much as 2.5 million bpd in April 2018 due to Washington’s fresh sanctions. The sanctions are putting Iran under unprecedented pressure. Even in 2012, when the European Union joined US sanctions on Tehran, the country’s exports stood at around 1 million bpd. Oil represents the lion’s share of Iran’s budget revenues.

Washington has said it wants to change what it calls a “corrupt” regime in Tehran. Iran has denounced the sanctions as illegal and says the White House is run by “mentally retarded” people.

Iranian Oil Minister Bijan Zanganeh has not spoken in recent days about the OPEC meeting. He is due in Vienna on Monday.

“Worsening tensions between the US and Iran add potential for oil price volatility that could be tricky for OPEC members to manage,” said Ann-Louise Hittle, vice president, macro oils, at consultancy Wood Mackenzie.

“Geopolitical risk means the supply outlook is tightening, offsetting the moderate weakening in oil demand growth thus far this year,” she added.

 

 

Edited by 6ly410
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Iraq joins Saudi Arabia Russia in extending oil production cuts

https://www.shafaaq.com/ar/اقتصـاد/العراق-ينضم-الى-السعودية-روسيا-في-تمديد-خفض-انتاج-النفط/

2019/07/01 01:11:39
 

A group of producers from within and outside OPEC has been ready to extend the production reduction agreement in place since 2017, which has cut production by 1.2 million barrels per day, or 1.2% of global demand.

Iraq has joined Saudi Arabia and Russia in recognizing the importance of extending these cuts amid the weak global economy.

"The extension of the oil production reduction agreement will probably be for nine months," said Saudi Energy Minister Khalid al-Falih, on the sidelines of his meeting with OPEC and independent producers in Vienna.

"OPEC members agreed on the need to extend the production cut, but they did not make a decision on whether it was for six or nine months," Faleh told Reuters.

"Certainly there is an extension, there is a consensus that is forming ... All those who talk to them assert that the commitment in the second half will be more than what we saw in the first half," he said.

Al-Falih said demand for oil had fallen but remained strong, adding that keeping production quantities as is the most likely option.

For his part, UAE Energy Minister Suhail bin Mohammed Al Mazrouei said in his Twitter account that he hoped for fruitful results on his way to Vienna to attend the meetings of OPEC and its allies, according to "Reuters."

"We expect fruitful meetings and we have reached a decision that restores the oil market to its balance at the required inventory levels," he wrote.

Iraqi Oil Minister Thamir al-Ghadhban said on Sunday he expected the agreement to cut global oil production to be extended from six to nine months.

"The main oil producers are moving towards a decision to extend the oil production agreement between six and nine months," the minister said in a statement.

Russian President Vladimir Putin said earlier that Russia had agreed with Saudi Arabia to extend the agreement with OPEC to reduce oil production, as crude prices are under renewed pressure from growing US supplies and the global economic slowdown.

Oil ministers of the Organization of Petroleum Exporting Countries meet in Vienna on Monday, followed by talks with non-OPEC producers on Tuesday.

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  • yota691 changed the title to The 15th OPEC Ministerial Meeting in Vienna
 
 
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The oil ministry announced on Monday the start of the 15th ministerial meeting in Vienna for OPEC producers and allies.

"The meeting will discuss the developments of the agreement to reduce production and the challenges facing the oil market and the commitment of the producers by agreement," Oil Minister Thamir al-Ghadhban said in a statement. "The objectives of the producers have not yet been realized, given the magnitude of the major challenges facing the global oil market."

 

"We are seeking with the rest of the members to control the oil surplus in the global market and restore balance in order to support oil prices and decisions must be approved by all Member States." 

Al-Ghadhban added that "tomorrow will see the ministerial meeting of the Organization of Petroleum Exporting Countries (OPEC) only and that the meeting will discuss a set of files and issues on the agenda of the most prominent of which the agreement to reduce production and indicators of the movement of the oil market and the commitment of producers agreement and listen to the reports of the relevant committees."
 


For his part, the spokesman of the ministry Assem Jihad said that "the ministerial meeting opened today with a speech by the Secretary-General of the Organization of Petroleum Exporting Countries" OPEC " Mohammed Barkindo and then the words of the Saudi Oil Ministers Khalid Al-Faleh and Russian Novak, who stressed the need to extend the agreement in order to achieve greater stability of the market Oil ". 

Jihad said that "today's meetings bring together producers from within and outside OPEC, while tomorrow's meetings will be limited to OPEC members." 

The Organization of Petroleum Exporting Countries held today with its allies from 
Russia , meeting in Vienna to agree on an extension to cut production in order to maintain price stability and not to fall again.

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 energy


Economy News _ Baghdad

A group of producers from within and outside OPEC have been ready to extend the production cutback agreement in place since 2017, which has cut production by 1.2 million barrels per day, or 1.2% of global demand. 
Iraq has joined Saudi Arabia and Russia in recognizing the importance of extending these cuts amid the weak global economy. 
"The extension of the oil production reduction agreement will probably be for nine months," said Saudi Energy Minister Khalid al-Falih, on the sidelines of his meeting with OPEC and independent producers in Vienna. 
"OPEC members agreed on the need to extend the production cut, but they did not make a decision on whether it was for six or nine months," Faleh told Reuters. 
"Certainly there is an extension, there is a consensus that is forming ... All those who talk to them assert that the commitment in the second half will be more than what we saw in the first half," he said.
Al-Falih said demand for oil had fallen but remained strong, adding that keeping production quantities as is the most likely option. 
For his part, UAE Energy Minister Suhail bin Mohammed Al Mazrouei said in his Twitter account that he hoped for fruitful results on his way to Vienna to attend the meetings of OPEC and its allies, according to "Reuters." 
"We expect fruitful meetings and we have reached a decision that restores the oil market to its balance at the required inventory levels," he wrote. 
Iraqi Oil Minister Thamir al-Ghadhban said on Sunday he expected the agreement to cut global oil production to be extended from six to nine months. 
"The main oil producers are moving towards a decision to extend the oil production agreement between six and nine months," the minister said in a statement.
Russian President Vladimir Putin said earlier that Russia had agreed with Saudi Arabia to extend the agreement with OPEC to reduce oil production, as crude prices are under renewed pressure from growing US supplies and the global economic slowdown. 
Oil ministers of the Organization of Petroleum Exporting Countries meet in Vienna on Monday, followed by talks with non-OPEC producers on Tuesday.


Views 56   Date Added 01/07/2019

 
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Iraqi Oil Minister: We seek to contain the surplus in the global market with the producers

Iraqi Oil Minister: We seek to contain the surplus in the global market with the producers
The fifteenth ministerial meeting in Vienna for producers from OPEC and its Russian-led allies began
 01 Jul 2019 03:01 PM

The Deputy Prime Minister for Energy and Minister of Oil, Iraq, Iraq is seeking with the rest of the members to control the oil surplus in the global market, and rebalance in order to support oil prices, and that decisions must be approved by all Member States.

Thamer Abbas al-Ghadhban, according to a statement by the Information Office of the Iraqi Ministry of Oil on Monday, said that the objectives of the producers have not yet been achieved, given the magnitude of the major challenges facing the global oil market.

Al-Ghadhban said that the 15th ministerial meeting of producers from OPEC and its Russian-led allies will discuss the developments of the production reduction agreement and the challenges facing the oil market and the producers' commitment to the agreement.

Al-Ghadhban pointed out that he discussed with Saudi Oil Ministers Khalid Al-Falih and Russian Novak developments in the oil market and exchanged views on extending the agreement.

The minister pointed out that tomorrow will see the ministerial meeting of the Organization of Petroleum Exporting Countries (OPEC) only, and that the meeting will discuss a number of issues and issues on its agenda; most notably the agreement to reduce production and indicators of the movement of the oil market, and the commitment of producers agreement, and listen to the reports of the relevant committees.

For his part, the ministry spokesman said that the ministerial meeting opened with a speech by the Secretary General of the Organization of Petroleum Exporting Countries "OPEC" Mohamed Barkindo.

Asim Jihad, the Saudi oil ministers Khalid al-Faleh and Russian Novak, stressed the need to extend the agreement in order to achieve greater stability of the oil market.

Jihad pointed out that today's meetings bring together producers from within and outside OPEC, while tomorrow's meetings will be limited to the producers of OPEC.

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MOSCOW - BAGHDAD (Reuters) - Baghdad wants a deal on Iraq's oil market

2019/07/01 06:25:32
 

- Russian Energy Minister Alexander Novak on Monday discussed with Iraqi Oil Minister Thamer Ghadhban bilateral relations and cooperation between the two countries within the framework of the OPEC + production reduction agreement.

The Russian minister praised the strong relations between Russia and Iraq, and said that Russian energy companies are actively cooperating with the Iraqi side, referring to "Lukoil" and "Gazprom Oil", which are successfully participating in energy projects in Iraq.

He added that many other Russian energy companies are interested in entering the Iraqi market, including in fields of oilfield services and supply of energy equipment, and expressed the hope that cooperation between the two countries will open new promising areas for the development of bilateral cooperation.

The two ministers met before the start of the ministerial meeting of the OPEC + Control Committee under the leadership of Russia and Saudi Arabia and an important meeting of OPEC member countries tomorrow to discuss the extension of the agreement.

 

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  • yota691 changed the title to Oil rises 1% on settlement amid fears of supply shortages
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