Oil rises 1% on settlement amid fears of supply shortages

[yota691]

     

The oil minister planned to visit the region to discuss the reduction of oil production

History of edits:: 2017/5/25 18:17 • 67 times readable

{Baghdad: Euphrates News} expressed Oil Minister Jabbar Allaibi, on Thursday, expressed his intention to visit the Kurdistan region to discuss the decision to reduce oil inclusion in production.

Allaibi said, in a statement on the sidelines of a meeting of OPEC held in Vienna, "There is almost a consensus with the ministers to extend the period of reduced production to 9 months, and Iraq with this proposal, and we will stay at the same reduction levels," he said . "There is no any disagreement about it. " 
He added that "our relationship with the good of the Kurdistan Regional Government, we may have some differences on some points, but there is constant coordination and dialogue in this area." 
And the inclusion of the Kurdistan region to the question of reducing production, said Allaibi that " the Kurdistan region is not covered by this reduction , " pointing out "I have a plan so that I visit the Kurdistan region to discuss the inclusion in this reduction." 
The organization decided on Thursday to extend oil production cuts nine months to March 2018 at a time when the organization is facing a global glut in crude supply after seeing lower prices halved and declining revenues fell sharply in the last three years. is over

[Adam Montana]

Excellent work as always, yota!  

[idplzr]

Good morning Yota, thank you. Still confused on where Iraq really stands on the reductions. It seems they keep flirting with the exempt word in regards to Kurds, but then bagdad says they will try to pursuade the Kurds. Definitely talking out both ends. 

Edited May 26, 2017 by idplzr

[yota691]

Delegates: OPEC agreed to extend production cuts to 9 months and Allaibi: It is the perfect choice

economy

 Since 05/25/2017 16:41 am (Baghdad time)

Follow-up to the balance of News

Delegates said that the OPEC organization decided on Thursday to extend oil production cuts nine months to March 2018 at a time when it is facing a global glut in crude supply after seeing lower prices halved and declining revenues fell sharply in the last three years.

It is likely to be involved about a dozen non-member countries, led by Russia, the largest oil producer in the world in the cuts as it has done in conjunction with the Organization of the Petroleum Exporting Countries since the beginning of January.

OPEC cuts helped oil prices back above $ 50 a barrel this year, which gave a financial boost to the producers who depend a lot of them rely too heavily on energy revenues have been forced to withdraw from foreign exchange reserves to fill gaps in their budgets.

•       Oil Minister: It is the perfect choice

He said Iraqi Oil Minister Ali Jabbar Allaibi, Thursday, the extension of the reduction of the current supply led OPEC to nine months is the perfect choice to restore the balance of crude market.

The minister added that there is another proposal to extend the nine-month agreement with the deepening of the cuts.

Not alone Alllaaba who wishes to do so Venzirh Kuwaiti Oil Minister Issam Al-Marzouk said Thursday he did not expect OPEC to discuss oil producers any deepening of the goal of reducing the current oil production during a meeting that includes its agenda for the extension of the agreement.

He told Al-Marzouk reporters ahead of the meeting that the oil market has already absorbed the increase in shale oil production and it is expected to extend the production cut of 1.8 million barrels per day agreement in the first half of 2017, which 22 products involving nine additional months.

And it forced the decline in the price of oil, which began in 2014 Russia and Saudi Arabia on austerity and led to unrest in some producing countries such as Venezuela and Nigeria.

And it encouraged the rise in prices this year to increase the production of oil shale in the United States is involved in the production agreement, which curb the restoration of equilibrium in the market for global crude inventories remain near record highs.

By the eleventh hour and 50 minutes GMT, Brent crude fell 1.3 percent to around $ 53 a barrel after it disappointed bulls on the rise of the market because of the reluctance of OPEC for deepening cuts or extended for twelve months.

Continues to OPEC oil ministers in Vienna discussions is scheduled to meet with independent producers later today.

OPEC was agreed in December on the first cut production in ten years and the first joint cuts with independent producers led by Russia in 15 years. The two sides then agreed to cut production about 1.8 million barrels per day in the first half of 2017, equivalent to two percent of world production.

Despite production cuts, OPEC kept stable exports largely in the first half of this year, with the feet of producers on the sale of stocks.

The move kept the world oil stocks near record highs, which OPEC was forced to propose the extension of the cut for six months, but suggested later extended by nine months, but Russia has proposed an extension for a longer period of 12 months.

The Saudi Energy Minister Khaled al-Faleh before the meeting, "There are proposals (deepening cuts) and many countries have shown flexibility but ... it will not be necessary."

•       Exempt Nigeria and Libya

Faleh said that due to the continued exemption of Nigeria and Libya organic OPEC cuts as unrest continues to inhibit their production.

He also pointed out that oil exports tend to drop significantly beginning in June, which will help to accelerate the rebalancing of the market.

The sources in OPEC said that today's meeting will highlight the need for long-term cooperation with non-member producers.

The organization also sends a message to the market that it is seeking to reduce its oil exports.

Delegates stressed that the organization already agreed to the continuation of Nigeria, an exception to cut oil production

Said Gary Ross, in charge of oil affairs on the PIRA Energy of Standard & Poor's Global Platts "Russia has an imminent election and before the inclusion of Saudi Aramco's shares next year, and then they would take the reality in. Any steps to support oil prices."

The target of OPEC to reduce stocks from a record high of three billion barrels to the level of five-year average of $ 2.7 billion.

Faleh said, "we have seen a significant decline in stocks will accelerate the pace, and then we will achieve what we seek in the fourth quarter."

OPEC also faces the dilemma of non-payment prices rise to levels higher than necessary because it will encourage increased production of shale in the United States, the largest oil consumer in the world that compete with Saudi Arabia and Russia are currently at the top of the oil producers in the world.

Said Jamie Webster, director of oil affairs at the Boston Consulting Group "extension for nine months is not sufficient under the current trend of shale oil. Has not happened yet overcome the strategic challenge of shale oil"

Two representatives of OPEC said that the organization discussed on Thursday included Nigeria to cut oil production agreement.

Nigeria and Libya are suffering from instability and two Mavitan of agreed production restrictions between OPEC and non-member producers in last December and runs from January to June June 2017.

Saudi Arabia's energy minister Khaled al-Faleh said earlier today that there are no plans to impose restrictions on the Nigerian production or Libyan, and increased production of Nigeria in recent months after the resumption of production from several Hakol.anthy 29 / m h n

[Jaygo]

So are we happy with this decision Yota and Adam??

[yota691]

I like this Jay...and GM DV 

     

The oil minister planned to visit the region to discuss the reduction of oil production 

Quote

And the inclusion of the Kurdistan region to the question of reducing production, said Allaibi that " the Kurdistan region is not covered by this reduction , " pointing out "I have a plan so that I visit the Kurdistan region to discuss the inclusion in this reduction." 

 

[nannab]

It is going to be a good day ! Now move it Iraq and just do it. 

Thank you Yota

[yota691]

7 hours ago, Theseus said:

Not a good indicator of things to come. Iraq's budget is for 45 a barrel. Anything over that can be considered good for Iraq.  However, Iraq needs to average about 54 to break even without a deficit for the entire year.

Your forgetting about all that Natural Gas that getting sold, your forgetting custom revenue, your forgetting removal of ghost payroll, your forgetting removal of corruption, that just off the top of my head I could add more...

[coorslite21]

http://www.shanghaidaily.com/business/Oil-prices-plunge-after-OPEC-decision/shdaily.shtml

 

Oil prices plunge after OPEC decision

Source: Xinhua | 09:00 UTC+8 May 26, 2017 |  ONLINE EDITION

 

Austrian policemen guard entrance to OPEC headquarters during minister's pre-meeting in Vienna on May 24, 2017, on the eve of the Organization of the Petroleum Exporting Countries (OPEC) meeting. -- AFP

OIL prices settled sharply lower Thursday, as investors were disappointed about the Organization of the Petroleum Exporting Countries' (OPEC) decision to extend production cuts by nine months.

The West Texas Intermediate for July delivery tumbled 2.46 U.S. dollars to settle at 48.90 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery dropped 2.50 dollars to close at 51.46 dollars a barrel on the London ICE Futures Exchange.

[coorslite21]

26 minutes ago, coorslite21 said:

http://www.shanghaidaily.com/business/Oil-prices-plunge-after-OPEC-decision/shdaily.shtml

 

Oil prices plunge after OPEC decision

Source: Xinhua | 09:00 UTC+8 May 26, 2017 |  ONLINE EDITION

 

Austrian policemen guard entrance to OPEC headquarters during minister's pre-meeting in Vienna on May 24, 2017, on the eve of the Organization of the Petroleum Exporting Countries (OPEC) meeting. -- AFP

OIL prices settled sharply lower Thursday, as investors were disappointed about the Organization of the Petroleum Exporting Countries' (OPEC) decision to extend production cuts by nine months.

The West Texas Intermediate for July delivery tumbled 2.46 U.S. dollars to settle at 48.90 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery dropped 2.50 dollars to close at 51.46 dollars a barrel on the London ICE Futures Exchange.

 

Sorry.......had a phone call so I'll finish up these thoughts now.....OPEC is pretty important but not as much as it has been.  With the Fracking technology there is a great deal of oil production that can be brought in profitably at about $60 per barrel.  In the Bakkens alone, prior to shutting down due to lower oil prices, they drilled close to 10,00 wells with out activating them.  There will be little expense to getting these up and running.  Then you have to consider the geo-political aspect to oil as well.  Russia has an economy that is sees about 92% of the revenue come from oil production.  With the US sanctions a lower oil price, even if artificially induced helps keep Russia on their heels. 

 

There is quite a bit to all of this oil pricing IMO......much more than OPEC dictating them anymore as they used to in the past......anyhow, those are my thoughts........

[yota691]

Thu May 25, 2017 | 3:48 PM EDT

Iran sees breakthrough in oil deals following Rouhani re-election

Iran's Oil Minister Bijan Zanganeh talks to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017.

REUTERS/LEONHARD FOEGER

 

•  

By Rania El Gamal and Dmitry Zhdannikov | VIENNA

Iran hopes to sign groundbreaking deals with oil majors such as Total and Lukoil this year as the re-election this month of reformist Hassan Rouhani to the presidency should boost investments.

Iran's veteran oil minister, Bijan Zanganeh, told Reuters in an interview he saw his country adding around a quarter to its production capacity in the next five years thanks to new projects with international companies.

The development of new fields as well as improved oil recovery from mature reservoirs should allow Iran, OPEC's No.3 oil producer, to have the capacity to pump 5 million barrels per day, or 5 percent of global crude, versus 4 million bpd now.

Gas condensate output capacity should increase to 1 million bpd from about 600,000 bpd now.

"One important step was the election, because in this election Iranian people said 'yes' to positive interaction with the world," Zanganeh said in Vienna after a meeting of the Organization of the Petroleum Exporting Countries.

 

"I hope this message will be understood positively ... especially by the superpower in the world," he said in a clear reference to the United States, which has had sanctions against Iran since the 1979 Iranian revolution.

"It is not the time to trigger actions against Iran," he said. U.S. President Donald Trump has threatened to impose new sanctions against Iran.

"It (the election) is a very clear message to the world. More than 60-65 percent of Iran's young people, middle-class people, university students, sent this message. I hope the world receives it positively."

Zanganeh said he hoped Iran would sign oil deals this year with France's Total, Russia's Lukoil as well as Danish Maersk and maybe Indonesia's Pertamina [PERTM.UL].

Talks are focusing on the development of fields such as South Azadegan, Yadavaran, West Karoon, Mansuri and Abe-Timur and oil layers in the giant South Pars gas field.

 

He said the rise in Iran's production capacity should not derail cooperation with OPEC, which on Thursday asked its members to curb output for another nine months to fight a global oil glut.

"All OPEC decisions are short-term decisions. Production capacity is part of our long-term plans," Zanganeh said.

Zanganeh, who clashed with Iran's arch-rival Saudi Arabia at many previous OPEC meetings, said he was positively surprised by good cooperation within the organization, its partnership with non-OPEC Russia as well as solid OPEC and non-OPEC compliance with output cuts.

"After more than two years, I think it's the first time we had a smooth meeting without any issue. I have been in OPEC close to 20 years, it's the first time that I witness 100 percent compliance from OPEC and close to 100 percent from non-OPEC".

 

(Writing by Dmitry Zhdannikov; Editing by Dale Hudson)

[yota691]

«OPEC» additional expansion of production cut 9 months agreement

M. Khaled Al-Faleh

Agencies - Vienna

Organization of Petroleum Exporting Countries «OPEC» decided on Thursday, to extend the agreement to reduce oil production for an additional nine months expire by the end of March next year, in light of its efforts to address the glut of global oil supply, having seen lower prices halved and declining revenues fell sharply in the three years Last.

He said Energy Minister Khaled al-Faleh before the meeting «There are proposals (deepening cuts) and many countries have shown flexibility, but it will not be necessary».

Al-Faleh said that it continued to be exempt Nigeria and Libya organic OPEC cuts as unrest continues to inhibit their production. Al-Faleh said «We have seen a significant decline in stocks and will accelerate the pace, and then we will achieve what we seek in the fourth quarter».

Al-Faleh pointed out that oil exports tend to fall much starting from June, which will help to accelerate the rebalancing of the market.

It is likely to be involved about a dozen non-member countries, led by Russia in the cuts, as it has done in conjunction with the Organization of the Petroleum Exporting Countries since the beginning of January.

The OPEC cuts, which helped oil prices back above $ 50 a barrel this year, which gave a financial boost to the producers who depend a lot of them rely too heavily on energy revenues have been forced to withdraw from foreign exchange reserves to fill gaps in their budgets.

Brent crude fell 1.5 percent to around $ 53 a barrel after it disappointed bulls on the rise of the market because of the reluctance of OPEC for deepening cuts or extended for twelve months.

OPEC agreed in December on the first cut production in ten years and the first joint cuts with independent producers led by Russia in 15 years. The two sides then agreed to cut production about 1.8 million barrels per day in the first half of 2017, equivalent to two percent of world production.

Despite production cuts, OPEC kept stable exports largely in the first half of this year, with the feet of producers on the sale of stocks.

OPEC said on Thursday that the meeting highlighted the need for long-term cooperation with non-member producers.

The target of OPEC to reduce stocks from a record high of three billion barrels to the level of five-year average of $ 2.7 billion.

And it contributed to the Organization of Petroleum Exporting Countries cuts, which began earlier this year in pushing oil prices higher to $ 50 a barrel, which helped a lot of producers, who rely on energy revenues.

[yota691]

Iraq earns more than $ 10 million a day production cut agreement

News Agency pratha 52  05/25/2017

 

 

 

The International Energy Agency, said on Wednesday, the members of the Organization "OPEC" countries over the past two quarters has earned $ 75 million a day in addition, thanks to the rebound in oil prices in global markets.

A graph published by "Bloomberg" economic based on the data of the International Energy Agency that Iran was more winners cut production agreement, which received additional revenues during the fourth quarter of last year, the first of this year and the quarter by about $ 15 million a day.

While, oil agreement returned to Saudi Arabia, the largest oil producer in the "OPEC", during the same period by about $ 12.3 million a day, followed in third place, Iraq, additional revenues estimated at 10.3 million dollars a day.

Oil prices have been rising since the end of last November, then members of the Organization "OPEC" countries and some independent producers agreed to reduce the volume of production by 1.8 million barrels per day to support the faltering prices.

This increased oil prices during the past two quarters from the record of $ 45.23 a barrel blend "Brent" on November 29 to $ 50.60 a barrel on March 31.

[fredst]

6 hours ago, yota691 said:

Iraq earns more than $ 10 million a day production cut agreement

News Agency pratha 52  05/25/2017

 

 

 

The International Energy Agency, said on Wednesday, the members of the Organization "OPEC" countries over the past two quarters has earned $ 75 million a day in addition, thanks to the rebound in oil prices in global markets.

A graph published by "Bloomberg" economic based on the data of the International Energy Agency that Iran was more winners cut production agreement, which received additional revenues during the fourth quarter of last year, the first of this year and the quarter by about $ 15 million a day.

While, oil agreement returned to Saudi Arabia, the largest oil producer in the "OPEC", during the same period by about $ 12.3 million a day, followed in third place, Iraq, additional revenues estimated at 10.3 million dollars a day.

Oil prices have been rising since the end of last November, then members of the Organization "OPEC" countries and some independent producers agreed to reduce the volume of production by 1.8 million barrels per day to support the faltering prices.

This increased oil prices during the past two quarters from the record of $ 45.23 a barrel blend "Brent" on November 29 to $ 50.60 a barrel on March 31.

Yota, super job!

Thank you🤓

 

[drj]

21 hours ago, yota691 said:

Your forgetting about all that Natural Gas that getting sold, your forgetting custom revenue, your forgetting removal of ghost payroll, your forgetting removal of corruption, that just off the top of my head I could add more...

 

Many thanks, Yota!

[yota691]

The expectations of the renewal of the extension cut oil production

5/27/2017 0:00    At the next meeting of {OPEC} on 30 November  Vienna / follow - up to the morning  at a time in which it decided "OPEC" and independent producers Russia leads them to extend oil production cuts nine months to March 2018, Saudi Oil Minister Khaled Al- Faleh revealed that the reductions could be extended again when OPEC meets independent producers in Vienna on 30 November.  By 0708 GMT , Friday, futures increased global crude measurement of Brent 0.37 cents , or the equivalent of 0.7 percent from the previous closing price , recouping a little of the losses suffered on Thursday.  The futures rose for WTI US median 16 cents from the previous closing price to $ 49.15 to remain sitting below $ 50 a barrel despite the rally on Friday.  OPEC produces a third of the world 's oil and is based on reduced production of 1.2 million barrels per day to October levels , amounting to about 31 million barrels per day , with the exception of Nigeria and Libya. According to Saudi Oil Minister Khaled Al- Faleh said due to the continued exemption of Nigeria and Libya organic OPEC cuts as unrest continues to inhibit their production, adding that the reductions could be extended again when OPEC meets independent producers in Vienna on 30 November.  The OPEC cuts helped oil prices back above $ 50 a barrel this year gave a financial boost to the producers who depend a lot of them rely too heavily on energy revenues have been forced to withdraw from foreign exchange reserves to fill gaps in their budgets.  And encouraged the rise in prices this year to increase the production of oil shale in the United States is involved in the production agreement to curb the restoration of equilibrium in the market for global crude inventories remain near record highs. The OPEC agreed in December on the first cut production in ten years and the first joint cuts with 11 independent producers led by Russia in 15 years, as the two sides agreed to cut production about 1.8 million barrels per day in the first half of 2017, equivalent to two percent of world production , with the October 2016 decision as a month reference cuts.  Despite production cuts, OPEC kept stable exports largely in the first half of this year , with the feet of producers on the sale of stocks.  Said Gary Ross , in charge of oil affairs on the PIRA Energy of Standard & Poor 's Global Platts "Russia has an imminent election and before the inclusion of Saudi Aramco 's shares next year, and then they would take the reality in. Any steps to support oil prices . "  The target of OPEC to reduce stocks from a record high of three billion barrels to the level of five - year average of 2.7 billion barrels.  Ryan said Seaton of the Committee on Railways in Texas , which regulates the work of the huge oil sector in Texas , told Reuters : "Low OPEC oil in the market will improve the opportunity for US energy to meet the needs around the world and will help us to achieve dominance in the energy sector."

[yota691]

The oil minister planned to visit the region to discuss the reduction of oil production

History of edits:: 2017/5/25 18:17 • 119 times readable

{Baghdad: Euphrates News} expressed Oil Minister Jabbar Allaibi, on Thursday, expressed his intention to visit the Kurdistan region to discuss the decision to reduce oil inclusion in production.

Allaibi said, in a statement on the sidelines of a meeting of OPEC held in Vienna, "There is almost a consensus with the ministers to extend the period of reduced production to 9 months, and Iraq with this proposal, and we will stay at the same reduction levels," he said . "There is no any disagreement about it. " 
He added that "our relationship with the good of the Kurdistan Regional Government, we may have some differences on some points, but there is constant coordination and dialogue in this area." 
And the inclusion of the Kurdistan region to the question of reducing production, said Allaibi that " the Kurdistan region is not covered by this reduction , " pointing out "I have a plan so that I visit the Kurdistan region to discuss the inclusion in this reduction." 
The organization decided on Thursday to extend oil production cuts nine months to March 2018 at a time when the organization is facing a global glut in crude supply after seeing lower prices halved and declining revenues fell sharply in the last three years. is over

[yota691]

Oil-related currencies recovering and opinion polls put pressure on sterling

 

 

Economy News _ Baghdad:         The pound fell to its lowest level in two weeks on Friday after a poll showed a contraction of his lead belonging to him Prime Minister Theresa May the Conservative Party on the opposition Labor Party strongly ahead of the elections to be held next month, while the currencies associated with primary commodities rose after the recovery of oil prices.   The yen rose to the highest level in three days against the dollar while the euro also rose.   Sterling fell by more than half a percent to $ 1.2861 more away from the peak level of $ 1.3048 on 18 May, the highest record sterling since September last year.   Oil currencies such as the Canadian dollar and the Norwegian krone associated with increased support from the limited recovery in crude prices.   The Canadian dollar was trading in the latest trading on a rise of 0.2 percent to C $ 1.3455 against the US dollar, down from the level of C $ 1.3388 hit on Thursday, which was the highest in five weeks.   The Norwegian krone rose 0.1 percent to 9.4096 crowns against the euro.   Against a basket of six major currencies, the dollar fell 0.2 percent to 97.094, while the yen rose 0.5 percent to 111.25 yen per dollar.   The euro rose 0.1 percent to $ 1.2210 to jump towards the highest level in six and a half months, which amounted to $ 1.1268 this week.
Views 455   Date Added 05/26/2017 - 12:34   Last updated 27/05/2017 - 13:57   No. Content 7628

[ChuckFinley]

Thanks for the updates Yota. 

[Wiljor]

 

 

http://iraqdailyjournal.com/story-z15352632

 

 

KURDISTAN OIL EXPORTS NOT SUBJECT TO OPEC REDUCTION AGREEMENT

Iraq, May 27, 2017  Kurdistan Region oil exports are not subject to OPEC’s renewed reduction targets, Iraq’s oil minister stated, adding, however, that he hopes they will be included. He said he will visit the Region to discuss the matter with the Kurdistan government, with whom, he said, Baghdad has good relations. “Our relations with the Kurdistan Region are very good. We have coordination with each other. There might be misunderstanding and lack of clarity with respect to some issues. Nevertheless, we continued relations, but we should be more accurate,” Minister Jabbar al-Luaibi told Rudaw Thursday in Vienna while participating in the OPEC meeting. On Wednesday, OPEC member states announced that they have agreed to cut oil outputs for another nine months as they attempt to bolster the oil market. “The reduction doesn’t include the Kurdistan Region,” Luaibi said. “But we will be trying to include the Kurdistan Region in the reduction of its oil. I have plans to visit the Kurdistan Region and discuss this with them after my return to Iraq.” OPEC members and non-members first reduced production after reaching an agreement in November 2016 to cut productions by 1,200,000 barrels per day for six months. Iraq’s share in this collective reduction in oil production was 210,000 barrels of oil daily. Also attending the OPEC meeting, Iran’s oil minister, Bijan Zanganeh, said his country is signing contracts with European and Asian oil companies, but not American companies who are limited by the US administration. Pointing to the country’s recent high election turnout and public desire for greater international ties, Zanganeh said, “it’s the time, I think, for the US administration to change their position against the Iranian nation.” rudaw

[yota691]

Oil production and its positive impact in the development of developing countries

5/28/2017 0:00    Ahmed stapes   Iraq occupies a prominent status among the founding countries of the Organization of the Petroleum Exporting Countries (OPEC), which occupy second place after Saudi Arabia in the level of oil production has reached quantities of production to around 4.6 million barrels per day - before agreement (OPEC) last , which stipulates oil production and management of economically sustainable. Petroleum Exporting Countries agreed a consensus in January 2017 reduced total output by 1.2 million barrels per day from January 2017 to restore the balance between supply and demand, and then improve the price of oil, and Iraq agreed to cut production by about 200 thousand barrels per day to 4.35 million barrels per day . Energy experts are expected to turn Iraq into one of the largest countries in the oil and gas production, and is its importance and its future role on the regional and global level through access to oil and gas reserves, in addition to the occupation of Iraq , the world leading center of oil reserve stocks and gaseous, and indicate American sources related geological studies , the presence of huge amounts of oil reserves that have not been discovered so far in Iraq.  Iraq has stressed the need to implement the plans for the production and development of fields during several meetings between representatives of the Ministry of Oil and investment companies, and most recently when presided over Iraq 's oil minister Jabbar Allaibi an expanded meeting with representatives of oil companies operating in the licensing rounds in the presence of the Department contracts and petroleum licenses and managers of the oil sector companies concerned, in addition to the joint departments of oil fields. The oil minister stressed the need to implement the commitment plans of production and development of oil fields.  Announced various global companies plans production for subsequent years, including Shell Iraq Petroleum Development - oil crazy field operator, where the company signed a contract with Halliburton Company to develop the oil Majnoon field by drilling development wells and the execution of the rehabilitation of wells in 2018 and 2019   and within the framework of the contract will Halliburton global company moving three drilling rigs for the purpose of developing the field, and will work in close cooperation with the Basra oil company and the Ministry  of  oil.  It was moving drilling platforms from various sites down to the crazy field for the purpose of starting drilling , which in turn will equip the company to continue to pay production plans and the development of one of the largest fields in the world.  The Ministry of Oil has confirmed the permanent ambition to develop oil projects to reach high production rates that will meet the needs of the stage and the development of the financial revenues of Iraq, through the adoption of modern technology used for the drilling of oil wells and management of oil projects with professionalism and craftsmanship high.  The importance of oil for producing countries through effective contribution to sustainable economic development through the availability of petroleum revenues to finance consumer goods and services, and of being a material that can be exploited in the construction of an industrial base as one of the necessary production of any other elements of industries.  It shows the impact on the oil industry through its impact on the industry , which relies on crude oil and natural gas. Despite the decline in the contribution of manufacturing to GDP, but the nature of the industry in oil - exporting countries that are in the petrochemical and oil refineries and modern metal industries and fertilizer chemicals make it important industries   major.  Adopts the principle of sustainable development on multiple sources , both natural sources were directly, or production inputs and intermediates are available, in addition to qualified human cadres leading this development and achieve its sustainability, working to achieve sustainable development must be accompanied by the rationalization of consumption of natural resources, lack of depletion, as well as the need to find a balance between the current level of living , which has the region and aspires not to exaggerate the   extravagance.

[tigergorzow]

Iraqi profits soar as oil prices recover

May 28 2017 11:56 AM

Iraqi oil rig

 

 

Iraq has gained additional 10.3 million dollars in oil profits thanks to international oil prices recovery, International Energy Agency asserted on Sunday.

The agency noted that Iraq gained 75 million dollars in the last two quarters.
 

Iraqi Oil Ministry stressed that Iraq is complying with OPEC and non-OPEC countries as they agreed recently on extending oil output cuts till march 2018.
 

The ministry asserted that this agreement will increase oil profits and end the market's oversupply.
 

Iraq has played a major role in the oil output cuts extension, Oil Ministry Spokesman  Aasem Jihad said.
 

Iraq suffered a major blow in 2014 as the oil barrel price fell from 120 to 27 US dollars on early 2016 before currently rallying to 52 US dollars a barrel.

 

http://www.thebaghdadpost.com/en/story/11233/Iraqi-profits-soar-as-oil-prices-recover

[tigergorzow]

DV,  Just what Iraq ordered reduction in Oil output from OPEC and increase in PBL price means more money in CBI Reserves.

 

GO HIGHER OIL PRICES

 

GO HCL

Edited May 28, 2017 by tigergorzow

[ChuckFinley]

Thanks Tiger, just like Adam wanted. 

[nannab]

Gas was $2.45 three towns over from me late this afternoon.

Here we GO !!!! IT'S almost RV time.