Oil rises 1% on settlement amid fears of supply shortages

[yota691]

2011 Last Updated

The IMF expects economic growth to decline in the Middle East and North Africa

a. F. B.

 

 

Dubai : The International Monetary Fund in report issued Tuesday that low rates economic growth in oil exporting countries because falling prices negatively affect the growth prospects the entire Middle East and North Africa region.

The IMF predicted Iran's growth rate would be 3.5 percent this year, compared to 12.5 percent in 2016, and that growth in Iraq would stop shrinking by 0.4 percent after growing by 11 percent last year.

Saudi Arabia, the world's largest oil exporter, is also expected to see economic growth this year after growing by 1.7 percent in 2016, while Kuwait will be the biggest loser with its economy shrinking by 2.1 percent.

In light of the downturn, the IMF said growth in the Middle East and North Africa region in general would fall more than half in 2017 to 2.2 percent after reaching 5.1 percent last year.

Oil prices have lost hundreds of billions of dollars since 2014, and have adopted austerity measures and reformed their economies to counter the downturn.

In contrast, oil importers in the region have achieved new growth rates, including Egypt, Morocco and Sudan. The IMF forecast growth in non-oil-exporting countries would be 4.3 percent this year, compared to 3.6 percent in 2016.

Last Thursday, the IMF issued a report on the Saudi economy, in which the Kingdom took steps to address the budget deficit caused by the fall in oil prices.

In 2016, Saudi Arabia announced a massive economic reform plan called "Vision 2030" in the face of a dramatic decline in oil prices, which caused a deficit in the government's general budget.

Among the steps outlined in the economic plan is the "fiscal balance program," which Riyadh hopes will lead to a public budget in 2019 without a deficit, with the kingdom achieving a surplus the following year.

[yota691]

 Date: Oct / Oct 10 - GMT

Iran to raise oil production to 6 million barrels per day until 2023

 

Iran plans to raise its oil production to 6 million bpd by the end of the second year of the Seventh Development Plan in 2023, Iran's national oil company chief executive Ali Kardar said.

In his speech to the oil and energy strategy conference, Carder noted that Iran's current oil production is 3 million to 900,000 barrels per day and said that raising production needs to develop oil fields and implement projects to increase production.

On international tenders, Carder said the Azadakan field tender would not be held this year, adding that a consortium would be set up to develop the Azadkan oil field.

He explained that it is not yet announced the names of companies that wish to form this consortium, noting that some companies are in serious talks on the field Azadkan oil.

He said that the change in policy of the United States and said that this change did not affect the situation and that China and the Europeans did not care about the statements of the US President and continue to discuss and cooperate with Iran.

[yota691]

OPEC calls on Washington to help curb oil prices

 

Tuesday 10 October 2017

 

 

 

Alsumaria News / Baghdad  organization called "OPEC", on Tuesday, the US shale oil producers to help reduce global production, thereby contributing to restoring stability to the market.  Quoted " Russia Today ", from the Secretary General of the Organization " OPEC " Mohammed Barkindo, said : "We appeal to our friends in the rocky basins to North America carry this shared responsibility with all the seriousness it deserves, to production cuts."  Barkindo warned of "the possibility of the need for extraordinary measures next year to maintain a balanced market in the medium to long term."     "By 2040, oil and other fossil fuels will account for 70 percent of the world's energy basket," Barkindo said during a speech on the sidelines of the Indian Energy Forum in New Delhi.  While OPEC and some other producers, led by Russia , are cutting production this year in order to support prices, US production has risen by about 10 percent since the beginning of the year, led mainly by oil producers.  According to him, the organization will hold a meeting with the United States to conclude an agreement to reduce oil production.

[10 YEARS LATER]

GO SUCK EGGS !!!!!

[nannab]

 

 

1 hour ago, 10 YEARS LATER said:

GO SUCK EGGS !!!!!

 

You tell them big fella.  

[tigergorzow]

OPEC price falls as oil rises on Saudi export cut

October 10 2017 02:33 PM

OPEC price falls

The price of OPEC basket of fourteen crudes stood at $53.70 a barrel on Monday, compared with $54.47 the previous day, according to OPEC Secretariat calculations. 
This comes as oil rose to around $56 a barrel on Tuesday, supported by Saudi Arabian export cuts in November and comments from OPEC and trading companies that the market is rebalancing after years of oversupply, according to Reuters.
Saudi Arabia has cut November allocations by 560,000 barrels per day (bpd), in line with its commitment to an OPEC-led supply reduction pact. 
In the United States, some production remains offline following Hurricane Nate, lending additional support.
The OPEC, Russia and other non-member producers are cutting output by about 1.8 million barrels per day (bpd) until next March to get rid of a price-sapping supply glut.
The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), 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). 

 

http://www.thebaghdadpost.com/en/story/18049/OPEC-price-falls-as-oil-rises-on-Saudi-export-cut

[tigergorzow]

Oil bullish, rises above $56 on Saudi export cut

October 10 2017 05:27 PM

Oil bullish, rises above $56 on Saudi export cut

 

Oil rose to above 56 US dollars a barrel on Tuesday, supported by Saudi Arabian export cuts in November and comments from OPEC and trading companies that the market is rebalancing after years of oversupply, according to Reuters.

Saudi Arabia has cut November allocations by 560,000 barrels per day (bpd), in line with its commitment to an OPEC-led supply reduction pact. In the United States, some production remains offline following Hurricane Nate, lending additional support.

“Prices have been boosted by news that Saudi Arabia is planning to reduce its oil shipments to customers in November,” said Carsten Fritsch, an analyst at Commerzbank in Frankfurt.

Brent crude LCOc1, the international price benchmark, was up 80 cents at 56.59 US dollars a barrel at 1326 GMT. US crude gained 97 cents to 50.55 US dollars a barrel.

The Organization of the Petroleum Exporting Countries, Russia and other non-member producers are cutting output by about 1.8 million barrels per day (bpd) until next March to get rid of a price-sapping supply glut.

OPEC is increasingly confident that the market is rebalancing fast, helped by the cutback as well as by stronger-than-expected growth in global demand.

The chief executive of trading firm Gunvor, Torbjorn Tornqvist, also said the market was rebalancing, citing falling product stocks and crude held in floating storage clearing up.

“We don’t see this market being out of balance one way or another,” he said Global. Overall crude stocks “are still high,” he added, and OPEC needed to stick to its output curbs.

Short-term price support was coming from the United States, where 85 percent of US Gulf of Mexico oil production, or 1.49 million bpd, was offline following Hurricane Nate, according to official figures.

OPEC has managed record-high adherence to its supply cutting deal this year and is considering extending the deal beyond its March 2018 expiry. Some analysts have been concerned that a price recovery could tempt producers to open the taps again.

But analysts at JP Morgan said this was less of an issue, saying “concerns that OPEC compliance would fade into the fourth quarter now appear unfounded.”

“Stronger-than-assumed economic growth offers the potential for tight market conditions to continue if OPEC extends the current deal for another nine months,” the bank said.

 

http://www.thebaghdadpost.com/en/story/18061/Oil-bullish-rises-above-56-on-Saudi-export-cut

[10 YEARS LATER]

ooops

 

Edited October 11, 2017 by 10 YEARS LATER

[10 YEARS LATER]

2 hours ago, nannab said:

 

 

 

You tell them big fella.  

 

I might be off base with this thought: The world at large thinks they're still talking to, and can still bully a namby pamby, milquetoast, side saddle rider of a girly bicycle appeaser of a POTUS  in the White House.

 

At some point they'll realize there's a new Sheriff in town who can't be bullied or bought. Until then, I'll keep a bowl of Popcorn at the ready and continue to watch the SHOW.   

[yota691]

OPEC expects higher demand for oil

- 10/11/2017 2:50:00 AM26 Number of readings

 

 

 

 

Khandan-

The Organization of the Petroleum Exporting Countries (OPEC) expected on Wednesday to increase demand for its oil in 2018 and said its cut-off deal with rivals was successfully dislodging from the rough supply of crude, citing the improvement of the global market next year. 

OPEC said in its monthly report that the world will need 33.06 million barrels per day of crude produced by the Organization next year, an increase of 230 thousand barrels per day than previously expected. 

The 14-member group said its oil production in September, according to secondary sources, came below expectations of demand, although supplies increased slightly. 

"With the market heading to the winter season, distillate fuel supplies are remarkably balanced, a change compared to the surplus in supplies during the last two years. OPEC and major oil producers from abroad are moving forward to rid the oil market of excess quantities, "according to" Reuters. "

The Organization noted that it pumped 32.75 million barrels per day in September, up by about 89 thousand barrels per day compared to August.

[yota691]

The "oil trinity" deal raises prices to $ 70 in the medium term

- 1 Hour Ago

 

 14

Rebalancing a high-risk market that requires exceptional action in turbulent global conditions, but initial results show how much action needs to be taken, as is currently happening in oil markets, after the first exceptional measure of production reduction has been successful.

Despite the success of the OPEC-OPEC cut-off agreement, which began early this year and ends in March, to neutralize about 1.8 million bpd of the market, a 10 percent increase in US production requires reconsideration of the measures. (OPEC) in cooperation with independent oil producers.

As long as Saudi Arabia is the world's largest oil exporter, Russia is the world's largest producer, and America is the world's largest consumer, the cooperation of an influential oil triad in a high-risk market that needs to be heavily stabilized may be the first pillar in stabilizing an unstable global economy.

The natural outcome of the oil markets will be the balance sought by the Organization of Petroleum Exporting Countries (OPEC), which is represented by Saudi Arabia and its leadership, and Russia, which has been the largest non-OPEC member. However, America has been invited since the implementation of the agreement. The United States is not a member of OPEC and US antitrust legislation prohibits any mass action to influence prices.

OPEC Secretary-General Mohamed Barkindo said OPEC would hold a meeting with the United States to conclude an agreement to cut oil production; OPEC and the United States agreed on the need to work together to ensure the stability of oil markets.

The oil tripartite agreement raises prices from its current level of $ 55 to $ 60 in less than four sessions, followed by profit-taking to settle above $ 60, and the outcome of this agreement is expected to be signed. Oil rose yesterday after announcing the news about $ 1.5 to a level of 56.50 dollars a barrel.

From this scenario, Barkindo, a US rock oil producer, called for help in reducing global production, warning that exceptional measures may be needed next year to maintain a balanced market in the medium to long term.

"At the moment we agree (OPEC and the independent producers in the United States) that we have a common responsibility to maintain stability because we are also not isolated from the impact of the downward trend," Barkindo said during a speech at an energy conference in New Delhi. "The independents themselves say we need to continue this debate," he said.

Saudi Arabia cut crude oil supplies for November by 560,000 barrels per day (bpd), in line with the kingdom's pledge, under an agreement, to reduce production led by OPEC.

"The balance between demand and supply will come back through the massive stock drawdown we are seeing for stocks in the OECD regions," Barkindo said. In the last four months alone we have seen a draw of stocks at 130 million barrels per day. "

The OPEC cuts aim to reduce the level of oil stocks in OECD industrialized countries to an average of five years.

Barkindo said the increase in inventories compared to an average of five years was 171 million barrels in August compared to 338 million at the beginning of the year.

In light of its role as President of the current session of OPEC, Saudi Arabia has recently begun a rapprochement with Russia in the oil and energy markets with a positive effect on the market, as confirmed by the Custodian of the Two Holy Mosques King Salman bin Abdul Aziz, in the continuation of positive cooperation with Russia to stabilize World oil markets, serving the growth of the global economy.

This bilateral rapprochement would make the oil production reduction agreement a success in some months to 100 percent, raising oil prices to about $ 60 a barrel two weeks ago.

Middle east

[DinarThug]

And Saudi Arabia's Currency Is At 28 Cents !  

     

 

 

http://www.almaalomah.com/2017.....11/244037/

US report: Saudi Arabia is losing oil markets to Iraq and Iran

13:28 - 11/10/2017

 

 

The Bloomberg news website highlighted the current economic conflict between Saudi Arabia on the one hand and Iraq and Iran on the other hand over oil exports. Baghdad and Tehran boosted their exports for September, exploiting the slowdown in the exports of their rivals Riyadh to gain a foothold in both markets. Chinese and American.

Bloomberg data showed that Iraq exports 3.98 million barrels of crude oil per day, the highest increase since last December, while Iran's exports rose to 2.28 million barrels per day, the highest since February, while the oil exports of the Saudi regime to 6.68 million barrels per day , Its second-largest drop since the beginning of this year.

The report said that the steps of Iraq and Iran to take a share in the oil market, reveal the internal tensions in OPEC, as the Saudi Oil Minister said that Saudi Aramco will reduce its oil supplies to its customers sharply unprecedented.

According to Richard Malinson, an oil analyst at the Energy Impact Foundation in London, Iraq and Iran seize the opportunity to sell their oil in markets that no longer receive Saudi export volumes themselves, "whose exports have declined over the past months."

The report pointed out that Saudi Arabia had pledged in May to reduce its exports to the United States, pointing to the decline of Saudi oil exports to the United States between March and August, while Saudi exports in general reached a low level in 34 months, and was less than one million barrels for the year the past.

The report added that Iraq reached its exports to the United States in September to 871 thousand barrels of crude oil per day, surpassing Saudi Arabia for the second consecutive month; Iraq has shipped almost crude oil to America equivalent to the volume of oil exported by Saudi Arabia in August last unit.

The report pointed to the superiority of Iraq to Saudi Arabia in the export of oil to India, which sold them large quantities of crude oil for seven consecutive months this year, the average sales of Iraq's oil to India about 794 thousand barrels of oil per day in 2017, compared to 783 thousand barrels Daily issued by Saudi Arabia to India.

The report pointed out that Iran began chasing Saudi Arabia in the sale of oil to China, adding that Saudi Arabia's exports to Beijing amounted to 833 thousand barrels per day, while Iran's exports of 600 thousand barrels per day; Iran, the third largest oil producer in OPEC, , After lifting sanctions in January 2016.

Robin Mills, CEO of Qamar Energy, expects oil exports to rise in the coming months as output rises, adding that Iran is slowly cutting the Saudis' share of the oil market if the Saudis continue to cut production. 

[yota691]

Energy Agency predicts global oil market balance in 2018

the source:

• London - Reuters

Date:13 October 2017

 

The International Energy Agency (IEA) said on Monday that world supply and demand for crude oil will balance significantly next year as consumption growth erodes the supply of unused fuel for three years and will offset most of the sharp rise in output. The Paris-based agency said in its monthly oil market report it still expects global demand for crude to grow by 1.6 million bpd in 2017 and then drop to 1.4 million bpd in 2018.

"Looking at 2018 we see that three of the four will be almost balanced - again assuming OPEC's production is unchanged and based on normal weather conditions," the agency said. The agency predicted that commercial oil inventories have fallen in the third quarter of this year in a decline is the second only since the collapse of the price of crude in 2014.

[Butifldrm]

BUSINESS & ECONOMY

Oil weighs heavily on MENA growth forecast: IMF

AFP | Published — Wednesday 11 October 2017

 

 

 

DUBAI: A massive slide in the economic growth of Middle East top oil exporters is weighing heavily on the outlook for the entire region, the International Monetary Fund said on Tuesday.
“Fuel exporters are particularly hard hit by the protracted adjustment to lower commodity revenues,” the IMF said in its World Economic Outlook for October.
Iran’s growth is forecast to slide to 3.5 percent this year down from a strong 12.5 percent in 2016.
Iraq’s economy, which experienced healthy 11 percent growth in 2016, is expected to fall into negative territory and shrink by 0.4 percent this year.
The Saudi economy, the largest in the region, is forecast to end 2017 flat — down from 1.7 percent growth last year.
Saudi Arabia, Iraq and Iran are the top oil producers and exporters in the Middle East. Riyadh is the world’s top oil exporter.
Kuwait’s economy is projected to shrink the most among oil exporters, by 2.1 percent, while the economies of the UAE and Algeria will grow at a modest rate, the IMF said.
In all, the growth of Middle East and North Africa (MENA) oil exporters Iran, Iraq, Algeria and the six Gulf Cooperation Council (GCC) states is forecast to end this year at 1.7 percent from 5.6 percent in 2016.
MENA growth as a whole is projected to more than halve in 2017, from 5.1 percent to 2.2 percent, “on the back of a slowdown in the Islamic Republic of Iran’s economy after very fast growth in 2016 and cuts in oil production in oil exporters,” the IMF said.
It projected the price of oil to average $50.3 a barrel in 2017, higher than the previous year, but will remain in the 50s until 2022.
The diplomatic rift between OPEC member Qatar — also the world’s top exporter of liquefied natural gas — and a Saudi-led Arab bloc has not affected oil and gas markets, as Qatar’s exports have continued, the IMF said.
However, the report warned of the impact of ongoing conflicts, both domestic and regional.
“Internal and cross-border conflict in parts of the Middle East still weighed on economic activity,” it said.

 

http://www.arabnews.com/node/1175671/business-economy

[yota691]

2017/10/17 (00:01 PM)   -   Number of readings: 143   -   Number (4043)

 

 

Report: A big jump for oil because of Iran and Iraq

 

Oil markets jumped on Monday on concerns about possible new US sanctions on Iran and a conflict in Iraq, while prices were bolstered by an explosion at a US drilling platform and a decline in exploration activities. Global Brent crude <LCOc1> rose 65 cents, or 1.1 percent, to $ 57.82 a barrel. 


US crude prices have helped to cut companies' number of rigs looking for new production. US West Texas Intermediate crude was $ 51.89 a barrel, up 44 cents, or 0.9 percent. 
Baker Hughes Energy Services said late Friday that drilling companies had cut the number of drilling platforms by five per week in the week ending October 13, bringing the total to 743 diggers, the lowest since early June.
Oil and gas production in the Kirkuk region is going on as usual, despite an Iraqi military operation to wrest control of the region from the Peshmerga forces, an oil ministry official said on Monday. 
"We have an agreement with some Kurdish leaders to keep oil and gas facilities away from the conflict," the official told Reuters. 
There has been no official position of the Kurdistan Regional Government in this regard so far. 
In a related context, the Kuwaiti Oil Minister, Essam al-Marzouq, that the oil market is moving in the right track, pointing out that it is too early to take a decision on extending the OPEC agreement to reduce production. 
"This is still premature," Marzouk told a conference of the oil sector in Kuwait. "We have to make such a decision before November. We are still on the right track."
"We have seen a decline in surplus stocks, and we have seen the price improve, and I think everyone should be pleased with this outcome," he said. "I think we should focus on commitment instead of extending the agreement." 
OPEC meets in Vienna on Nov. 30 to decide on production policy. 
Vadim Yakovlev, deputy chief executive of Russian energy company Gazprom Petroleum, said in an interview that the company was unhappy about the agreement to cut global crude production because it forced it to curb its ambitious plans to increase production. 
Yakovlev said the company, the fastest growing Russian oil producer in terms of production, considers the deal to be short-lived. He added that Gazprom's operations in the Middle East were of "strategic importance" and that they planned to increase their presence there. The Organization of the Petroleum Exporting Countries (OPEC) and other major producers, including Russia, have agreed to cut production by about 1.8 million barrels per day until the end of March 2018.
There are mixed signals about the possibility of extending the agreement, which Russian President Vladimir Putin indicated the possibility of extending it to the end of next year.

[yota691]

Asian oil buyers are heading to America

17-10-2017 11:33 AM

Readers

 

Baghdad News -

NEW YORK (Reuters) - 

Oil markets jumped on concerns over possible new US sanctions on Iran and a conflict in Iraq, while prices were bolstered by an explosion at a US drilling rig and a decline in exploration activities.

Brent rose 1.5 percent to $ 58.02 a barrel and US crude rose 1.2 percent to $ 52.05 a barrel.

Kirkuk contributes 200,000 barrels per day (bpd) to the production of areas controlled by the Kurdistan Regional Government (KRG) of about 600,000 bpd.

"The oil supply in this region is in danger," said Carsten Frisch, an analyst at Commerzbank. Prices rose yesterday, supported by concerns about the stability of Iraq, the second largest oil producer in the Organization of Petroleum Exporting Countries (OPEC) after Saudi Arabia, after the ambiguity in the production of fields, "Bay Hassan" and "Avana" large. At a time when sources indicated that production stopped about 350 thousand barrels per day, Kurdish sources pointed out that the Minister of Natural Resources in the province Ashti Hawrami ordered full resumption of oil production from these fields.

US crude prices have been supported by a reduction in the number of rigs looking for new production. West Texas Intermediate crude <LCOc1> was $ 51.89 a barrel, up 44 cents, or 0.9 percent.

"The company is dissatisfied with the agreement to cut global crude production because it forced it to curb its ambitious plans to increase production," said Vadim Yakovlev, deputy executive director of Russian energy company Gazprom Oil. He added that the company, the fastest growing Russian oil producer, considered the "short-term agreement", noting that "its operations in the Middle East are of strategic importance" and that it intends to increase its presence there. There are mixed signals about the possibility of extending the production reduction agreement from March to the end of next year.

On the other hand, Asia is heading towards boosting crude oil imports from the United States late in the year and early next year as buyers search for cheap supplies as hurricanes hit US demand for crude as the country's output rises. About 11 tankers, partially or fully loaded with American crude, are scheduled to arrive in Asia in November, and another 12 will be loading oil from the United States in October and November before sailing to Asia, according to navigational sources and data. From Thomson Reuters Inc.

WTI is the biggest in years against Brent, amid a shrinking domestic appetite, as US refineries are moving towards a return to production following hurricanes like Harvey.

"Between November and January, there are very large volumes of American crude going to Asia," said a Chinese trader who bought four million tonnes of high-sulfur medium crude and asked not to be named because he was not authorized to speak to the media.

The price difference between crude oil and crude oil pushed US oil exports to a record high of 1.98 million bpd in late September, according to the US Energy Information Administration.

The aspiration of some Asian governments to diversify their sources of supply and reduce the trade surplus with the world's largest economy has also been an attempt. India joined China, Japan and South Korea when it imported the first shipment of US crude in October. Middle East commodity prices also encourage Asian demand for US supplies.

"Medium-high-sulfur American raw materials can replace most of the Middle East's raw materials, and light low-sulfur grades of crude may displace some African raw materials," the Chinese trader said.

The tankers expected to arrive in Asia in November include eight giant tankers capable of carrying two million barrels of oil per tanker and three that can load half that amount.

China remains the largest buyer of four tankers, three carriers going to South Korea and two carriers to India. The data show that the remaining two carriers may be heading to Singapore.

Unipec, the trading arm of Sinopec, Asia's largest oil refining company, controls the trade with imports expected to reach 5.7 million tons during the year, up from 3.6 million tonnes in the first eight months, a source familiar with the report said. The source confirmed that the company bought about eight million barrels of American crude on average per month. The data shows that another 12 tankers were leased in principle to US oil in October and November.

South Korean buyers made four giant tankers among those carriers to carry Mexican and American oil. SK Energy, South Korea's biggest oil refiner, bought 6.5 million barrels of US crude to be delivered between November and January.

Indian refiners also bought their first shipments of US crude for delivery in the fourth quarter of the year, including the Indian Oil Corporation, the country's largest oil refiner. JXTJ, Japan's largest refiner, initially hired a giant oil tanker in Mexico and the United States in November. The company declined to comment on any single transaction.

Separately, data from Japan's Natural Resources and Energy Agency showed that Saudi Arabia and the UAE held about 10.5 million barrels of crude oil at the end of August, within Japan's inventory, unchanged from the previous month. The Japanese government provides free crude storage to state-owned Saudi Aramco and Abu Dhabi National Oil Company (ADNOC), each of which can store up to 14.47 million barrels.

[yota691]

Oil stabilizes with support from supply contraction and expectations of an OPEC extension

 

Oil

Economy News Baghdad: Oil prices held steady on Thursday, supported by continued OPEC-led output cuts and tensions in the Middle East, as well as a drop in US production due to hurricane closures. By 0641 GMT, global benchmark crude was trading at $ 58.19 a barrel near the previous settlement and above mid-year levels by about 30 percent. West Texas Intermediate crude futures were $ 52.03 a barrel, also close to the previous settlement, but up about 25 percent from the June level. The US Energy Information Administration said on Wednesday that US crude inventories fell by 5.7 million barrels in the week ending October 13 to 456.49 million barrels. US production fell 11 percent from the previous week to 8.4 million barrels per day, the lowest level since June 2014 after a shutdown caused by Hurricane Nat hit the Gulf Coast region in early October. Analysts said there were also risks to the supply of political instability in areas in the Middle East and South America. Iraqi forces seized control of the oil-rich city of Kirkuk this week in response to a referendum on independence by the Kurds, fueling fears of supply disruptions.     Views 19   Date Added 19/10/2017

[Adam Montana]

1 hour ago, yota691 said:

supported by continued OPEC-led output cuts

 

Semantics are everything sometimes... such as here.

 

"supported" - not demanded or mandated.

"OPEC-led" - This is HUGE. OPEC is leading this initiative, this agreement, this voluntary agreement.

 

Iraq is still free to break the mold, RV and sell a gazillion barrels tomorrow to fill their coffers and support the increase in exchange.

 

It's going to cause a little disturbance in the world, but 2 days later Iraq (or the PTB in Iraq) simply pretends to apologize (that's how it works!) and 5 days later the world adjusts and we move on.

 

 

[Jaygo]

1 hour ago, Adam Montana said:

 

Semantics are everything sometimes... such as here.

 

"supported" - not demanded or mandated.

"OPEC-led" - This is HUGE. OPEC is leading this initiative, this agreement, this voluntary agreement.

 

Iraq is still free to break the mold, RV and sell a gazillion barrels tomorrow to fill their coffers and support system" rel="">support the increase in exchange.

 

It's going to cause a little disturbance in the world, but 2 days later Iraq (or the PTB in Iraq) simply pretends to apologize (that's how it works!) and 5 days later the world adjusts and we move on.

 

 

 

Make the call Adam!! MAKE THE CALL!!!!! 🙏

[Butifldrm]

Global oil demand will pass 100 million barrels per day by 2020, says OPEC's Barkindo

• Mohammad Barkindo said oil markets are rebalancing at "an accelerating rate" and that he foresaw "no peak" for oil demand for "the considerable future"
• He was speaking at the Oil & Money conference in London

Holly Ellyatt | @HollyEllyatt

Published 3 Hours Ago  Updated 3 Hours AgoCNBC.com

aron M. Sprecher | Bloomberg via Getty Images

Mohammed Barkindo, secretary general of the Organization of Petroleum Exporting Countries (OPEC), speaks during the 2017 CERAWeek by IHS Markit conference in Houston, Texas, U.S., on Tuesday, March 7, 2017. CERAWeek gathers energy industry leaders, experts, government officials and policymakers, leaders from the technology, financial, and industrial communities to provide new insights and critically-important dialogue on energy markets.

OPEC General Secretary Mohammad Barkindo said Thursday that oil markets are rebalancing at "an accelerating rate" and that he foresaw "no peak" for oil demand for "the considerable future."

Speaking at the Oil & Money conference in London, Barkindo said confident prices would rise and global oil demand would grow as the global economy continued to strengthen.

"We expect global oil demand to surpass 100 million barrels per day by 2020," Barkindo told the audience of oil industry leaders. This figure is far above the oil producing group's forecast for 2017 in which global oil demand is expected to be around 96.8 million barrels per day.

 

This strengthening in global oil demand meant that there was "no peak demand for the considerable future," Barkindo said.

As such, continued investment within the oil industry was crucial, he said, as was a continued working partnership with non-OPEC producers.

"There is a need for us to continue to strengthen our relationship with non-OPEC countries like Russia. the world will continue to need oil for the foreseeable future," he said.

"Together with non-OPEC producers we must continue to invest to make sure the global community and global economy can rely on us as dependable suppliers of oil."

'Unparalleled commitment'

Barkindo's comments come amid close scrutiny of oil markets to see whether oil production cuts by OPEC and non-OPEC countries, including Russia, are helping to rebalance oil markets.

Oil prices took a sharp turn downward from mid-2014 onwards on the back of a glut in global supply and lackluster demand. The rise in output from U.S. shale oil producers exacerbated the problem, although many of those U.S. rigs were hit by the decline in prices.

The collaboration between OPEC and non-OPEC countries, particularly oil producers Saudi Arabia (the de-facto leader of OPEC) and Russia, to curb oil output by a combined 1.8 million barrels per day has helped to shore up markets.

On Thursday, Barkindo applauded what he called the "unparalled" and "historic" commitment between OPEC and non-OPEC oil producers to curb oil output and said it was rapidly stabilizing markets.

"There is no doubt that the market is rebalancing at an accelerating rate," he said. "There is light at the end of the dark tunnel we've been traveling down the last three years," he said, alluding to low oil prices that have plagued oil markets since 2014.

Barkindo said it was "vital that this platform is sustained and built upon."

"We need to ensure that balance is achieved in a full and timely manner," he said. "We also welcome dialogue with producers outside the agreement," he added, referencing U.S. shale oil producers who are are not partaking in output cuts.

There is speculation the deal to curb output will be extended beyond the current deadline of March 2018.

Oil prices have struggled to break through the $60 a barrel mark, however, with benchmark Brent crude futures currently fetching $57.46 per barrel and West Texas Intermediate (WTI) for November delivery at $51.36 on Thursday.

 

https://www.cnbc.com/2017/10/19/global-oil-demand-will-pass-100-million-barrels-per-day-by-2020-says-opecs-barkindo.html

[blueskyline]

Thank You and GM Buti .

[yota691]

Latest Update: Sunday 2 Safar 1439 H - 22 October 2017

Kuwait's OPEC governor: 120% compliance with the oil agreement

 

Sunday 2 Safar 1439 H - 22 October 2017 AD

Arabic.Net

Kuwait's OPEC governor Haitham al-Ghais said in a telephone interview with Al Arabiya television that all options were open during the upcoming OPEC meeting in November, including an extension of the agreement to cut oil production beyond March next year.

Al-Ghais pointed out that the agreement has succeeded fully in achieving its objectives, as the world oil stocks fell from 349 million barrels in January to 159 million barrels.

"The percentage of commitment to the reduction agreement reached 120%," Al-Ghais said.

"The agreement entered the tenth month and the oil market on its way to restore balance and the world oil stocks fell more than half, and the agreement continues until next March, and it is difficult to predict the decision of OPEC or its timing."

"It may be appropriate to postpone the announcement of the extension of the agreement or not until after the OPEC meeting in November, but the options are all open."

[yota691]

Iraq and Saudi Arabia: raising prices by cutting oil production

Last updated: 23 October 2017 - 11:57 p

 BAGHDAD (Reuters) - Saudi Arabia and Iraq have expressed satisfaction with the global oil market's drive for recovery as a result of an agreement to raise prices by cutting output, Saudi media reported on Monday. OPEC, Russia and a number of other oil producers will cut production until March 2018 in an effort to push crude prices. Saudi Arabia and Iraq are respectively OPEC's second largest oil producer and second largest producer.

[yota691]

Lower exports of southern Iraq raise oil prices

History of edits:: 2017/10/24 11:21 • 111 times readable

{International: Al Furat News} Oil prices rose on Tuesday, drawing support from a drop in oil exports from Iraq, OPEC's second-largest producer, and predicted a prolonged decline in US commercial oil inventories.

US benchmark Brent crude for December delivery rose 12 cents to $ 57.47 a barrel by 0651 GMT after setting the settlement price down 38 cents on Monday. 
US crude for December delivery rose six cents to $ 51.96. 
Iraqi oil exports have fallen more than 200,000 bpd since the beginning of this month as shipments from both the north and south of the country declined. 
"The market is currently evaluating more supportive factors such as the status of Kurdistan, the slowdown in the number of rigs associated with rock production and the possible extension of OPEC cuts," said Tomonichi Akota, chief economist at Mitsubishi UFJ Research and Consultancy in Tokyo.

[Wiljor]

Iraq, October 24, 2017 

Oil prices continued to rise on Monday due to supply concerns amid conflicts between Iraq and the Kurdistan Region, a decline in US market production due to the impacts of recent hurricanes and increasing oil demands from Asia.

 

Brent Crude had increased to $57.87 barrels per day (bpd), up by 12 cents from the last close and US West Texas Intermediate (WTI) crude had increased to $52.04 bpd, up 20 cents.

 

“Oil prices are holding comfortably above $50 as possible supply disruptions in the Kurdish region of Iraq support prices,” William O‘Loughlin said, analyst at Rivkin Securities as reported by Reuters on Monday.

 

“U.S. production was also recently impacted by a hurricane for the second time in many months and the number of U.S. drilling rigs declined for the third week in a row,” O‘Loughlin added.

 

Oil flow has reduced in Iraq due to clashes which have occurred this week between the Iraqi central government and the Kurdistan Regional Government (KRG) over Kirkuk and other disputed areas in the region.

 

Additionally, as part of a pact with the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producers to tighten the market, production is still being withheld in Iraq.

 

However, demand for crude oil is steadily increasing in Asia, mainly in China and India.

 

China has demanded an average of 8.5 million bpd between January and September.

 

“Three main factors are driving China’s insatiable appetite for crude: declining domestic production, increased access to imports and exports for independent refiners, and building up the strategic petroleum reserve,” Britain’s Barclays bank said.

 

India’s fuel requirement increased due to ongoing maintenance on several oil refineries with the country importing a record 4.83 million bpd in September.

 

As the oil market remains unstable, analysts are expecting crude oil prices to further increase.

 

“We will see oil prices higher by 10 percent by the end of the year,” said Shane Chanel, an advisor at ASR Wealth Advisers. “We have started to accumulate strong positions within the oil sector.”

 

The Kurdistan Region, since 2013 has been exporting oil to world markets through a pipeline that terminates at the Mediterranean port of Ceyhan in Turkey. Ankara, which has rejected Kurdistan’s independence referendum, has threatened that it could close down the pipeline.

 

The oil-rich province of Kirkuk and other disputed or Kurdistani areas claimed by both Baghdad and Erbil came under the control of the federal government this week.

 

Iraqi forces have taken control of the majority of disputed areas, including several oil wells claimed by both Erbil and Baghdad that had largely been brought under Peshmerga control since the war against ISIS began in 2014.

 

Prior to the federal government’s takeover, the Kurdistan region was producing around 650,000 bpd.

 

This week’s conflict between the Kurdish and Iraqi forces in the disputed areas came after months of sour relations between the two governments as the KRG prepared for and held a referendum on independence, including the disputed areas in the vote.

 

The people of the Kurdistan Region and the disputed areas voted for independence on September 25 with 92.7 choosing to leave Iraq.

rudaw

http://iraqdailyjournal.com/story-z16097674