Oil rises 1% on settlement amid fears of supply shortages

[yota691]

 

OPEC basket oil keeps rising at $ 66.80 a barrel

12:41

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12:50 PM

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Follow-up / tomorrow Press:

The price of OPEC basket oil kept rising to settle at $ 66.80 a barrel. 

"The price of OPEC basket oil was $ 66.80 per barrel, the same price as the previous day," the OPEC Secretariat said on Wednesday.

Oil prices rose at the start of the week, supported by Saudi Arabia's comments, that OPEC may continue to cut production rates in 2019 after the cut-off agreement was due to expire by the end of this year. 

The OPEC basket is made up of desert mix (Algeria), Gerasol (Angola), Orient (Ecuador), Minas (Indonesia), Iran Heavy, Basra Light (Iraq), Kuwait Export (Kuwait) Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Marban (United Arab Emirates) and Miri (Venezuela).

[yota691]

Oil prices touch $ 70

Editorial Date: 2018/4/2 8:50 • 162 times read

The price of oil rose on Monday, boosted by a drop in the number of oil rigs in the United States and expectations that the United States could impose sanctions on Iran.

WTI crude <LCOc1> was $ 65.21 a barrel at 0122 GMT, up 27 cents, or 0.4 percent, from the previous close. 
Brent crude futures were $ 69.71 a barrel, up 37 cents, or 0.55 percent. 
"The oil markets are still nervous about whether or not the US administration will break the fragile nuclear agreement with Iran," Steven Inies of Singapore's brokerage firm INDA said. 
He said a weekly report indicated a decline in drilling activity in search of new oil discoveries in the United States boosted prices. 
Baker Hughes Energy Services said in its closely watched report on Thursday that the number of oil rigs dropped seven rigs to 797 diggers in the week ending March 29. 
It was the first time in three weeks that the number of rigs had dropped.
Baker Hughes published its report on the number of dredgers in North America on Thursday, a day ahead of schedule due to the great Friday holiday on March 30. End

[yota691]

Iraq is causing oil prices to fall

 

Excavators of the "Internet"

energy Economy News Baghdad: Oil prices fell 2.3% on Monday, boosted by a rise in Russian production and Iraq's comments on its desire to increase its crude oil output. By 2130 GMT Baghdad, Brent crude fell $ 1.61 or 2.3 percent to $ 67.73 a barrel, its lowest level since March 21. US crude fell $ 1.89, or 2.9 percent, to $ 63.05 a barrel, its lowest level since March 20. The fall in oil prices comes to the announcement of Iraq's desire to increase oil production to 6.5 million barrels of oil in the coming years, in addition to the organization of mid-month round of oil licenses. "There is speculation that the Saudis will lower prices for their customers in Asia," said Bob Jauger, director of futures contracts at Mizuho in New York. "That's really not what you do when you want to keep production cuts." Views 594   Date Added 04/02/2018

[yota691]

Oil rises to highest level since 2014

Release date: 2018/4/11 8:30 • 1007 times prescribed

International oil prices rallied on Wednesday, pushing up gains in the previous session as markets watched the Middle East escalate tensions after Eurocontrol warned of possible air strikes in Syria within 72 hours.

Brent crude rose $ 71.09 a barrel at 0104 GMT, up 7 percent from its last close. 
Brent climbed more than 3 percent on Tuesday to its highest level since late 2014, when it hit $ 71.34. 
US benchmark WTI hit $ 65.63 a barrel, up 12 percent from the last settlement

[yota691]

Oil markets are concerned about the Middle East crisis

 

Arab and international Economy News _ Baghdad Oil markets remained tense on Thursday amid fears of a military escalation in Syria, although prices remained below Wednesday's highest level, the highest since late 2014, as the abundance of US supplies has weighed on the market. Traders say trade disputes between the United States and China have kept the market anxious. By 0536 GMT, global crude oil futures were up $ 72.14 a barrel, up 8 cents, or 0.1 percent, from the previous close. US West Texas Intermediate crude futures rose to $ 67.03 a barrel, up 21 cents, or 0.3 percent, from the previous settlement price. In China, Shanghai crude futures also rose 8.9 yuan to 427.1 yuan ($ 68.03) a barrel, up 2.1 percent, on record volumes for contracts launched in late March. Brent crude and West Texas Intermediate crude hit their highest levels since late 2014 at $ 73.09 and $ 67.45 a barrel on Wednesday, after Saudi Arabia said it had intercepted rockets over Riyadh and US President Donald Trump warned Russia of imminent military action in Syria. Current fears of a prolonged trade dispute between the United States and China have also kept the market anxious. Despite market tension, supplies remain plentiful, especially in the United States. US oil inventories rose 3.3 million barrels to 428.64 million barrels. At the same time, the US crude oil production last week reached a new record of 10.53 million barrels per day, up by a quarter compared to the level in mid-2016. Views 12   Date Added 12/04/2018

[yota691]

Saudi Arabia opposes high oil prices

 

Arab and international Economy News _ Baghdad Saudi Energy Minister Khalid al-Falih said on Thursday that his country would not stand idly by as the crude supply of crude returned to the market, adding that Riyadh was opposed to rising prices to unreasonable levels. "We will not stand idly by as the crude supply returns to the markets again," Al-Falih said in remarks published by the Saudi daily Asharq Al-Awsat. "Riyadh does not want prices to rise to" unreasonable levels. " Asked if India, a major oil consumer, would be satisfied with the price of oil at $ 80 per barrel, Al-Falih said there was "no specific target price" and was concerned about the decline in supply in some producing countries due to lack of investment in new supplies . "There is no so-called target price for Saudi Arabia. We see many areas receding. The only way to counter this is to start the financial markets to finance upstream projects, "stressing that he does not know" the price that will achieve this balance. All we know is that in 2018 we have not seen it yet. "  Views 27   Date Added 04/12/2018

[yota691]

8

Al-Mazroui: We are working on defining the structure of a long-term agreement in OPEC

 

Thursday, 26 Rajab 1439 H - 12 April 2018

UAE Minister of Energy Suhail Al Mazrouei

NEW DELHI (Reuters)

UAE Energy Minister Suhail bin Mohammed al-Mazroui said on Thursday that the majority of oil producers involved in the current agreement to cut crude supplies support the idea of a long-standing alliance between producers. 

"I think the idea per se appeals to most, if not all, countries," Mazroui said on the sidelines of the World Energy Forum. 

"The ultimate goal is for this group to work together for longer than those two years in which we work together," he said. 

The Organization of the Petroleum Exporting Countries (OPEC) and producers from outside, such as Russia, have agreed to cut oil production to support crude prices. 

Al Mazrouei also told Reuters on the sidelines of the International Energy Forum in India that the agreement may not include an item on reducing or increasing oil production. 

Opec, Russia and other producers have begun implementing an agreement to cut their oil production in January 2017 in an effort to reduce the stark global supply of crude accumulated since 2014.

OPEC and its partners have extended the deal to the end of 2018, and Crown Prince Mohammed bin Salman told Reuters last month that Riyadh and Russia were considering extending their alliance for years and possibly decades. 

"We are now trying to put in place a structure, a terms document or a charter on the scope of the group's work," said Mazroui, whose country heads OPEC this year. 

The talks have raised the possibility that producers may take concrete actions to support oil prices by cutting supplies or making them at moderate levels by injecting more quantities after the current cut-off agreement ends at the end of the year. 

But in response to a question as to whether the proposed agreement would include such an item, Mazroui said it was not yet clear. 

"No, we need to wait until we all agree on what the charter will be. 

" Any formula, any form, we are not ready to discuss it now. "

The minister said producers were aiming to reach a draft agreement by the end of the year, adding that it was not intended to do so at the next OPEC meeting in June. 

"I do not think June is the target date, I hope it will be before the end of the year," he said. 

The OPEC-led deal has narrowed the supply gap and helped push oil prices above $ 70 a barrel, their highest level since 2014. 

But Mazroui echoed the views of other ministers, saying investment in new supplies was too low. 

"We will know the good price when the market is balanced and we have enough investment ... we need to have more investments," he said.

[Pitcher]

The global oil stocks surplus is close to evaporating, Opec said on Thursday, citing healthy energy demand and its own supply cuts while revising up its forecast for production from rivals who have benefited from higher oil prices.

US shale oil output has been booming over the past year since Opec reduced its own production in tandem with Russia to prop up global oil prices.

 

But as oil production collapsed in Opec member Venezuela and is still facing hiccups in countries such as Libya and Angola, the oil exporters’ group is still producing below its targets meaning the world needs to use stocks to meet rising demand.

The Organisation of the Petroleum Exporting Countries (Opec) said in its monthly report oil stocks in the developed world reversed a rise in January to fall by 17.4 million barrels in February to 2.854 billion barrels, around 43 million barrels above the latest five-year average.

“We have achieved an over 150 per cent conformity level,” Opec Secretary-General Mohammad Barkindo told Reuters in New Delhi, referring to Opec’s commitments under the supply-cutting pact. He said the glut has effectively shrunk by nine-tenths since the start of 2017.

“We have seen an accelerated shrinkage of stocks in storage from unparalleled highs of about 400 million barrels to about 43 million above the five-year average,” Barkindo said.

Stock levels are now 207 million barrels below their level in February 2017, with crude stocks in a surplus of 55 million barrels and product stocks in a deficit of 12 million.

“Looking forward, a healthy global economic forecast for 2018, positive car sales data in recent months, stronger 2018 yea-on-year US product consumption in January and potentially tighter global product markets are expected to boost gasoline and distillates demand ...,” Opec said.

“High conformity levels observed by Opec and non-OPEC producing countries ... should further enhance market stability and support crude and product markets in the months ahead.” The 14-member, Vienna-based producer group said its collective output, according to secondary sources, fell 201,000 bpd to 31.96 million bpd in March from February, driven by declines in Angola, Algeria, Venezuela, Saudi Arabia and Libya.

The figure is below the 32.6 million bpd that Opec sees as demand for its crude for the whole of 2018.

Opec, Russia and several other non-OPEC producers began to cut supply in January 2017. The pact runs until the end of the year and Opec meets in Vienna in June to decide on its next course of action.

Opec’s leader Saudi Arabia has said it would like the pact to be extended into 2019.

“There is growing confidence that the declaration of cooperation will be extended beyond 2018,” Barkindo told Reuters. “Russia will continue to play a leading role.” On Thursday, Opec also revised its forecast for supply growth from its rivals, non-Opec, which is now forecast to grow by a further 80,000 barrels per day this year to 1.71 million bpd, driven largely by higher-than-anticipated growth in the first quarter in the United States and the former Soviet Union.

At the same time, it increased its forecast for global oil demand growth for this year by 30,000 bpd to 1.63 million bpd.

“This mainly reflects the positive momentum in the OECD in the 1Q18 on the back of better-than-expected data, and supported by development in industrial activities, colder-than-anticipated weather and strong mining activities in the OECD Americas and the OECD Asia Pacific,” it said in the monthly market report.

Production in the United Arab Emirates posted the largest month-on-month increase, according to the secondary sources, rising by around 45,000 bpd in March to 2.86 million bpd.

Opec kingpin Saudi Arabia told the group it pumped 9.907 million bpd in March, 28,000 bpd below its February level.

Venezuela reported production of 1.509 million bpd in March, 77,000 bpd below the level it reported in February.

 

http://gulfnews.com/business/sectors/energy/opec-sees-oil-markets-tighten-further-even-as-us-shale-booms-1.2204573t

[yota691]

The main challenges facing OPEC now and in the future

16/4/2018 12:00 am    Dr. Falah Al - Ameri  Although the main factors influencing the volatility of oil prices traditionally are the fundamentals of the market, which is mainly in supply and demand, this does not occur in isolation from other factors that affect the volatility of oil prices such as the fluctuation of the dollar, the economic growth of some important countries or the growth of the world economy Economic changes, the growth of renewable energy sources, legislative changes and OPEC's response to volatile oil prices. When the fundamentals of oil markets affect oil prices negatively, OPEC in many cases tries to influence In the oil markets by narrowing the gap between supply and demand in order to balance markets and raise oil prices. This is what happened recently when OPEC intervened in 2016 to stop the deterioration of oil prices that have reached the brink of collapse.  Oil prices  If we return a little to the beginning of the crisis in the second half of 2014, OPEC decided not to intervene and followed the policy of waiting and follow-up until the arrival of the state of balance of oil markets, but after two years of low prices, OPEC reached the conviction of the need to change its policy and intervene in the oil market and control the deterioration The price of oil, which reached the lowest level in February 2016 and the limit of $ 29 a barrel.  The Organization realized that it should use a policy different from that adopted in 2014, and decided to intervene for the purpose of balancing the supply and demand of oil in world markets by controlling its oil production. Therefore, the participation of non-members of the Organization of the Petroleum Exporting Countries and the exchange of views and discussions for the purpose of finding common ground to balance the world oil markets on a scale  Broader.  Freeze production  The discussions among the OPEC countries to hold a conference in September 2016 in Algeria to discuss the oil markets and find the best steps to be taken to achieve balance in the oil markets, and it was agreed in principle to freeze production or reduce according to the proportion to be agreed later depending on the size The production of each member country in addition to involving non-OPEC countries within the agreement to enhance the effectiveness of the implementation of any future agreement. On Nov. 29, OPEC and Russian-led oil producers reached an agreement on the Declaration of Cooperation (DCA) between OPEC and non-Opec oil producers, under which the output of those countries was reduced by 1,600 mb / d. This announcement was a milestone in the history of OPEC as it gathered 24 oil producing countries and cooperation between them in order to understand the mechanisms of the oil markets and work on the withdrawal of surplus oil spread in warehouses scattered around the world, especially in developed countries, which rely heavily on the production of participating countries in the DCA, which began Implementation at the beginning of 2017 has continued until now.This historic agreement has been successful in its implementation by contributing to the balance between supply and demand through the withdrawal of oil stocks. This has led to balancing oil markets and raising oil prices to a level that helps OPEC countries and non-OPEC members reduce their budget deficits.  In the following lines, we will address the assessment of the DCA agreement, the benefits it has given to oil producers around the world and the producers affected, OPEC's response 15 months after DCA and the challenges OPEC will face in the future, especially alternative energy sources such as electric cars and energy And environmental developments.  Assessment of the Convention (DCA)  It is necessary to identify the parties that benefited and those affected by the implementation of the DCA. On the revenue side of the oil producers, all DCA countries, other oil-producing countries, independent oil producers and other countries benefited from higher revenues of hundreds of billions of dollars Government finances and deficit reduction also encouraged an increase in oil investments that declined as a result of lower prices  Oil.  As for the impact of the Convention on production, the picture here is different. The agreement excluded some OPEC countries such as Libya, Nigeria and Iran, which benefited by increasing their production in addition to the revenues they achieved as a result of higher prices. This certainly applies to producers of non-OPEC countries Such as Norway and Britain, as well as the United States. But despite the important step taken by the DCA countries, the rest of the producers, led by rock producers in the United States, who have reorganized themselves and managed to increase their production without interruption, which led to an increase in the share of the United States of America in the international market, which reached historical levels Exceeding 10.5 m / b / y. This was contrary to the position of the producers of the DCA Agreement, where they worked to reduce their production during the implementation of the agreement, which led to reduce their share in the international market on the one hand and reduce the volume of investments allocated to increase production and development of the oil industry, as happened with Iraq, for example.  Options for leaving the DCA agreement  There are ongoing discussions and discussions between the OPEC and non-OPEC countries participating in the DCA on how to deal with this agreement after the end of its term to avoid any negative impact on the world oil markets and oil prices, in order to reach the best options available that would To preserve the achievements of the Convention.  In the short term, the first option may be the announcement at the June ministerial meeting that DCA will be abandoned by the end of 2018. In this regard, there may be concern that this may have a negative impact on oil markets and oil prices. The second option is to delay the decision to cancel the agreement and only refer to the continuation of the agreement in the assessment of oil markets in the coming period until the ministerial meeting in November 2018, the third option is to keep the situation as it is now and delay the decision in May and June ministerial in 2019.  The fourth option is to reduce the reduction of oil production agreed to in the Convention, for example, to reduce production from 1.758 m / d to 1 m / d / 750,000 m / d / d, or to include the production of Nigeria, Libya and Iran. This option may lead to the most positive aspects, where OPEC can avoid the negative effects on oil prices and have sufficient time to monitor and study markets, as well as follow the growth of oil production and its effects on the balance of the market, and if the adoption of these options, Iraq to make intensive efforts to reduce the amount (210,000 b / d) to support Iraq's post-conflict reconstruction efforts.  Some initiatives  For the purpose of enhancing OPEC's performance in the face of ongoing and future challenges and in response to developments and changes taking place in the world oil markets, OPEC is constantly trying to change its strategy from time to time to avoid losing its initiative in rebalancing the markets and ensuring a sustainable market share and balanced prices. OPEC now has an opportunity to sustain negotiations with producing countries, particularly those involved in the DCA agreement, to build a long-term policy and strategy to achieve the Organization's objectives and to overcome current and future challenges, particularly the problem of the growth of oil production.Where there is an important opportunity to develop the current agreement and formulate a new policy aimed at taking measures to mitigate the negative effects on the production of DCA countries and find a balance between increasing market share on the one hand and to obtain acceptable price levels.  The success of the DCA agreement to restore the gradual balance of the oil markets during the period of implementation was the result of diplomacy, intensive negotiations, excellent management and follow-up by the Ministerial Oversight Committee, which exerted outstanding efforts which contributed to the implementation rate  About 100%.  This has encouraged the creation of solid ground for the emergence of important initiatives. One of these initiatives is the extension of the DCA agreement to a long period, such as five years or more, or the formation of a new organization to replace OPEC, which includes independent oil producers, OPEC countries and any other producer countries. In order to produce these ideas and proposals, it is very important to initiate the preparation of in-depth studies in order to reach a sound decision.

[yota691]

OPEC: Oil stocks will continue to decline

17/4/2018 12:00 am  (Reuters) Oil fell 1 percent on Monday, as markets opened for air strikes on chemical weapons sites in Syria at the weekend, while prices were under additional pressure from increased US drilling. Brent crude futures were at 73.85 dollars a barrel, down 73 cents, or 1 percent, from the previous close. US crude futures in the West Texas were down 57 cents, or 0.9 percent, to $ 66.82 a barrel. Traders pointed out that Asian markets, cautiously following the Western strikes, began to feel some relief after the escalation seemed unlikely.  OPEC Secretary-General Mohamed Barkindo confirmed on Monday that oil stocks in February were above the five-year average of less than 50 million barrels and the decline would continue in the coming months. Barkindo urged oil producers and companies to invest to meet the demand for crude in the future and offset the annual decline rate. "In the aftermath of the attack on Syria, oil prices have fallen slightly, but the effect seems to be limited," Trekkata's energy adviser Sukrit Vijayakar said. US oil companies added seven oil rigs to pump new production over the week ending April 13 to a total of 815, the highest since last year, according to Baker Hughes Energy Services. However, Brent is still up more than 16 percent from its record low of 2018 in February due to strong demand, conflicts and tensions in the Middle East.

[yota691]

 

Al-Allaibi from Saudi Arabia confirms Iraq's keenness to support the agreement to reduce oil production

 

13:56

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The time now is 02:03 PM

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Follow - up / Press tomorrow: 

Minister of Oil Jabbar Allaibi on Friday that Iraq is a main backer of the agreement to cut output between the Organization of Petroleum Exporting Countries "OPEC" and producers from outside the organization until the achievement of goals. 

"The Jeddah meeting is aimed at reviewing the commitment data of the countries participating in the cut-off agreement, and all members are committed to the agreement to reduce supplies," said Allaibi at the eighth meeting of the ministerial monitoring committee between the OPEC and the hanging producers in Jeddah, Saudi Arabia, " Saudi.

He added that "the importance of the Jeddah meeting comes because it precedes the OPEC ministerial conference, which will be held in June next year in Vienna," and expected to take "important decisions at the next summit to develop a roadmap for future changes." 

He stressed that "Iraq is a major supporter of the decision to reduce oil production until the achievement of the objectives, which the members look forward to and that the continuation of meetings and communication and communication between producers from within and outside the Organization (OPEC) is a message to confirm the firmness of the collective position in the face of the challenges of the oil market, , Which hit the global market during the past period to prevent the recurrence of the future. 

"The commitment of producers to the historic decision to reduce crude oil production has contributed significantly to saving the world oil market from the deterioration of oil prices, as well as achieving tangible results in restoring balance and confidence to global markets."

[yota691]

Oil for the highest price in four years and a Saudi desire to $ 100 a barrel

 

 Twilight News    
 5 hours ago

More than one British newspaper has been busy tracking oil prices to its highest level since 2014, which was accompanied by higher prices for other metals, such as aluminum and nickel. 
"Oil Pressure: Crude Prices Reach Their Highest Level in Four Years," the Financial Times reported in its front page. 
The newspaper said that the rise in crude oil prices to more than $ 74 a barrel pushed energy companies to the forefront of global stock indices. 
The increase in oil production in the Organization of Petroleum Exporting Countries (OPEC) and Russia over the past 16 months has also raised concerns about the effects of Venezuela's economic crisis and the threat of new US sanctions on Iran. 
Brent crude has risen almost 8 percent this year, the paper said.
In the same context, the Daily Telegraph published a report entitled "Oil and metal prices rise after fears of sanctions." 
The paper points to the rise in aluminum prices in the world markets, which are subject to vibrations due to US sanctions on Russia and the escalating trade dispute between the United States and China. 
Aluminum prices on London's metal exchange rose 6 percent to $ 2,337 a tonne, the newspaper said. 
The lightweight metal has risen 22 percent since the start of the month after US sanctions on a number of Russian companies, which has reduced the ability of one of the largest aluminum producers in the world (Russian company Rosal) to trade in production in the world markets.

Saudi Arabia and the Trump 
Penalties The same paper published by Andy Crichlow says that Saudi Arabia's desire for oil prices to reach $ 100 a barrel raises the risk of speculation in world markets. 
The writer says that Saudi Arabia needs such a high price to cover the expenses of economic reforms and the war in Yemen, but "this strategy brings great risks to the markets that prepare," as he put it. 
The writer attributed the reasons for the rise in prices to the unprecedented cooperation between Saudi Arabia and Russia, as well as the group of other oil producing countries, which has cut global crude supplies to 1.8 million bpd since January.
Russia also believes that a price of more than $ 100 a barrel is necessary to counter its economic malaise and to avoid a slow and painful economic bottleneck caused by economic sanctions imposed by the West. 
The writer speaks of the fear of Western countries of this congruence of interests between Saudi Arabia and Russia, pointing out that, despite the expectations of many experts on the lack of alliance between the two oil giants in the light of the failure of previous experiments, their cooperation seemed continuous despite the completion of the task of reducing production and lifting Oil prices. 
He sees this as a warning of a new "indefinite energy alliance" that controls almost half of the world's oil supply, which will bring oil back to more than $ 100 a barrel, which will serve the interests of both sides. 
The Guardian published another analysis by Nick Fletcher entitled "Trump sanctions encouraged high oil and mineral prices".

The writer attributed the reasons for rising prices to OPEC steps to reduce oil production and its agreement with Russia in this regard to protect oil prices.

He believes this has happened even though US oil production threatens to undermine this strategy between OPEC and Russia.

It also reverts to the sudden drop in US oil inventories this week, accompanied by concerns about oil supplies from the Middle East after the military strikes by the United States, Britain and France in Syria. 
The report also suggests that the United States is expected to return sanctions next month to Iran, OPEC's third largest oil producer, over its nuclear program. 
Even if Iran is able to evade new sanctions, US President Donald Trump's move to impose tariffs on iron and aluminum imports and more than 1,300 Chinese goods has raised concerns about a global trade war and its actions against Russian miners and sanctions. Imposed earlier this month by many Russian companies, will continue to have the greatest impact on the rise in oil, nickel and aluminum prices.

Keywords: 

[10 YEARS LATER]

Would $100 a barrel for Oil be a more “ suitable environment “ for Iraq ? If so, perhaps then we might see something “ unprecedented “ 

[skeetdog]

Thanks Yota....

9 minutes ago, 10 YEARS LATER said:

Would $100 a barrel for Oil be a more “ suitable environment “ for Iraq ? If so, perhaps then we might see something “ unprecedented “ 

Not seeming to know how to put on big-boy pants is the only 'unprecedented' thing Iraq's shown...They seem to have gotten both legs stuck in one leg of their trousers...but what can you expect from a bunch of guys that runs around in dresses...

[3n1]

100 bucks a barrel would be great but oil revenues is all thats keeping the lights on,, they have to move to a free market economy and diversify  and making their currency tradeable internationally , who knows where they are headed again with campaigning in full swing now , last time it went to 100 + the thievery just ratched up raking in all the surplus $ and was moved to banks out of iraq or so the articles have told , pre and during saddam's dictatorship oil prices were low but the exchange rate was always above 2 dollars , it seems iraq does have more international oversight with the oil now, when maliki and friends was conducting their heist it was not present or allowed ... heres hoping they hit that suitable environment soon , cheers all

[yota691]

Trump angry at high oil prices and rejects the measures of "OPEC"

 

Friday, April 20,

 

 

 

Alsumaria News / Baghdad  , US President Donald Trump seemed angry, on Friday, rising oil prices, expressed his rejection of the "OPEC" measures, stressing that it "will not be accepted."  " Oil prices are artificially high, and this is not good and will not be accepted," Trump said in a tweet on Twitter . "  Oil prices in global markets have risen significantly over the past week after the agreement of the member states of the Organization of Petroleum Exporting Countries (OPEC) and Russia to reduce oil production in the past 16 months, as well as heightened fears of the effects of the economic crisis in Venezuela and the threat of new US sanctions on Iran.     The Iraqi Oil Minister Jabbar al- Allaibi said during the meeting of OPEC in Jeddah today that the production of crude oil has contributed significantly to save the world oil market from the deterioration of oil prices, noting that the results of this commitment of signatories to the agreement to reduce production and come out with recommendations to help us deal with Challenges of the next phase.

[yota691]

Trump nods nose with OPEC and Iraq agreement

Release date: 2018/4/20 15:39 • 1036 times read

[INA-BAGHDAD] 
US President Donald Trump on Friday slammed the Organization of Petroleum Exporting Countries (OPEC) for rising oil prices.

Trump said price hikes were "artificial and would not be acceptable" as crude prices appeared to be heading for gains for a second week in a row. 
"OPEC seems to be returning again, with record volumes of oil everywhere, including the most heavily loaded ships at sea, oil prices are artificially high and this is not good and will not be acceptable," Trump wrote in a tweet on Twitter. . 
Iraq - OPEC's second largest oil exporter - Trump has not long given this frank intervention. 
Oil Minister Jabbar al-Allaibi said on Friday that oil prices were "not very high". 
"All things are good now and the market is stabilizing," said al-Allaibi, who meets with other ministers in Jeddah, Saudi Arabia.

The Inter-Ministerial Committee of OPEC and independent producers said that the level of commercial oil stocks in industrialized countries reached 2.83 billion barrels in March 2018. 
The Joint Control Committee and Iraq, a member, said that current commercial stocks remain above pre-market levels. 
The committee said its next meeting will be held on June 21 in Vienna, "noting that" it commissioned the OPEC Secretariat to consider the various measures with in-depth analysis of the uncertainties in the market. "

[Pitcher]

Trump doesn’t like higher oil prices because it offsets his tax cuts and is inflationary.  Higher inflation, higher interest rates, higher interest rates, down goes the stock market.  Not good in an election year.

 

i think oil prices will continue to rise in the near term due to demand and the fact that a lot of oil producing countries are at a lower production level, countries like Mexico, Angola, China, Norway, Venezuela, etc..  Even the Permian Shale oil is not at max production.  You just don’t turn on oil production and expect instant recovery.  You have to get the workers, the capital, the machinery and decent weather.  All of those countries and our shale producers will ramp up but it won’t happen over night. With the summer driving season coming I expect higher demand and higher prices.   

 

From a Stock market charts and technical analysis point of view I think the prices will trade sideways for a few weeks before it continues higher.  We have really gone up too high too fast for the technicals.  

[yota691]

 

[yota691]

 

Saudi Arabia declares commitment of oil producing countries to implement the OPEC agreement

 

14:51

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The time now is 02:59 PM

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announced Minister of Energy and Industry and Mineral Resources of Saudi, Khalid bin Abdul Aziz Al - Faleh, on Saturday, the oil producing countries , OPEC 's commitment to the implementation of the Convention and its reduction of daily production. 

Faleh said the commitment to a production cut was 149 percent in March, according to JCOMM's report, making it the biggest commitment since the agreement came into force.

He said in a speech at the eighth ministerial meeting of the Committee to monitor oil production in Jeddah, the countries participating in the reduction of production showed a commitment to balance the global oil market, where the levels of trade stock of the Organization for Economic Cooperation and Development, from a peak of 3.12 billion barrels in July 2016, 2.83 billion barrels in March 2018, a decrease of 300 million barrels.

Al-Falih said in a conference after the meeting that the Russian role is effective and cooperative, which contributed significantly to the signing of the agreement and its success over the past months, pointing to the performance of Russian Energy Minister Alexander Novak, who co-chaired the follow-up and ministerial monitoring committee since its establishment in early 2017. 

For his part, Novak commitment of the oil-producing countries to the Convention during the last period, pointing to the need to continue the successful work to achieve the objectives of ensuring the recovery of oil prices also addressed the current situation of the oil market and the announcement of historical cooperation and the development of the relationship between OPEC and Russia. 

For his part, UAE Energy Minister Suhail Al Mazrouei stressed his country's commitment to implement the agreement to reduce oil production inside and outside OPEC to overcome the challenges and enhance cooperation in the balance of market prices during the current year. He praised the cooperation of other countries in this regard.

OPEC and a number of non-OPEC countries led by Russia agreed by the end of 2016 to cut production by 1.8 million barrels per day, Russia's share of the reduction of 300,000 barrels per day. The agreement expires at the end of this year.

[yota691]

Trump Slams OPEC For Manipulating Oil Prices

By Tsvetana Paraskova - Apr 20, 2018, 11:00 AM CDT

Oil prices reversed gains and dipped early on Friday after U.S. President Donald Trump tweeted that oil prices are “artificially very high” and “will not be accepted”, the day after the price of oil reached its highest level since the end of 2014.

At 08:44 a.m. EDT on Friday, WTI Crude was down 0.57 percent at $67.94 and Brent Crudewas down 0.66 percent at $73.29.

President Trump tweeted early on Friday:

“Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted!”

The tweet came a day after oil prices reached end-2014 highs, with WTI Crude nearing $70 a barrel early on Thursday, following another drop in U.S. inventories and talk of Saudi Arabia reportedly pushing for oil prices as high as $100 a barrel.

Trump’s comments also come on the day on which energy ministers from OPEC and their Russia-led non-OPEC partners were meeting in Saudi Arabia to discuss the state of the oil market.

Yesterday, a meeting of the Joint Technical Committee (JTC) of the OPEC and non-OPEC oil producers found that oil inventories in developed economies had dropped to just 12 million barrels over the official target of the cuts—the five-year average.

After today’s meeting, the energy ministers of OPEC’s de facto leader Saudi Arabia and of Russia hinted at countering strategies, according to the first reports out of Jeddah, Saudi Arabia.

Saudi Energy Minister Khalid al-Falih said that despite the drop in global oil inventories, there is still work to be done.

“We have to be patient, we don’t want to jump the gun, we don’t want to be complacent and listen to some of the noise that ‘mission accomplished’ and things of that sort,” al-Falih said.

Russia’s Alexander Novak, for his part, hinted to CNBC that Russia may not stay committed to the deal until the end of the year, although he dodged attempts to get a solid answer. According to Russia’s TASS agency, Novak also said that at the June meeting the partners could consider reducing the quotas in the production cut deal.

[yota691]

Al-Allaibi from Jeddah: Iraq's efforts contributed to rebalancing the oil market

22/4/2018 12:00 am   Baghdad -  Oil Minister Jabbar Ali al-Luaibi said that the commitment of the producers, led by Iraq, to reduce the production of crude oil has contributed to restoring balance and confidence to global markets, adding that Iraq is still a major supporters of this decision.  It is hoped that the Ministerial Conference of the Organization of Petroleum Exporting Countries (OPEC) will be held next June, which will result in important decisions in setting a suitable roadmap for the changes of the phase and its developments.  "The commitment of the producers to the historic decision to cut crude oil production has contributed," Al-Luaibi said at the eighth meeting of the joint ministerial committee to monitor production in the Saudi city of Jeddah in the presence of OPEC Secretary General Mohammad Barkindo. A major saving of the global oil market from the deterioration of oil prices, as well as achieve tangible results in the rebalancing and confidence of global markets. " "Iraq is keen to support the work of the ministerial committee to monitor production, which stems from the historic agreement between OPEC and a number of producers from outside," he said. "Iraq is one of the main supporters of the decision to reduce oil production until achieving the objectives of the members."  "The continuation of meetings, contacts and communication between producers inside and outside the Organization of the Petroleum Exporting Countries is a confirmation of the firmness of the collective position in facing the challenges of the oil market and in addressing the crisis that hit the global market during the past period and work to prevent the recurrence of the future.  He added that "the purpose of the meeting of the Committee is to review and follow-up statements of commitment of the signatories to the agreement to reduce production, which confirmed beyond doubt the commitment of all and their concern for the success of the collective agreement to achieve common goals," stressing that "the results of this commitment helps us to come up with recommendations to address the challenges of the stage  Coming ".  Al-Luaibi said that "this meeting precedes the Ministerial Conference of the Organization of Petroleum Exporting Countries (OPEC), which will be held during June, which will result in important decisions in the development of a roadmap suitable for the changes of the stage and developments."

[yota691]

Iraq's OPEC representative: We target the market balance, not the price of oil

 

Monday, April 23,

 

 

 

BAGHDAD ( Reuters) - Iraq's representative to the Organization of the Petroleum Exporting Countries (OPEC) said on Monday that Iraq aims to balance the market, not the price of oil. "Iraq is not targeting oil prices, it is the balance of the market, " Ali Nizar told a news conference of the organization, held in Abu Dhabi and quoted by Reuters . "High oil prices are not always in our interest." "We are achieving our target for oil stocks and we are going back to an average of five years," he said. The oil prices began to recover to reach 60 to 70 dollars per barrel after falling to less than 20 dollars per barrel in 2014.

[Pitcher]

The representative of Iraq in the Organization “OPEC” that Iraq aims at balancing the market, not the price of oil.

Ali Nizar told a news conference held in the UAE capital Abu Dhabi: “Iraq is not targeting oil prices, it is the balance of the market, indicating that high oil prices are not always in our interest”. also, “We are achieving our target for oil stocks and we are going back to an average of five years”.
The oil prices began to recover to reach 60 to 70 dollars per barrel after falling to less than 20 dollars per barrel in 2014.

 

http://en.economiciraq.com/2018/04/23/iraqs-representative-in-opec-we-target-the-market-balance-is-not-the-oil-price/

[ChuckFinley]

Then stand by,  the oil will be flooding  the market and they will be crying about the price of oil. They just do not know how to find the sweet spot.