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Oil rises 1% on settlement amid fears of supply shortages

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5 minutes ago, Yabadabado said:

Without a doubt Gas prices here in Texas have gone up. Regular this AM was $2.25 Regular.

Just made a quick trip in Washington State yesterday. Standing at $2.85 regular. $2.39 in Idaho. Go figure ??

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National average is at 2 30  a gallon ,. Might find it lower in places, like out skirts of Kentucky , might be 2 15 area ..  ( , will the increase of oil prices , give Iraq incentive to raise the dinar values? Or give them an excuse to postpone it,by saying" we can increase the reserves now ". And keep our people poor ? 

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OPEC oil price rises as producers pledge to output cuts

May 19 2017 11:46 AM
OPEC oil price rises as producers pledge output cuts
OPEC oil price rises as producers pledge output cuts


The price of OPEC basket of thirteen crudes stood at 49.87 US dollars a barrel on Thursday, compared with 49.43 US dollars a barrel on Wednesday, according to OPEC Secretariat calculations.

Oil prices rose on Thursday in a volatile session on growing signs that key oil producers will adhere to production cuts at next week's OPEC meeting amidst a persistent global glut, as reported by CNBC.

The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia pledged to cut output by almost 1.8 million barrels per day (bpd) in the first half of 2016, a deal likely to be extended until the end of March 2018.

Leaders from OPEC and other producers are to meet in Vienna on May 25 to decide on output policy. The group is expected to prolong its agreement to limit production for up to nine months.

Russia's largest oil producer Rosneft will meet its agreements with OPEC on oil output reductions, Igor Sechin, Rosneft chief executive, told reporters in Berlin on Thursday.

The price also rose on Wednesday after news of a drawdown in US crude inventories and a dip in US output.

The U.S. Energy Information Administration said inventories fell 1.8 million barrels in the week to May 12 to 520.8 million barrels.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

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of OPEC 's decision reflected positively on the Iraqi investments

OPEC's decision reflected positively on the Iraqi investments



 44 minutes ago


Twilight News / said Sami al-Araji, chairman of the National Investment Commission in Iraq, said that the pace of his country's domestic investment, rose, since the entry of his country cut crude oil production agreement.

Despite his attempts to exclude from the decision to cut production, Iraq has entered the agreement with members of the "OPEC" countries, and 11 independent state earlier this year, and announced a reduction of production volume of 210 thousand barrels per day.

He said al-Araji, the Anadolu on the sidelines of his participation in the World Economic Forum at the Dead Sea in Jordan, said that the decision to cut crude oil production, increased the price of a barrel and the good of the country's revenues, and therefore investment.

The Iraqi official did not say, attributed the improvement in the incomes of the country after the implementation of the reduction of the production agreement, or the increase in the local Iraqi investment values.

It announced that "OPEC" Organization for the end of November / November, the past, that its members had reached agreement on the overall production of the Organization reduced by 1.2 million barrels starting from the first of January / January 2017 for a period of six months, has already entered the agreement into force.

The decision aims to re-stabilize the global oil markets, after a wave of decline in prices during the past two and a half years, as a result of higher supply in the market.

Since the agreement, crude oil prices surged 15 percent, to around $ 52 at the present time, up from $ 45 before the agreement.

Iraq has suffered from a sharp fall in crude oil prices since mid-2014, down from $ 120 a barrel to around $ 27 early last year, before the re-rise to the limits of $ 52 at the present time.

In the context, connected, al-Araji said that his country and Jordan have begun the final stage of planning to extend the pipeline to transport oil, "There are two parts of the project, the first of Basra and Najaf, and the second of Najaf and Aqaba, Jordan (South)."

He added: "We discussed yesterday, on how to work on the ground between all parties to distribute."

He stressed that his country reached the stages of the legal and technical recent reopening of the Iraqi Trebil crossing (west) with Jordan, the main road link between the two countries. "

It will be a US security company functions on the organization of work Trebil crossing, the main street and protect the security of any possible attacks.

The first on Thursday, discuss Jordan's King Abdullah II and Iraqi President Fuad Masum, securing the international road between their two countries, and a project to extend the oil pipeline from southern Iraq to Aqaba.

Jordan and Iraq signed on 9 April / May 2013, to extend the framework of a tube with a length of 1700 km to transport Iraqi crude oil from Basra to export terminals in Aqaba, and at a cost of close to about $ 18 billion and with a capacity of one million barrels per day agreement.

The international highway between Baghdad and Amman, passing in Anbar province, suffered significant damage, as a result of military and terrorist organization by "Daesh" operations. 

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19 hours ago, jmartin1145 said:

1.99 a gallon today in Corbin Kentucky.

going too fill up so I can run out , and fill -up in corbin :P .....    gas gets a little easier the more south we go towards tennessee

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