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Oil rises 1% on settlement amid fears of supply shortages


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10 minutes ago, Half Crazy Runner said:

 

Me too!!! I’m so done with these goons 😖Can’t wait until I no longer have to read/hear/think or speak about Iraq or any other country in that particular region. 

Here’s to swift & speedy!!! 🥂

 

TO SWIFT & SPEEDY.  :cheesehead:

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Venezuela stops its oil exports to India

Economy | 01:52 - 19/03/2019

 
image
 
 

Follow - up - the balance of News 
Energy Department said in Azerbaijan on Tuesday , quoting the Venezuelan oil minister that Venezuela suspended oil exports to India and is considering making Russia, China and Jhettiha main export. 
The ministry issued a statement on Tuesday after talks in Baku between Azerbaijan's energy minister, Venezuelan oil minister and president of the national oil company PDVSA Manuel Kevedo. 
"At the meeting," he said, "to prevent a sharp cut, a number of measures are being implemented and the export market is being diversified." 
"Russia and China are the two main destinations because of the suspension of oil exports to India," the statement said. 
The Indian market was important to Venezuela's economy because it historically was the second largest buyer to pay cash for Opec oil after the United States.
Earlier this year, the United States imposed tough sanctions on the oil industry in Venezuela and was pressing India to stop buying Venezuelan oil. 
Oil ministers from OPEC and abroad met in talks hosted by Baku and ended on Monday

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 Arab and international


Economy News _ Baghdad

 The UAE's energy minister said on Wednesday he expected the Organization of the Petroleum Exporting Countries (OPEC) to conclude a long-term cooperation agreement with non-OPEC partners in June.

Suhail Al Mazrouei told a news conference in Abu Dhabi that the UAE was committed to achieving a 100 percent reduction in oil supplies in the coming months.


Views 23   Date Added 03/20/2019

 
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Second Surprise Crude Oil Draw Sends Prices Higher

By Julianne Geiger - Mar 19, 2019, 4:43 PM CDT oil drilling

The American Petroleum Institute (API) reported a surprise draw in crude oil inventory of 2.133 million barrels for the week ending March 15, coming in under analyst expectations of a 309,000-barrel build. This is the second week in a row for a surprise draw.

Last week, the API reported a large surprise draw in crude oil of 2.6 million barrels. A day later, the EIA reported a similar figure, estimating that crude inventories had drawn down by 3.9 million barrels

Including this week’s data, the net draw is 1.5 million barrels for the eleven reporting periods so far this year, using API data.

 

1553031795-o_1d6buh5bq1a061vji8vh17v41j2

(Click to enlarge)

WTI was trading down slightly on Tuesday hours before the data release at $59.22, down $0.16 (-0.27%) at 1:59pm. Its counterpart, the Brent benchmark, was trading at $67.57, up $0.03 (+0.04%)  at that time, with prices near yesterday’s levels as the market continues to assess with inconsistent outcomes OPEC members’ dutiful adherence to its promised production cuts, Venezuela’s falling oil exports, Iran’s precarious sanction situation, the ongoing trade row with China, and differing analyst opinions on the demand growth outlook in the near future.

Still, oil prices are near four-month highs, and WTI is up over $2 per barrel week on week. Brent is trading at $1 per barrel over last week levels.

Related: Gas Mergers Could Pressure Prices In Europe

The API this week reported draw in gasoline inventories for week ending March 15 in the amount of 2.794 million barrels. Analysts estimated a draw in gasoline inventories of 2.125 million barrels for the week.

US crude oil production as estimated by the Energy Information Administration showed that production for the week ending March 8—the latest information available—dipped slightly to an average of 12.0 million barrels per day after two weeks at an all-time high of 12.1 million bpd.

Distillate inventories decreased by 1.607 million barrels, compared to an expected draw of 1.3 million barrels for the week.

Crude oil inventories at the Cushing, Oklahoma facility fell by 317,000 barrels for the week.

The U.S. Energy Information Administration report on crude oil inventories is due to be released on Wednesday at 10:30a.m. EST.

By 4:39pm EST, WTI was trading down at $59.15 and Brent was trading down at $67.51.

 

https://oilprice.com/Latest-Energy-News/World-News/Second-Surprise-Crude-Oil-Draw-Sends-Prices-Higher.html

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Iraq cuts oil exports by 220,000 barrels

 
Baghdad - conscious 
Oil Minister Thamir al-Ghadhban announced that Iraq will cut oil exports by 220,000 barrels per day compared with February, stressing the trend to cut production in April more.
Al-Ghadhban said in a statement received by the Iraqi News Agency (INA) on Monday that "the ministry plans to increase the reduction of exports during the month of April in, regardless of which oil fields we speak, but the decline will be among the projects in which the National Company operates, , And in March, we cut oil exports significantly, by 220 thousand barrels per day; compared to the month of February. "
"This meeting comes within the framework of the keenness of the producer countries of the Organization of Petroleum Exporting Countries (OPEC) and the Organization of Petroleum Exporting Countries (OPEC) (OPEC) and its co-sponsors from abroad to monitor the decision to reduce oil production, which was adopted before the end of last year, which was implemented as of January 2019 for a period of (6) months.
"The meeting aims to review the reports prepared by the specialized committees and emanating from the meetings of the producers in order to achieve members' commitment to the decision to reduce production to advanced levels and control over the surplus oil supply and to take appropriate steps to maintain the target set by the Organization" And its partners is the stability of the world oil markets and access to fair prices for both producers and consumers, and this leads to the revitalization of the global economy, "noting that" Iraq plays an important role in bringing the views of producers to the solutions and decisions and logical and realistic, Through his meetings with his counterparts keen on it. "
The Deputy Prime Minister for Energy and Oil Minister participated in the press conference held before the meeting of the Ministerial Committee and the ministers of (Saudi Arabia, Russia, Azerbaijan) with the participation of the Secretary General of the Organization of Petroleum Exporting Countries "OPEC" For his part, said spokesman Assem Deputy Prime Minister for Energy Affairs and Minister of Oil held a bilateral meeting with Russian Energy Minister Alexander Novak discussed ways to strengthen relations between the two countries and expand prospects for cooperation in the oil and energy sector and coordination and consultation on the stability of the world oil market.
Jihad pointed out that "the meeting of the Ministerial Committee on Production Control will be held on Sunday to discuss the agenda of the review of production and the status of the oil market."
OPEC and a number of non-OPEC oil producers agreed in December 2018 to cut output by 1.2 million bpd from October 2018.
OPEC countries have to cut output by 812,000 barrels a day, while the remaining 10 participants in the deal cut their production by 383 thousand barrels per day.
In particular, Russia, which is not a member of OPEC, has pledged to cut production by 228,000 barrels per day (bpd) within the agreement designed until the first half of 2019, with the possibility of revising it in April of the same year.
The ministerial meeting of the OPEC ministerial committee is being held today, with ministers from six countries - Russia, Saudi Arabia, Kuwait, Venezuela, Algeria and Oman.
The Committee reviews market development scenarios and, on the basis of this analysis, makes recommendations to OPEC countries on the necessary actions.
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  • yota691 changed the title to Oil falls from a four-month high but OPEC cuts and sanctions support the market
 
8819.jpg
crude oil
  

 energy


Economy News Baghdad

Oil slipped away from a high of 2019 hit earlier in the session on Thursday, but markets remain relatively tight amid OPEC-led supply cuts and US government sanctions on Iran and Venezuela.

By 0712 GMT, US WTI crude futures were $ 60.12 a barrel, down 11 cents, or 0.2 percent, from the previous settlement price. West Texas crude hit its highest level since Nov. 12 earlier in the session at $ 60.33 a barrel.

Brent crude futures were $ 68.52 a barrel near the previous settlement level after hitting $ 68.69 a barrel earlier in the session, their highest since November 13.

Oil prices have risen by about a third since the beginning of 2019 as OPEC-led supply cuts as well as US sanctions on Iran and Venezuela.

OPEC oil output fell from a peak in mid-2018 at 32.8 million bpd to 30.7 million bpd in February.

US sanctions have also caused supply disruptions.

"Venezuelan exports to the United States have finally stopped, after the US administration imposed sanctions earlier this year," ANZ Bank said on Thursday.

Iran's oil exports also declined. The United States aims to cut Iran's crude exports by about 20 percent to less than 1 million bpd by May, by requiring countries to cut their purchases to avoid US sanctions.


Views 10   Date Added 21/03/2019

 
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$60-$70 oil is the 'pain threshold' for the US and OPEC, JPMorgan says
 Holly Ellyatt  3 days ago

  
An oil price of between $60 and $70 per barrel is both a "sweet spot" and "pain threshold" that rival oil producers in the U.S. and OPEC can tolerate when it comes to the price of oil and production, according to the head of EMEA Oil & Gas Research at JPMorgan.

"$60-70 is the pain threshold that works both for the U.S. (and OPEC)" JPMorgan's Christyan Malek told CNBC on Monday.

"Above $65 and you saw oil being released from (the U.S.') strategic (oil) reserves and we saw tweets from Trump (criticizing OPEC's production cuts). Equally, $65 to $70 is a level where Saudi and OPEC can manage in the context of their fiscal oil break-even (price per barrel). They'd ideally like higher but it does feel like the sweet spot," he said.


Brent crude futures are trading at $67.26 Monday and West Texas Intermediate (WTI) is trade at $58.46. Malek said that the trouble with cutting production -- and the corresponding rise in oil prices -- is that it encouraged more output from U.S. shale producers as the price per barrel becomes more attractive.

More production from U.S. shale producers could affect supply and demand dynamics, putting downward pressure on oil prices if supply outweighs demand.

"The issue, however, is that at that (price) level you are seeing more U.S. shale production, more non-OPEC non-U.S. production, meaning that what you could end up seeing is a transient period of tightness but just a continuation of this oversupply that continues to recur over the next 6-12 months so you never actually see a tight market."

Staying the course
Oil markets have been digesting the latest comments from Saudi Arabia's Energy Minister Khalid Al-Falih this weekend after the 'OPEC+' group of OPEC and non-OPEC producers met in Baku, Azerbaijan.

Al-Falih said on Sunday that the 14-member OPEC and its allied 11 non-OPEC producers, led by Russia, will "stay the course" in terms of their strategic cut to production to balance supply and demand dynamics and stabilize oil prices.

He said he was optimistic" about the prospect of continued commitment to the OPEC-led production cuts and reiterated that position on Monday.

"What guides me in this group of 25 producing countries (the OPEC-plus group) is the level of inventories, and as long as the inventories are rising and are far from normal levels, we will stay the course of guiding the market toward balance. I think that's what consumers and producers around the world want from us," Al-Falih told reporters in Azerbaijan.

The current arrangement sees OPEC (except for sanction-hit Venezuela and Iran, and turbulent Libya) and non-OPEC producers (bar the U.S.) cutting production by 1.2 million barrels per day and is due to last until June 2019.

"We're in a position now where they're (OPEC+ is) looking towards Iran, looking towards U.S. policy to see what the next stops are. Our base case scenario at JPMorgan is that we see cuts going on into the second-half of this year," he said.

He said Saudi Arabia wanted to "protect the price around $70 and therefore we don't see that changing even in the context of U.S. production moving higher. They're going to stay the course and we think they're going to follow-through into the second-half of the year."

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  • CNN News
  • 6:18 am
  • March 21, 2019
  • Move over, Saudi Arabia. America is about to steal the kingdom’s energy exporting crown.

The United States will surpass Saudi Arabia later this year in exports of oil, natural gas liquids and petroleum products, like gasoline, according to energy research firm Rystad Energy.

That milestone, driven by the transformative shale boom, would make the United States the world’s leading exporter of oil and liquids. That has never happened since Saudi Arabia began selling oil overseas in the 1950s, Rystad said in a report Thursday.

“It’s nothing short of remarkable,” said Ryan Fitzmaurice, energy strategist at Rabobank. “Ten years ago, no one thought it could happen.”

The expected breakthrough reflects how technology has reshaped the global energy landscape. Drilling innovations have opened up huge swaths of oil and natural gas resources that had been trapped in shale oilfields in Texas, North Dakota and elsewhere.

Led by shale, US oil production has more than doubled over the past decade to all-time highs. The United States now pumps more oil than any other country, including Russia and Saudi Arabia.

“The shale boom has driven incredible increases in production,” said Fitzmaurice. “US production is off the charts.”

With ample supply at home, Congress in 2015 lifted the 40-year oil export ban. Overseas oil sales have exploded since then. And the US Gulf Coast is racing to build facilities that can handle surging foreign demand for US crude.

“Excess fossil fuels from America will find plenty of eager buyers in fast-growing Asia,” Per Magnus Nysveen, senior partner at Rystad Energy, wrote in the report.

‘Oil dominance’

Saudi Arabia currently exports each day about 7 million barrels of crude oil, along with 2 million barrels of natural gas liquids and petroleum products, according to Rystad. By comparison, the US exports about 3 million barrels per day of crude oil and another 5 million barrels per day of natural gas liquids and petroleum products.

Rystad expects that gap to vanish this year, although Saudi Arabia would keep a comfortable lead as the world’s largest exporter of crude oil alone.

The Permian Basin of West Texas has become the epicenter of the shale boom. Technological advances have made it possible for companies to profitably drill at lower and lower prices.

ExxonMobil, which was slow to the shale game, said this week that its soaring production in the Permian Basin can generate an average return of more than 10% — even at just $35 a barrel. Exxon now plans to produce more than 1 million barrels per day from the Permian by 2024 — up nearly 80%.

“Increasingly profitable shale production and a robust global appetite for light oil and gasoline is poised to bring the US to a position of oil dominance in the next few years,” said Nysveen.

National security, environmental implications

That dominance means that the United States can increasingly rely on oil pumped at home.

Earlier this year, the Energy Department’s statistics division predicted that the United States will export more energy than it imports in 2020. That hasn’t happened since 1953.

That has important national security implications. While the United States will still need to import oil to power its economy, it’s no longer as beholden to foreign oil as it once was. Meanwhile, China is importing more oil than ever before.

But US energy dominance carries environmental risk.

A recent report by Oil Change International warned that new US oil and gas development could unleash the same amount of carbon pollution as almost 1,000 coal-fired power plants. The group called it a “climate catastrophe” — at precisely the worst time.

And just this week, the Solomon Islands was hit with an oil spill caused by a ship carrying hundreds of tons of fuel oil. The oil spill has contaminated waters near a UNESCO World Heritage Site.

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UPDATE: Oil drops near 4-month high at settlement

UPDATE: Oil drops near 4-month high at settlement

 21 March 2019 10:06 PM
Mubasher : Oil prices fell on Thursday's trading session as US production increased, but still near a four-month high.

Crude has come under pressure as US production returns again by 100,000 barrels per day to its highest level ever in the week ending March 15 at 12.100 million bpd.

While US administration data showed US oil inventories fell by 9.6 million barrels last week.

At the same time, the efforts of OPEC and its allies contribute to the balance of the market, while continuing to reduce production by 1.2 million barrels per day.

The organization announced this week its retreat from a meeting in April, which was scheduled to review the agreement to reduce production, indicating the continuation of the reduction until June.

US New York crude futures for May delivery fell 0.4 percent to $ 59.98 a barrel, after hitting $ 60.39 a barrel earlier, the highest level since Nov. 12.

Today is the first trading day of this contract as the most active contract in the oil futures market.

By 6:55 pm GMT, the benchmark Brent crude for May delivery fell 1.1 percent to $ 67.76 a barrel.

 
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What’s Keeping Oil From Rallying To $75?

By Nick Cunningham - Mar 24, 2019, 7:00 PM CDTrig

WTI recently hit $60 per barrel for the first time since November, driven higher by the OPEC+ cuts, as well as by outages in Venezuela and Iran.

Those supply cuts have been tightening up the market for a while now, but the mid-week report from the EIA that showed a massive inventory drawdown helped push WTI over $60 per barrel. Oil prices had seemed to run out of steam just short of that threshold, but the decline of 9.6 million barrels was a surprise.

“It was also the biggest inventory reduction within a week since July 2018…Stocks normally increase at this time of the year, which makes the substantial inventory reduction all the more remarkable,” Commerzbank wrote in a note. “The sizeable inventory overhang that had still been in place until recently was thus eradicated completely.” The invest,ment bank added that the U.S. oil market “is no longer oversupplied…which should benefit WTI and result in further price convergence.”

Other analysts also noted the sudden bullish turn in the oil market. “Oil prices fell sharply at the end of 2018 on widespread concerns that there would be large Q1 inventory builds in the US and globally. Despite these concerns, Q1 has proved to be a period of increasing tightness, with a significant supply deficit,” Standard Chartered analysts, led by Paul Horsnell, wrote in a report. The bank estimated that the decline in inventories so far this year relative to the five-year average has been 0.43 million barrels per day (mb/d), a figure that has surged to 1.51 mb/d over the past two weeks.

There were a few other items of note in the EIA report, including strong gasoline demand, according to John Kilduff of Again Capital. “You’ve got to believe we’re due for a Trump tweet at some point, but I think with demand, these drawdowns, and the refinery snags we’ve been having, it’s kind of a bullish setup,” Kilduff told CNBC.

Related: One Last Warning For The U.S. Shale Patch

 

 

The outages in Venezuela and Iran, along with the strong production cuts from OPEC+, are undoubtedly tightening up the oil market. The one thing holding back oil prices seems to be concerns about the global economy and how the U.S.-China trade war might impact that outlook. Oil prices bounced around on recent murmurings about the trade negotiations – up on positive news, quickly down when it seemed that the talks were souring.

Meanwhile, the Federal Reserve just completed an about-face on its previous plans to issues multiple rate hikes this year. Fed Chair Jerome Powell said the bank downgraded expected U.S. GDP growth for 2019 from 2.3 percent to 2.1 percent and acknowledged that the economy was doing worse than previously anticipated. “It may be some time before the outlook for jobs and inflation calls clearly for a change in [interest rate] policy,” Powell said on Wednesday, which suggests that not only will the central bank decline to raise rates at all this year, but that the rate-hiking cycle might be over with for now.

The dovish turn would seemingly be significantly bullish for oil prices. A monetary stimulus (relative to prior expectations) would jolt the economy and help push up crude and other commodities. It would also put downward pressure on the dollar, which, again, would be positive for oil. However, the reason the Fed has made such a dramatic change in direction is because it fears that the economy is not doing as well as it was. Powell went to lengths to offer reassurances that the U.S. economy was strong, but noted that inflation was frustratingly low, investors were pulling back on risk-taking, GDP was growing slower than expected, and unemployment might be a bit higher towards the end of this year.

The fundamentals of supply and demand in the oil market appear to be heading in a bullish direction. But that trajectory is completely at the mercy of the global economy, which is exactly why there is so much emphasis on the outcome of the trade talks between the U.S. and China

 

https://oilprice.com/Energy/Energy-General/Whats-Keeping-Oil-From-Rallying-To-75.html

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  • yota691 changed the title to Oil surges amid continuing supply cuts, but recession fears curb it
 
13969.jpg
 
  

 Arab and international


Economy News _ Baghdad

Oil prices rose on Tuesday, driven by OPEC-led supply cuts and US sanctions on Iran and Venezuela, but fears of a possible recession have prevented further market gains.

At 0747 GMT, Brent crude futures were at $ 67.48 a barrel, up 27 cents, or 0.4 percent, from their latest close.

US crude was up $ 59.35 a barrel, up 53 cents, or 0.9 percent from the previous settlement.

Oil prices have been supported since the beginning of 2019 by the efforts of the Organization of the Petroleum Exporting Countries (OPEC) and its allies such as Russia, which have pledged to withhold about 1.2 million barrels per day of supply this year to lift markets.

Trafigura said on Monday it expected Brent to float between $ 66 and $ 67 a barrel, or slightly higher, for the rest of the year.


Views 25   Date Added 26/03/2019

 
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OPEC and non-members intend to meet May 19 in Jeddah

Economy | 02:37 - 26/03/2019

 
image
 
 


Follow - up - News balance , 
two sources said on Tuesday that OPEC and allies from outside seeking to hold the next meeting of the Joint Ministerial Monitoring on 19 May in Jeddah , Saudi Arabia. 
Saudi Arabia and Russia are members of the committee, which also includes two other major producers involved in the global supply reduction deal last year, such as Iraq, the UAE, Kuwait, Nigeria and Kazakhstan.

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  • yota691 changed the title to Trump calls on OPEC to increase oil production to stop rising prices

Trump calls on OPEC to increase oil production to stop rising prices

Trump calls on OPEC to increase oil production to stop rising prices

28 March 2019 04:14 PM
Direct: US President Donald Trump called the Organization of Petroleum Exporting Countries ( OPEC ) to strengthen levels of production in order to lower crude prices.

Trump's comments come as OPEC and producers of crude continue to cut production levels by 1.2 million bpd for six months since January.

"It is important that OPEC increases the flow of oil supplies," Trump wrote in a tweet through his personal page on the Twitter social networking site on Thursday.

 1024.jpg

This is Donald Trump's second warning to the Organization of Petroleum Exporting Countries this year as he continues to criticize crude prices.

"The global markets are fragile and the price of oil is very high.

At the same time, OPEC decided to cancel a meeting that was to be held in April to discuss the agreement to reduce oil supplies.

During Trump's first letter this year , written in February, he said oil prices were too high and the economy could not absorb these increases.

Following Trump's tug, oil prices deepened, with Brent crude for May delivery shedding 1.7% at 12:44 GMT to $ 66.67 a barrel.

During the same period, US crude continued its losses, pushing the futures contract for delivery in May by 1.7% to $ 58.39 a barrel.

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Trump urged OPEC to increase oil production: the price is "high" too

 

https://www.mawazin.net/Details.aspx?jimare=40207

 

Ec132832019_skynews-donald-trump-google_4405491.thumb.jpg.11a42054eebf3a6e04422d464948a157.jpg

 

28/03/2019

 

Follow up - Mawazine News
US President Donald Trump on Thursday urged the Organization of the Petroleum Exporting Countries (OPEC) to boost oil production to lower prices.
"It is very important that Opec increases oil flow, global markets are fragile, oil prices are rising too high, thank you!" Trump wrote on Twitter.
Immediately after Trump's tumble, US crude futures fell more than $ 58.33 a barrel, and Brent crude fell more than $ 1 to a low of $ 66.76 a barrel.
Crude oil prices rose this year amid OPEC supply cuts as well as US sanctions on Venezuela and Iran. The decline in production has led to a shortage of oil stocks.
But analysts warn that oil prices would have been higher now if the current economic slowdown, which is expected to have near-zero fuel consumption, did not end.

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I think Trump must have gotten a DM on Twitter from Adam that said :

 

“$60, gotta be a $60 Barrel of Oil so we get this Dang RV to happen! Then you will look like a hero, pay down the National Debt, fix failing infrastructure in The US like.... rusting bridges, pot holes in roads etc.... 

 

Clear cut path to re election in 2020

 

Trust me.... just Tell OPEC $60! 

 

Please and Thanks, 

Adam

 

You can thank me later ;) “

 

or or at least that’s how I imagined it sounding 😂

Edited by NEPatriotsFan1
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OPEC logo
  

 Arab and international


Economy News Baghdad:

Saudi Arabia is finding it difficult to persuade Russia to stay longer within the OPEC-led oil cut, and Moscow may only agree to a three-month extension, three well-informed sources said.

Russian Energy Minister Alexander Novak told his Saudi counterpart Khalid al-Falih when they met in Baku this month that he could not guarantee an extension until the end of 2019, the sources said.

"Novak told Faleh that he will be extended in June, but he can do so until the end of September because he is under considerable pressure at home to end the cuts," said a source familiar with Russian oil policy.

The Organization of Petroleum Exporting Countries (OPEC) and other non-OPEC producers, an alliance known as OPEC +, agreed in December to cut oil supply by 1.2 million bpd for six months from January 1.

"We can extend for three months when we meet in June and then see if we need an extension beyond that," an OPEC source said.

"We really do not know at the moment, and may not know until the last minute before we meet in June, if the Russians will stay."

OPEC is formed in 2017. Since its inception, oil prices have doubled to more than $ 60 a barrel, mainly as a result of a series of production cuts by its members.

If Russia withdraws from the latest cut-off deal, oil prices may fall.

The OPEC source said Saudi Arabia and other WTO members may have to consider continuing cuts alone if Russia decides not to continue.

The sources said it was not clear whether Russia's tough stance was purely a negotiating maneuver or a real threat to break the deal as Novak faced mounting pressure from Russian oil companies, which no longer want to curb production.

Reuters reported in February that Igor Sechin, director of Russian oil giant Rosneft and ally Vladimir Putin, had told the Russian president that the deal with OPEC posed a strategic threat and was in the interest of the United States.

On Thursday, US President Donald Trump urged OPEC to boost production to cut oil prices.

It is not certain Putin will support Sechin's view. The Russian president sees the deal with OPEC as part of a bigger puzzle that includes dialogue with Saudi Arabia, OPEC's biggest producer, on Syria and other geopolitical issues.

But Russia knows that Saudi Arabia wants oil at a price of at least $ 70 a barrel in light of its budget requirements, while Moscow does not need more than $ 55 a barrel to adjust its books, the sources said.

Russia has always kept its intentions secret in terms of extending supply agreements with OPEC only to eventually agree to what Riyadh calls for.

"Russia and Saudi Arabia are being tricked now and are trying to play with the same paper we saw in December," a Russian source in the sector said.

Russian Energy Minister Alexander Novak in Moscow on October 3, 2018. Photo by Sergei Karpukhin - Reuters.

"Novak threatens to end the deal, but will later ask permission from Putin to extend the reduction."

Earlier this month, OPEC and its allies canceled a meeting in April. They would instead consider extension of production cuts in June, when the market ended the assessment of the impact of new US sanctions on Iran scheduled for May.

OPEC sources said Russia was among the countries that recommended canceling the April meeting.


Views 10   Date Added 28/03/2019

 
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  • yota691 changed the title to The strongest "quarterly" oil performance in 10 years

The strongest "quarterly" oil performance in 10 years

The strongest "quarterly" oil performance in 10 years
 
 



 Twilight News    
 3 hours ago

Oil prices rose on Friday against a backdrop of OPEC-led supply cuts and US sanctions on Iran and Venezuela, putting crude markets on record for the biggest quarterly increase since 2009. 
By 5:59 GMT, crude futures WTI US $ 59.68 a barrel, up 38 cents, or 0.6 percent, compared with the previous settlement. 
US crude futures are up for the fourth week in a row, recording a 31 percent rise in the first three months of the year. 
London Brent crude futures rose 34 cents, or 0.5 percent, to $ 68.16 a barrel, while Brent futures are up 1.7 percent and up 27 percent in the first quarter of this year.
For Al Khameen futures contracts, the first quarter of 2019 is the best quarterly performance since the second quarter of 2009, when it rose about 40 percent, according to Reuters.

Since the beginning of the year, oil prices have been supported by efforts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, such as Russia, in an alliance known as OPEC +, which have pledged to cut supply by about 1.2 million bpd this year to support markets.

But Opec + cuts are not the only reason for soaring oil prices this year, with analysts also pointing to US sanctions against Iran and Venezuela, both members of OPEC and oil exporters, as one of the reasons for the rise in crude prices.

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Iraq faces a close loss in its oil exports

 Thursday 28 March 2019
 
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Baghdad - Writings

If Iraq and Saudi Arabia, as the two leading oil producing countries in the region, do not accelerate the use of technologies to help produce required oil in the world oil market in the next phase, the demand for their oil will be reduced for countries that possess these technologies.

Information released by the Bloomberg economic agency in a report Thursday 28 March 2019, citing the US banking group "Citigroup" that the suppliers of heavy oil, which contains a high proportion of sulfur - most of them in the Middle East - will be subjected to a shake As a result of the trend of international refiners to reject the refining of heavy crude oil, which will lose the price per barrel about $ 5.

The agency said Middle East producers selling 20 million barrels a day would suffer losses ranging from $ 7 billion to $ 37 billion of annual revenues.

Which prompted Saudi Arabia to announce that it would go immediately to install devices that will purify the oil during the loading of the vessels that ship to him overseas.

The above confirms that if Iraq does not tend to reduce the oil extracted from its territory, it will face financial pressures as a result of reducing its share in the required world markets.

 

 

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  • yota691 changed the title to Trump issues new permit for stalled Keystone XL pipeline
The Keystone Steele City pumping station, into which the planned Keystone XL pipeline is to connect, is seen in Steele City, Nebraska, on Nov. 3, 2015. | AP

Trump issues new permit for stalled Keystone XL pipeline

AP

 
  • MAR 30, 2019
     
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WASHINGTON - Moving defiantly to kick-start the long-stalled Keystone XL oil pipeline, President Donald Trump on Friday issued a new presidential permit for the project — two years after he first approved it and more than a decade after it was first proposed.

Trump said the permit issued Friday replaces one granted in March 2017. The order is intended to speed up development of the controversial pipeline, which would ship crude oil from tar sands in western Canada to the U.S. Gulf Coast.

 

 

 

A federal judge blocked the project in November, saying the Trump administration had not fully considered potential oil spills and other impacts. U.S. District Judge Brian Morris ordered a new environmental review.

A White House spokesman said the new permit issued by Trump “dispels any uncertainty” about the project. “Specifically, this permit reinforces, as should have been clear all along, that the presidential permit is indeed an exercise of presidential authority that is not subject to judicial review under the Administrative Procedure Act,” the spokesman said.

But a lawyer for environmentalists who sued to stop the project called Trump’s action illegal. The lawyer, Stephan Volker, vowed to seek a court order blocking project developer TransCanada from moving forward with construction.

“By his action today in purporting to authorize construction” of the pipeline despite court rulings blocking it, “President Trump has launched a direct assault on our system of governance,” Volker said Friday in an email.

Trump’s attempt to “overturn our system of checks and balances is nothing less than an attack on our Constitution. It must be defeated,” Volker said.

Calgary-based TransCanada said in a statement that Trump’s order “clarifies the national importance of Keystone XL and aims to bring more than 10 years of environmental review to closure.”

Trump “has been clear that he wants to create jobs and advance U.S. energy security, and the Keystone XL pipeline does both of those things,” said Russ Girling, TransCanada’s president and CEO.

Keystone XL will create thousands of jobs and deliver crude oil to U.S. refineries “in the safest, most efficient and environmentally sound way,” the company said. An appeal filed by the company is pending.

The U.S. Chamber of Commerce hailed Trump’s action, saying in a statement that “it shouldn’t take longer to approve a project than to build it.”

Keystone XL will boost U.S. economic and energy security interests, said Christopher Guith, acting president of the chamber’s Global Energy Institute. “Review after review has found it can be built and operated in an environmentally responsible way. It’s time to move forward,” Guith said.

Anthony Swift, director of the Canada project for the Natural Resources Defense Council, an environmental group, said the pipeline “was a bad idea from Day One and it remains a terrible idea. If built, it would threaten our land, our drinking water, and our communities from Montana and Nebraska to the Gulf Coast. And it would drive dangerous climate change.”

Trump “is once again showing his disdain for the rule of law,” Swift said, adding that the last time Trump “tried to ram this permit through he lost in court” and is likely to do so again.

Keystone XL, first proposed in 2008 under President George W. Bush, would begin in Alberta and go to Nebraska, where it would join with an existing pipeline to shuttle more than 800,000 barrels a day of crude to terminals on the Gulf Coast.

After years of study and delay, former President Barack Obama rejected the project in 2015. Trump reversed that decision soon after taking office in 2017, saying the $8 billion project would boost American energy and create jobs. A presidential permit is needed because the project crosses a U.S. border.

After environmental groups sued, Morris said the administration had not fully considered potential oil spills and other impacts and that further reviews were needed.

TransCanada disputes that, saying Keystone XL has been studied more than any other pipeline in history. “The environmental reviews are clear: the project can be built and operated in an environmentally sustainable and responsible way,” Girling said.

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  • yota691 changed the title to Trump re-sent a project to build an oil pipeline with Canada

Trump re-sent a project to build an oil pipeline with Canada

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Source:

  • AFP
History: 30 March 2019

US President Donald Trump on Friday granted a new permit to build the massive Keystone XL pipeline, which is supposed to link Canada's oil fields to the United States after a US judge suspended the project in November.

The document, published by the White House and signed by Trump on Friday, states: "Under this license, under the conditions set out below, I granted permission to Trans Canada Keystone Pipeline LP to build, link, manage and operate an oil pipeline on the international border between the United States and Canada, Montana, with the aim of exporting Canadian oil to the United States. "

The Canadian government supports the project, and welcomed the US president's decision.

Canada is relying on Keystone to ease the pressure of the saturated North American oil pipeline network at present.

"The signing of this new authorization clearly shows that the executive branch of the US government is aware of the importance of this project," the Canadian Office of Natural Resources Minister Amargit Sohe said in an e-mail to AFP.

Sohey has repeatedly defended Keystone XL to US Energy Secretary Rick Perry, who recently said the project was an absolute priority.

A federal judge in Montana in early November commented on the construction of the massive project. The suspension was a serious setback for Trump, who, since assuming office, has re-launched the project, which is under intense criticism for its risks to the environment and indigenous peoples.

The pipeline is 1,900 kilometers long and is supposed to link oilfields in the Canadian province of Alberta to Nebraska, eventually bringing oil to refineries in the Gulf of Mexico.

The indigenous peoples in the territory to be crossed by this project line will be fiercely opposed for fear of environmental damage.

The new authorization signed by the President revokes and replaces the previous licenses. It was not clear Saturday whether the project would be re-examined for its impact on the environment.

The risks that may pose to the environment have led the administration of former President Barack Obama to suspend the project for the first time in 2015.

In November Judge Bryan Morris said the Trump administration ignored a State Department report that the project was not of "national interest" interest because of the risks involved.

The Canadian government expects the project to respect the maximum greenhouse gas emissions allowed in Alberta, western Canada.

Trans Canada expressed its pleasure at Trump's decision and thanked "President Donald Trump for confirming his support for the Keystone XL oil pipeline project by publishing a new presidential authorization."

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  • yota691 changed the title to Oil rises 1% on settlement amid fears of supply shortages
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