Oil rises 1% on settlement amid fears of supply shortages

[yota691]

Iraq and the ceiling of oil production .. Point of view

Author: Abdel Halim Rahimi 28/6/2018 12:00 AM The desire of Iraq is that the oil producing and exporting countries (especially the OPEC countries) should not exceed the quotas set for them at production ceilings. Is a measure that Iraq finds a fundamental basis for the events of balance in the global oil market and then the exclusion of the oil producing countries from generating any surplus supply of crude and disruption of stability or confusion of investment and development plans and production in the energy sector, especially as the large countries consuming oil in the northern half of the ball The high demand for oil and its derivatives has entered the summer season when the demand for crude oil is shrinking. One of the reasons for this is the large annual maintenance operations on crude oil refineries. Routine routine in the maintenance of refineries and their accessories, which partially disrupts the demand seasonally   .  The success of the Organization of the Petroleum Exporting Countries' (OPEC) strategy in the last period by persuading the oil companies of the non-OPEC superpowers (Russia and the United States) to maintain control of production to reach the equilibrium price in the oil market has encouraged everyone to seek to avoid dumping or generating surplus in the oil supply A negative price towards the decline in prices and damage to oil revenues, especially after realizing the importance of the improvement in global oil prices and achieve levels that really helped to eliminate the relative stagnation in the global economy.  As it was noted that the continuation of the oil price crisis and the deterioration of prices during the past four years did not reduce the impact of deflation on the international economy from the US subprime mortgage crisis in   2008. Both have led to a global recession as long as global markets with financial and energy-related assets (including forward and immediate oil contracts) have deviated from their rules and laws that have moved away from the point of market equilibrium and have affected the stability of world markets And the global economy has been one of the global recession, due to the contraction of international demand for goods and services and many factors of production and international investment. The economic events that have persisted have confirmed that the continued deficit in the current account of the balance of payments of the oil exporting countries (due to the low oil prices) will inevitably lead to the deterioration of global direct or derivative demand, specifically the deterioration of demand for global industrial products and the general investments. Industrial and international markets for years  Past.  Thus, the economic experience has shown that the recovery of oil markets and the achievement of prices equivalent points, which exceeded today $ 70 per barrel of crude oil are the price levels that brought the markets to balance and removed the deficit balance of payments of oil countries, while at the same time one of the active forces in the price of Sustain the recovery of the global economy and raise its growth rates.   So global balance and stability will remain sustainable as long as oil markets remain stable and separate from   price caps .    The stability of the energy market is one of the most important axioms of maintaining global economic growth and its dimensions from the specter of recession and the long  - term recession  . Finally, as far as Iraq is concerned about the issue of production ceilings, the oil development plans and a production ceiling of about 6 million barrels of crude oil per day in 2022 (according to the National Development Plan for Iraq 2018-2022) require global production ceilings to grow as regularly as The degree of growth in the world economy and the development of its degree and associated growth derived in the demand for energy resources, especially crude oil. The determination of production ceilings is a relative phenomenon that changes gradually without a surplus in the supply of crude oil and the consequent sharp decline in  oil prices .  The commitment to the specified limits does not mean to stop maximizing the output of the production process annually and the growth of its ceilings annually as long as the process of production and investment continues.  And what Iraq is asking is to avoid generating excess oil supply leading to the deterioration of oil prices and returns. Such a deterioration if it happens will cause the dumping of the market and the resulting phenomenon of a serious price war is called phenomenon, which if it does not allow in the future to devote part of the oil revenues National and allocated for the purposes of investment in the fields and new oil reservoirs or the development and expansion of the geographical geographical oil to reach the goal of producing 6 million barrels per day in 2022. In this sense, Iraq does not want uncontrolled behavior in maximizing oil production without a common understanding by members of the Organization of Producing and exporting countries (OPEC) or even others to find a balance in the quantities produced and maintain the stability of the energy market.

[yota691]

Russia increases its oil production by 200,000 barrels per day

30/6/2018 12:00 am  MOSCOW MOSCOW (Reuters) - Russia will increase its oil production by 200,000 barrels per day in July after a meeting between OPEC and producers outside of Vienna last week in which it agreed to partially ease production restrictions, Russian Energy Minister Alexander Novak said. The OPEC basket of materials, which is a reference at the level of production policy, includes Basrah Light, Iraq, Marban, UAE, Algerian Sahara mix, Iranian heavy crude, Kuwaiti export crude, Libyan Sidr crude, Nigerian Bonny Light crude, Qatari crude and crude. Arab Light Saudi, Venezuelan Merai crude, Angolan gyrasol, Light Gabonese Spring, and Ecuadorian Aurant. "We plan to add up to 200,000 barrels per day in July," Novak said, in response to a question about how much Russia would increase production after the meeting.  Moscow initially agreed to cut production by 300,000 barrels per day (bpd), its share of a 1.8 million bpd supply cut by top crude producers.  Novak added that Russian oil companies will increase their production proportionately and in line with previous cuts pledged, but did not elaborate.

[yota691]

Iran's sanctions jump 5% in a week

Readers

 

 

Iran's sanctions jump 5% in a week

 

30-06-2018 01:17 PM

 

The Euphrates -

 

Oil prices rose on concerns that US sanctions on Iran would block a large amount of crude from world markets at a time of rising demand. 

US crude rose more than 8% throughout the week, while Brent crude rose more than 5%. 

"Everyone now focuses on the issue of untapped energy and the future," said Tamar Esner, chief energy analyst at Nasdaq. 

She added that market attention has shifted to a series of hiatus after weeks of oversupply by OPEC and other major producers. 

US crude rose 70 cents a barrel to settle at $ 74.15 a barrel, heading for a weekly gain of 8.2%. The highest price for the session $ 74.43 is the highest since 26 November 2014. 

Brent crude was up $ 1.59 at $ 79.44 a barrel. 

"The potential shortfall could go beyond the increased production agreed by OPEC and Russia," said Dominique Cherichela, director of risk management at Emi DTN, referring to the risk that supplies coming from Iran would fall further if other countries responded to the United States and cut imports from Tehran, the fifth largest An oil producer in the world. 

Iran pumps about 4.7 million barrels per day (bpd) to nearly 5% of world production, much of it to China and other energy-hungry countries such as India. 

The US government hopes to compensate other top oil producers in the Organization of the Petroleum Exporting Countries and Russia, the loss of Iranian crude. 

But the global oil market is already scarce with sudden disruptions in Canada, Libya and Venezuela. Many analysts and investors believe that strict enforcement of US sanctions on Iran will push prices up sharply. 

"Oil prices in the hundreds category are not out of the question," said JCP Energy, a consultancy in Vienna. 

A Reuters survey of 35 economists and analysts concluded that Brent's average price would be $ 72.58 in 2018, up 90 cents from a previous survey of $ 71.68 and an average of $ 71.15 since the beginning of the year.

[yota691]

Trump: King of Saudi Arabia agreed to my request to increase oil production to two million barrels

Editorial date: 2018/6/30 16:08 • 86 times read

(Reuters) - Saudi Arabia's King Salman has agreed to increase oil production, "possibly up to 2 million barrels," to compensate for the lack of production from Iran and Venezuela, US President Donald Trump said in a tweet on Saturday.

"I just talked to King Salman and explained to him that because of the unrest in Iran and Venezuela, I ask Saudi Arabia to increase oil production to maybe two million barrels to compensate for the difference and I think prices will rise and I agree," Trump said. 
Saudi authorities have yet to comment. 
Saudi Arabia, the world's largest oil exporter, plans to pump up to 11 million barrels per day of crude in July after OPEC agreed with Russia and other oil-producing allies to increase production by about 1 million bpd, a source in the oil sector told Reuters a few days ago. is over

[yota691]

The White House corrects what Trump told King Salman about oil production

 

Donald Trump

Arab and international Economy News Baghdad The White House corrected the announcement of President Donald Trump, with the approval of Saudi King Salman bin Abdul Aziz, the increase of Saudi oil production by 2 million barrels per day. Trump spokeswoman Sarah Sanders said the king had only confirmed the possibility of using oil production reserves to balance markets. Trump said earlier on Twitter that the Saudi king had agreed to his proposal to increase oil production by 2 million barrels. "The two leaders reaffirmed the commitment to a sound and stable global energy market for all countries and agreed that the global oil market balance is necessary to ensure reliable and affordable access to people around the world," Sanders said in a correction to the Trump Declaration, which triggered a storm of responses. "In response to the president's assessment that there is a shortage in the oil market, King Salman stressed that the Kingdom has an additional production capacity of 2 million barrels per day when needed, and it would be wise to use it if necessary to ensure balance and stability of the market," Sanders said. The Organization of the Petroleum Exporting Countries (OPEC) and a number of non-OPEC members agreed at the end of 2016 in Vienna to cut oil production by 1.8 million barrels per day from the October production level for 2016, including 300,000 barrels per share Russia to reduce production. The deal has been in operation since the beginning of 2017 and has been extended twice until the end of 2018. OPEC agreed on June 23 this year to stay away from over-implementation.As the energy ministers of Russia and Saudi Arabia have put it, this would in practice mean an increase in production by one million bpd, including by Russia - by 200,000. On June 22, Trump called on OPEC to increase oil production dramatically to contain prices after imposing sanctions on two of OPEC's top producers, Iran and Venezuela. Views 37   Date Added 07/01/2018

[yota691]

Iran threatens three countries: Those who take our share of the oil market will pay the price

 

 Twilight News    
 2 hours ago

Iranian President Izhak Jahangiri said on Sunday that any country trying to take Iran's share in the oil market would pay the price, describing it as a treason against the Iranian people and the international community.

"A coalition of America, Israel and Saudi Arabia is trying to impede economic growth in Iran," Jahangiri said in a speech on Sunday at the National Day of Industry and Mines.

"These countries have no influence so they can destabilize the Persian Gulf, which are a disgrace to the region, they have caused problems to provide hard currency in Iran," he said. Hard currency is very large because of the restrictions on international credit cards, "he said.

"One of the problems of the Iranian economy is its reliance on oil revenues and the inefficiency of the private sector," he said, noting that "Iran can overcome the current problems if a good strategy is adopted to manage the affairs of the country. It strongly opposes the violation of international laws. If Americans believe that they can Forcing Iran to renegotiate and change everything, they are wrong. "

"America's decision to ban the sale of Iranian oil is part of the psychological war," he said. "Saudi Arabia can not increase oil production and pump millions of barrels of oil into the world market."

Keywords: 

[yota691]

Iran asks OPEC members to refrain from unilateral moves

- 7/1/2018 2:04:00 AM14 Number of readings

 

 

 

 

Khandan-

Iran has asked OPEC members to refrain from any unilateral action, warning against undermining the unity of the organization, following reports that Saudi Arabia will raise production to a record level this month. 

Iran's Oil Minister, Bijan Zankane, wrote to Suhail al-Mazroui, who heads OPEC this year, urging him to remind Opec members to abide by an agreement last month. 

"Any increase in production by any member country that exceeds the commitments set out in OPEC's decision ... is a breach of the agreement," Zankana said in the letter, which was seen by Reuters and quoted by state media. 

"I ask your Excellency to remind OPEC member states to honor their commitments ... and to refrain from any unilateral action that undermines the unity and independence of OPEC."

On June 23, OPEC agreed with Russia and other oil-producing allies to increase production from July and Saudi Arabia has pledged a substantial increase but has not set any figures. 

Since then, sources familiar with Saudi production plans have reported the market to rise to a record high. 

Zankana said in his message that the unilateral decisions of some OPEC members weaken the Organization and that OPEC should not allow others to take political decisions against the unity and independence of the Organization. 

"Any unilateral increase in production beyond the commitments of OPEC member states will encourage the United States to take action against Iran," he wrote. 

"OPEC's decisions do not allow some member states to adopt a US call to increase publicly-paid political production against Iran," he said.

[Butifldrm]

Iran tackles sanctions by allowing the private sector to export oil

Iran's first vice president says we want to abort US efforts ... to stop Iranian oil exports

 

 01 July 2018 06:51 PM

Direct: Iran is going to allow private companies to export crude oil as part of a strategy to counter US sanctions, while Tehran demanded OPEC members, including Saudi Arabia not to violate the quotas production quotas.

Reuters reported that Iran was looking for ways to continue exporting oil and other measures in the face of sanctions after the United States asked its allies to stop importing Iranian oil from November .

"Iran's crude oil will be on the stock market and the private sector can export it in a transparent way, " Iran's First Vice President said during an economic event in Tehran, broadcast live on state television .

"We want to abort US efforts ... to stop Iranian oil exports," said Ishaq Jahangiri .

"Oil is already on the bourse, about 60,000 barrels per day, but that was limited to exports of petroleum products," he said.

Iran runs an oil and petrochemical exchange as part of its commodity exchange .

In a letter, Iran's Oil Minister, Bijen Zangane, sent a letter to OPEC asking OPEC members to abide by an agreement reached last month to raise production collectively and refrain from any unilateral steps undermining the unity of the organization .

The White House said on Saturday that Saudi Arabia had pledged to US President Donald Trump that it could increase oil production if necessary and that the kingdom had excess capacity of 2 million barrels per day .

On June 23, OPEC agreed with Russia and other oil-producing allies to increase production from July and Saudi Arabia has pledged a substantial increase but has not set any figures .

"Any increase in production by any member country that exceeds the commitments set out in OPEC's decision ... is a breach of the agreement," Iran's oil minister said in a letter seen by Reuters and quoted by state media .

Iran has been pressing hard to keep oil producers at the production level unchanged as US sanctions are expected to hurt exports .

But Saudi Arabia, OPEC's biggest producer, has been keen to boost production at the invitation of Trump and major consumers such as China and India to help cut prices and avoid shortages, Saudi officials said, including Energy Minister Khalid al-Faleh .

Related Topics World economy

 Source : Mubasher

https://www.mubasher.info/news/3306829/إيران-تتصدى-للعقوبات-بالسماح-للقطاع-الخاص-بتصدير-النفط

[yota691]

Password .. Trump and Salman, Iran and OPEC

- 1 Hour Ago

Since US President Donald Trump, with the approval of Saudi Arabia's King Salman bin Abdul Aziz, has demanded that his country increase its oil production by two million barrels a day, the questions revolve not just about the relationship between the White House master in Riyadh, but about the password.

Trump wrote in his Twitter account on Saturday: "I talked to King Salman and explained to him that I would ask for an increase in Saudi oil production because of the unrest in Iran and Venezuela, and he agreed to my request."

"OPEC is manipulating oil prices and Washington is protecting many of its members. Saudi Arabia and other countries must increase their oil production," Trump said on Twitter.

Although Saudi Arabia issued a statement that did not mention Trump's request or King Salman's approval, a Saudi official told the Wall Street Journal that his country had agreed to compensate for any shortage in the global market without any specific commitment.

Saudi Arabia

A Saudi official kindly lied to him and told the WSJ that the Saudis had assured him only that the kingdom was able to increase production without any specific commitment.

Observers read in the language of the Saudi statement and the statements of one of its officials as an attempt to ease the embarrassment caused by Trump's comment not only in form, but in striking Saudi commitments announced just days ago during a meeting of the Organization of the Petroleum Exporting Countries (OPEC) Oil production by about 1 million bpd.

Other observers saw Trump's announcement as the start of Iran's war of sanctions, which he said would be harsh and unprecedented in history.

President Trump: I spoke with King Salman and agreed to increase oil production to 2 million barrels.

Trump's message coincided with rounds of his administration of countries importing Iranian oil to persuade it to abandon it in order to avoid US sanctions, which will begin in November.

China and India are the largest importers of Iranian oil, as well as Japan, Turkey, South Korea, France, Spain and Italy.

But major questions were asked about the timing when Trump chose to start his war on Iran and its effects on his country and on Tehran itself, in addition to its impact on Saudi Arabia. Iran, which dealt seriously with the Trump Declaration, sent threats and talked about measures.

Iran 
's top vice president said on Sunday that "any party trying to extract Iran's share of the oil market is committing a great betrayal of Iran and will pay for it one day."

The measures announced by Jahangiri to face the expected US sanctions were to allow private companies to export crude oil through its oil and petrochemical stock exchange, where Tehran currently offers about 60,000 barrels through private companies.

Experts confirm that Iran is seeking through this measure to overcome the sanctions that will extend to the Iranian State Oil Corporation.

Another Iranian position was expressed by OPEC's representative in the Organization of Petroleum Exporting Countries, Hassan Kazem Bor Ardebili, who considered Saudi Arabia's response to Trump's request to be "removed from OPEC."

Ardebili said OPEC members decided last week to keep their previous agreement based on a 1.2 million barrel cut in output and a production ceiling of 32.5 million bpd.

Wars Trump 
American, observers believe that Trump wanted to achieve a number of goals, especially the start in its war of sanctions against Iran, which the export of oil is one of the most important weapons to deprive Tehran of hard currency, and push it to accept Ptfawd on a new nuclear deal according to Trump 's measure , which tore the agreement His predecessor, Barack Obama.

Another aspect of the Trump plan is what observers see as a need to bring about a drop in world oil prices that will be reflected on US citizens ahead of midterm elections before the end of this year.

At the Saudi level, Trump's euphoria placed it in an awkward position after it appeared to be the outlet for US dictates.

Saudi Arabia 
and Riyadh are gathering economists to say that Riyadh has aggressively sought to stabilize oil markets to ensure that its prices, which touched the end of last week, reached $ 80 for the first time in four years.

At the domestic level, the Saudi government is struggling to provide the necessary funds to address the many social and economic problems. Saudi Crown Prince Mohammed bin Salman has announced large projects within the 2030 vision, which will require considerable funds.

In addition, Riyadh still suffers from the multi-billion dollar war in Yemen, as well as arms deals with the United States and Western countries.

Political and economic 
this scene , a professor of political economy at the University of Lille French Younes Bfilah believes that " the political mind triumphed over the economic mind in Saudi Arabia , " adding that US pressure played a chord to Riyadh which is obsessed with Iran or "Aaranovobaa".

Belaflah told the island on Saturday evening that Saudi Arabia is not in its interest to reduce oil prices, adding that the projects of Vision 2030 will face a financial crisis in case of lower prices.

On the other hand, the researcher in political philosophy at the University of Paris, Rami al-Khalifa al-Ali, said that what will be achieved by political interests in preventing Iran's export of oil "is not compared to the figures of the economy."

Burdens of Iran

Trump wanted to tell the world that Saudi Arabia was in his pocket. Saudi Arabia's response to Trump's request to increase oil pumping is a declaration of war on Iran. The dispute with Iran is not a justification for the alliance with Trump and Netanyahu, the leaders of evil in the world. If they succeed in destroying Iran, Saudi Arabia will be their immediate next target, when we are aware and learn

Ali said that the surplus of Iranian oil goes to militias fighting in Syria, Yemen and the countries of the region, and it is in Saudi's interest to increase the burdens of the Iranian government.

While Trump is looking for his country's interests in his policies toward Iran, Saudi Arabia and the rest of the oil exporters appear to be the most affected by the policy of war over OPEC agreements amid Trump's war of trade wars in the world.

The researchers agree that the policy of sanctions on Iran proved to be ineffective, that it increased its brutality and expanded its interference in the regional files, which raises questions about the accounts of interests that Trump wants to be the biggest and perhaps the only winner in it and in all that is happening.

Source: Al Jazeera + Agencies, social networking sites

[yota691]

Oil is falling because of Saudi Arabia

Release date: 2018/7/2 8:38 • 262 times read

The price of oil fell early Monday after the White House said Saudi King Salman bin Abdul Aziz promised US President Donald Trump to increase production when needed.

By 2250 GMT, US WTI crude for August delivery fell 65 cents, or 0.9 percent, to $ 73.50 a barrel after rising 8 percent last week. Reaching a low of $ 72.51 a barrel. 
US crude rose last Friday to $ 74.46 a barrel, its highest level since November 2014, and rebounded on fears that US sanctions on Iran would cut a large amount of crude oil from world markets at a time of growing global demand. 
Brent crude fell 55 cents, or 0.7 percent, to $ 78.68 after adding more than five percent last week. 
The White House said on Saturday the Saudi king had promised Trump that the kingdom would increase oil production if needed and that it had the capacity to produce an additional 2 million barrels per day.
The White House said Trump told King Salman bin Abdul Aziz al-Saud that the oil market may need to increase production when the two leaders spoke on Friday. The White House said in a statement that the king was ready to increase production when needed. 
Trump attacked the Organization of the Petroleum Exporting Countries (Opec), pointing to the need to stop manipulating the world oil markets and intensified pressure on Washington's allies close to the threat of sanctions on European companies dealing with Iran.

[yota691]

Al Mazroui: We are ready to help ease any shortage of oil supply

Date Published: Tuesday 03 July 2018

Reuters

HE the Minister of Energy and Industry Suhail bin Mohammed Al Mazrouei said on Tuesday that OPEC will seek to comply with the Organization's overall compliance levels for the remainder of 2018 and that the UAE is ready to contribute to alleviating any potential shortage of oil supplies.

Al Mazrouei, who heads OPEC this year, said in a statement that the organization will strive from July 1 to adhere to the overall compliance levels for the remainder of the "Declaration of Cooperation".

He added that the joint committee of OPEC producers and independents will monitor the overall commitment.

 

He said that the participants in the agreement from OPEC and abroad will not falter in their commitment to contribute to stabilize the market for the benefit of consumers and producers and the global economy.

[yota691]

Oil market and OPEC decision

Author: Mohamed Sherif Abu Maysam 04/7/2018 12:00 AM What prompted the OPEC countries, which suffered a drop in oil prices over the years: 2015, 2016 and 2017 to decide to increase production after the decision to reduce the former production of the markets restored their prestige   and stability?  Did not those countries suffer large losses due to lower selling prices to the level of thirty dollars per barrel? At a time when the international oil companies manipulating the price movement, a lot of huge money over three years because of the margin between the difference between purchase prices and prices of the sale of products or petrochemicals and other, and that the current prices, which ranged at the rate of $ 70 a barrel, do not represent the real price Per barrel of oil certified by all the energy research centers, which sees the rate of $ 200 a barrel a minimum that can achieve justice for the amount of profits derived from the proceeds of products that extract oil barrels. The decision, taken at the end of last June, was presented at the fourth producers' meeting, which included producers from within and outside the Organization of Petroleum Exporting Countries. According to leaks, the decision appears to have come amid calls from companies that dominate the oil markets and major consumers to help reduce crude prices and avoid shortages. Which is necessary for oil reports to justify the decline in prices, and the invalidity of the effectiveness of the American Congress decision, which authorized the export of US oil in order to influence the decisions of producing countries on the reduction of production, as well as that The cut agreed about six months ago, amounted to about 1 million and 700 thousand barrels   only. In the sense that this simple procedure and within a short period, rearranged the securities within the global oil market and give the OPEC countries and others more confidence in their decision-making capabilities, which can be invested to restore the balance of rights between producers and consumers, but the new OPEC decision to increase production sent letters Is not reassuring about the possibility of companies that control the movement of markets to influence the compass of the producing countries, which reinforces the idea that the oil companies are the ones who decide, and that OPEC is always seeking more (confidence with consumers, aiming to achieve the balance and stability required for global oil markets  !) .

[yota691]

GMT 4:20 2018 Wednesday, July 4 : Last Updated

His contact with the Saudi king for support is rare

Will Trump's interventions help resolve its oil crisis?

Nihad Ismail

• 
  The US administration will allow companies and governments to buy Iranian oil under the Exemption and Exemption Mechanism

 

 

In his telephone conversation with Saudi King Salman last Saturday, the main headline of the speech was the stability of the oil market, the growth of the world economy and the reduction of oil markets resulting from the sanctions imposed on Iranian exports and production problems in Venezuela. US President Donald Trump's call to the leader of an allied country and his specific request for help is rare.

Elaph: Here we see political interference in oil markets at the highest levels. The total production of Saudi Arabia, Russia and the United States is about 33 million barrels per day, which is one third of what the world produces and consumes. Slightly higher than that of the group of OPEC members combined.

According to International Energy Agency figures, the world produces about 100 million barrels a day. In other words, three countries will decide the oil agenda in the coming years.

According to the latest news, Saudi Energy Minister Khalid al-Faleh spoke with his Russian counterpart Alexander Novak on Monday, stressing that according to the Vienna agreement, OPEC and its partners decided to raise production by one million barrels per day.

Decline in the frequency of US
after week of escalation and threat punish those who continue import Iranian oil from international companies and governments,seems that White House now taking review accounts, after realizing seriousness positions taken by President Trump from time to time, which threatens global economy such as tariff war with China and the European Union.

After contacts with Saudi Arabia and pressure to raise production under the pretext of compensating for market shortages resulting from Iran's boycott and production disruptions in Venezuela, State Department Policy Planning Director Brian Hawke said, according to Bloomberg sources, And governments to buy Iranian oil under the mechanism of exemption and exemption after the activation of the ban on Iranian oil exports on November 4.

Brian Hawk said the goal was to reduce Iran's oil revenues to zero by November 4. "But we will grant exemptions and concessions according to the circumstances." The background is that Trump did not accept the nuclear agreement signed by the five plus one countries in the summer of 2015 with Iran, which the US administration announced to withdraw from in early 2018.

This US intervention has led to a 3.5% rise in oil prices, causing concern in India and China, both of which are a major importer of Iranian oil.

It is noteworthy that more than 50 companies announced their intention to exit the Iranian market for fear of US sanctions. Iran exports 2.5 million barrels a day, less than a third of Saudi exports, between 6.5 million and 7 million bpd. According to the International Energy Agency, Asia imports two thirds of Iranian oil. In 2013-2015, Iran's exports fell to 1.5 million bpd due to a previous sanctions package.

The latest tweet from Trump during the weekend is blamed on the culprit, the supply side or oil producers in the Middle East, that is to say frank words (OPEC led by Saudi Arabia).

Saudi Arabia's position
According to the analysis of oil experts in the West, Saudi Arabia wants to have an extra capacity of 1.5 to 2 million barrels per day to be used in exceptional cases, such as curbing prices or to compensate for the scarcity of supplies in the market.

Saudi Arabia now produces 10.5 million barrels per day, not too difficult to increase to 11 million, but achieving 12 million barrels per day, as Trump wants is very difficult logistically and technically. In theory, Saudi Arabia could raise production to 15 million bpd and export 11.5 million barrels per day in the long run, but after completing major infrastructure projects, such as building a new huge port on the Red Sea, according to a Reuters report, In Aramco.

If Saudi Arabia actually produces 12 million barrels per day, then we have entered the unknown area. What would be the reaction of Iran ?, What about the other OPEC members ?, What would be the impact on US oil oil producers if prices collapsed, and what would the market reaction if it were dumped with Saudi oil? ... Many questions complicate the picture and do not help Trump.

Saudi Arabia prefers to raise production gradually, perhaps by 500 thousand barrels per day, and within months to 750 thousand barrels, and so on, but not two million barrels, as Trump wants. Saudi Arabia wants a price of around $ 80 per barrel for many reasons. The most important is that Aramco's value is attractive in the stock market when 5% of its value is offered for public subscription on the international stock markets in 2019. So it is not in Saudi's interest to raise production to the point of threatening prices significantly.

True Trump Crisis The real tramp
crisis is not global oil prices, but gasoline and fuel prices, which have risen in retail outlets for car owners and trucks, that is for voters who helped Trump get to the White House.

According to US energy figures, the American driver will pay about $ 440 more this year, in addition to what he paid in 2017, and the voter will be punished by the ruling Republican Party if prices do not fall. Trump's difficulties are getting worse with the start of the driving season as gasoline consumption rises to its highest level in the United States, and the November midterm elections are approaching the US Congress.

Problems in Venezuela and Libya have deprived the market of 1.5 million barrels per day. Even the Canadian energy company, Suncor Energy, is experiencing technical difficulties and has stopped oil production at 350,000 barrels per day. The problem of Trump will not be solved, whatever Saudi Arabia and its OPEC partners do. The shortage of supply will remain unrelated to OPEC alone.

Even US production does not help Trump
The big change that took place on the oil scene was between 2003 and 2008, a boom in the production of US rock oil, which rose from zero to 8 million barrels per day. Current US production from all sources reached 10.9 million barrels per day, according to data from the US Energy Information Administration issued in the last week of June.

US crude production has increased nearly 30 percent in the past two years and is now close to Russia's largest producer, which pumped 11.1 million bpd in the first two weeks of June. US crude production is also outpacing Saudi Arabia's largest oil producer, which produces 10.5 million bpd. According to US energy sources, China has imported about 360,000 barrels per day of US crude oil over the past few weeks.

US refineries are suffering from infrastructure problems, pipeline capacity shortages and ports to trigger increased production in the Permian Texas and Gulf of Mexico basin, which explains the $ 7-10 price difference between Brent and West Texas Mediator.

The conclusion of the talk that the intervention of the US president increases the problems complicated, and embarrass allies, does not help to resolve the crisis.

[yota691]

  HAPPENING NOW: Opec CAVES to Trump! Oil Prices in America Will Never be the Same!

[yota691]

From Trump to OPEC: "Cut Prices Now"

 

Spread Wednesday , 04 July 2018

 

 

The recovery of crude oil prices .. Has OPEC's tactics succeeded?

DUBAI (Reuters) - US President Donald Trump has asked the Organization of the Petroleum Exporting Countries (OPEC) to "cut" fuel prices "now," he said, adding that the organization's members "do little to help."

 

"The price of fuel is high and they (OPEC) are doing little to help," Trump said in his account on Twitter on Wednesday, the Organization of the Petroleum Exporting Countries.

 

Trump said that OPEC is pushing prices to "rise while the United States is defending many of its members for very few dollars," a ring by saying: "This has to be a two-way street.

[jmartin1145]

1 hour ago, yota691 said:

From Trump to OPEC: "Cut Prices Now"

 

Spread Wednesday , 04 July 2018

 

 

The recovery of crude oil prices .. Has OPEC's tactics succeeded?

DUBAI (Reuters) - US President Donald Trump has asked the Organization of the Petroleum Exporting Countries (OPEC) to "cut" fuel prices "now," he said, adding that the organization's members "do little to help."

 

"The price of fuel is high and they (OPEC) are doing little to help," Trump said in his account on Twitter on Wednesday, the Organization of the Petroleum Exporting Countries.

 

Trump said that OPEC is pushing prices to "rise while the United States is defending many of its members for very few dollars," a ring by saying: "This has to be a two-way street.

He is a great President. Trump 2020

[yota691]

ABC News

 

Published on Apr 18, 2011 

     Donald Trump Interview: Trump on Gas Prices

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After the Trump demand .. Low oil prices globally

Readers

 

 

After the Trump demand .. Low oil prices globally

 

05-07-2018 01:13 PM

 

The Euphrates -

 

Oil prices fell on Thursday after US President Donald Trump asked the Organization of the Petroleum Exporting Countries (OPEC) to cut crude prices. 
According to international economic news 
The price of global benchmark crude has fallen in Brent crude futures, today, July 5, 

56 cents to $ 77.68 per barrel 

While the WTI crude futures contract fell 45 cents, or 0.6 percent, to $ 73.69 a barrel. 

The prices were also affected by the escalating trade dispute between Washington and Beijing, which triggered another Asian stock tumble Thursday, as Washington warned it could impose tariffs on US crude imports at an unspecified date. 
Trump, in a tweet on Twitter on Wednesday, accused OPEC of pushing fuel prices up. "Opec should remember that gasoline prices are high and they are doing little to help." 
"They are pushing prices up while the United States is defending many of its members (OPEC) for very few dollars ... This has to be a two-way street. They've cut prices now! '

[yota691]

Iran's oil minister accuses Trump of insulting OPEC

 

Iranian Oil Minister Bijen Zanganeh

Arab and international Economy News Baghdad Iran's oil minister, Begin Zangane, accused US President Donald Trump on Saturday of insulting OPEC when it ordered it to increase production and lower prices, adding that the oil market should not be affected by political factors. "Trump sends a new message every day that creates confusion in the market ... Trump's orders for Opec members to increase production are a great insult to these governments and countries and undermine the stability of the market," Zanganeh said in an interview with state television. The minister pointed out that the level of Iranian production and export of oil has not changed because of US pressure. Views 6   Date Added 07/07/2018

[jeepguy]

20 minutes ago, yota691 said:

Zangane, accused US President Donald Trump on Saturday of insulting OPEC

hey get in line ,   it should be over a billion people long by now !     quick  too the twitter mobile ! 

[DinarThug]

 

Exceeded the $ 70 .. Will the Iraqi citizen benefit from high oil prices?w

 

 

 

 
Messenger Ali

 

2018/7/8 07:17:39 PM 

Today, the price of a barrel of oil reached $ 77, with Brent crude for $ 77.11 a barrel and crude for US $ 73.80 a barrel. This is a big gain for oil states like Iraq.

 But for the observer of the Iraqi issue, it is noticed that the price of a barrel exceeded 100 dollars in 2008 and for long periods the price was more than 75 dollars a barrel, but Iraq remained suffering from a lack of services, electricity and infrastructure fundamentals. Will the government invest this and benefit the people from rising prices this time Or will the old habits be repeated again?

"Oil prices will remain between $ 70 and $ 80 per barrel in 2018," he said. "There are several adverse factors affecting oil prices between now and 2020, " he said .

He explained that these factors are "trade wars between China, the United States of America, the European Union, Canada and Latin America as well as military wars that are still burning in the region."

"These factors also include US sanctions against Iran, the sluggish production capacity of US shale oil, the reluctance to invest in newly discovered fields, the recent OPEC decision to halt the cut-off decision before it is completed in 2018, and increase production without setting a specific ceiling Production ".

Assuming that oil prices are on the rise, and will remain so until the end of the year at least, this means that Iraq's badly designed budget would have been covered by external debt. It is now expected to fill its gap and settle this deficit, but it is in surplus.

With the addition of more than 550 thousand barrels to Iraq's exports from the fields of Kirkuk, and receive the center's government border ports and airports in the region, observers believe that there will be a large financial abundance should be reflected on the reality of living and economic for the Iraqi citizen.

"The 2018 budget was designed on the basis of $ 46 per barrel of oil exported, and now the prices exceeded the threshold of $ 70, and these prices are very positive for Iraq because it will address the budget deficit this year and achieve an important financial surplus, Use it to be next year's budget without a financial deficit, but what is important is how the government will manage the money generated from oil revenues. "

On the optimal use of these funds, Al-Shammaa said during an interview with "One News" that the government "to invest these funds towards important economic and service projects and direct contact with the citizen as well as use in areas that reduce the heavy dependence on oil in the budget."

 "The last two governments to take power before the current government have squandered huge wealth of hundreds of billions of dollars on failed projects as well as administrative and financial corruption, which has taken the largest share of oil revenues over the years, which contributed significantly to the failure of economic and service projects and the spread of administrative and financial corruption And lack of transparency in government work, especially in terms of spending.

 Western reports said that Iraq has lost more than 350 billion dollars since 2003 and so far, it went through the smuggling of currency and the Central Bank and the contracts and procrastination and imaginary projects, and the financial imports to Iraq since 2003 exceeded $ 1000 billion and spent about 500 billion for operating budgets and the rest To the imaginary investment budget and its greatest corruption, according to experts.

For his part, believes the media professor at the University of Baghdad, Mohammed al-Asadi, "The Constitution required that the government each year with the draft new budget disclosure of the final accounts of the budget of the previous year, but no government has never complied with this," considering that the former House of Representatives, which was presumed That it represents the people did not fulfill its duty in this regard, did not happen that raised this issue and asked to stop discussing the new budget before the submission of final accounts on the basis of constitutional merit.

Al-Asadi said in an interview with (Wan News) that "the majority of the deputies were not concerned with their privileges and parties, and this is the Iraqi public opinion strongly against the extension of the House of Representatives last, it was not useful in the first will not be good for the other, "The provinces and state institutions do not usually spend all their financial allocations, and it is assumed that the unspent amounts belong to the Treasury, but did not happen to know in any year how much money was spent and how much was returned to the treasury and how wasted in the space of administrative and financial corruption Wide. "

Since 2014 until now, the government has been practicing harsh austerity policies on the Iraqi citizen, including the suspension of appointments, reduction in public expenditure and the lack of investment expenditures, and the suspension of service projects, all these policies affected the living conditions of citizens of the middle income and high rates of poverty in society, As a result of World Bank conditions and lower oil prices

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Positive stability of crude oil prices

 

Oil     Arab and international Economy News Baghdad Crude oil futures fluctuated in a narrowly bullish range during the Asian session on Monday, as the US dollar index fell for the fifth session in eight sessions from its highest since July 14 according to the inverse relationship between them. US crude futures for November delivery rose 0.37% to trade at $ 74.07 a barrel, compared with the opening at $ 73.80 a barrel. Brent crude futures for September delivery rose 0.49% to trade at $ 77.49 per barrel compared to the opening at $ 77.11 per barrel, while the dollar index fell 0.07% to trade at 93.89, its lowest since June 14 compared to the opening at 93.96. The weekly report by Baker Hughes showed last week that oil drilling and drilling platforms operating in the United States rose for the first time in three weeks by 5 platforms to a total of 863 platforms, but US oil production stood at a record high of 10.90 million barrels Daily, to approach production levels of Russia, having recently surpassed the production of Saudi Arabia, the world's largest oil exporter. Views 27   Date Added 07/09/2018

[yota691]

Positive stability of crude oil prices, defying the rebound of the dollar index

 

crude oil

Arab and international Economy News Baghdad Crude oil futures fluctuated in a narrow upward range during the Asian session on Tuesday, keeping the USD index for the second consecutive session its lowest since June 14 according to the inverse relationship between them. US crude futures for November delivery rose 0.26% to $ 74.04 a barrel, compared to the opening at $ 73.85 a barrel. Brent crude futures rose by 0.45% to trade at $ 78.42 per barrel, compared with the opening at $ 78.07 a barrel, while the dollar index rose 0.05% and is currently trading at 94.12, showing a four-week decline from the opening at 94.08. The Chinese economy, the world's second-largest economy and the second largest industrial nation after the United States, released the annual CPI reading, which showed growth accelerated to 1.9% in line with expectations compared to 1.8% in May's annual reading, The PPI accelerated growth to 4.7% from 4.1% in the previous year's reading, beating expectations of 4.5%. Views 58   Date Added 07/10/2018

[yota691]

OPEC: FAO can not be blamed solely for the sector's problems

Readers

 

 

OPEC: FAO can not be blamed solely for the sector's problems

 

10-07-2018 02:03 PM

 

The Euphrates -

 

The head of the Organization of the Petroleum Exporting Countries (OPEC), Suhail al-Mazroui, defended the organization in the face of US President Donald Trump's recent demands to increase oil production, saying OPEC should not be held responsible. 

Trump has accused the organization in recent weeks of pushing fuel prices higher and calling for more action to be taken. 

"OPEC can not be blamed solely for all the problems in the oil sector, but at the same time we are responding to the actions we took at our previous meeting in June," Al Mazrouei told Reuters in an interview. 

"I think OPEC is doing what it has to do," he said. 

He said the organization was ready to listen to the top oil producing countries, including the United States 
OPEC agreed in June to a modest increase in crude production starting in July after Saudi Arabia, its biggest producer, persuaded its rival Iran to cooperate, after calls from major consumers to curb the increase in fuel prices. 

Crude prices rose steadily this year, boosted by demand and above $ 80 a barrel in May, for the first time in three and a half years. 

Al Mazrouei, who is also UAE's energy minister, said Opec members had enough capacity to deal with any sudden disruptions in global supplies. 

He said the organization was seeking a balance between supply and demand and did not target a specific price for crude. 

The UAE alone has an additional production capacity of between 400,000 and 600,000 bpd, he said. 

He said he did not expect there would be a need to call for an extraordinary meeting of OPEC members ahead of its scheduled meeting in December.