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Adam Montana

Oil rises 1% on settlement amid fears of supply shortages

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Thanks for keeping us informed on the status as always! We appreciate your consistency; not only on this particular post but on everything regarding this process!

 

Go RV!!

 

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3 hours ago, Adam Montana said:

This is ALL going according to plan! I'm lovin it! :partyhat: 

If you're lovin it, we're lovin it. But I'd love to eat some strawberry cheesecake soon. :drool:

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OPEC price slightly rises as US drilling activities prevail cuts

May 30 2017 01:21 PM
Opec price goes up
Opec price goes up

 

The price of OPEC basket of thirteen crudes stood at $49.67 a barrel on Monday, compared with $49.48 the previous Friday, according to OPEC Secretariat calculations.

This comes as oil prices rose slightly on Monday, barely paring last week's steep losses with the market remaining cautious as increases in U.S. drilling activity have undercut an OPEC-led push to tighten supply.


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

 

http://www.thebaghdadpost.com/en/story/11325/OPEC-price-slightly-rises-as-US-drilling-activities-prevail-cuts

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GMT 9:46 2017 Thursday, June 1st : Last Updated
OPEC reports indicate a continuous surge in oil prices

US study: oil will fall to $ 25

Nihad Ismail from London
  • 999999999999.jpg
    Is the future of oil? Is the future of OPEC?
 

OPEC expects a continuing surge in oil prices in the world, but modern and lengthy US study predicted to decline the price of a barrel of oil on world markets to $ 25, because of the rise of the electric car, and the spread of renewable energy. 

Elaf from London: finally released a dramatic US report on the Ratnak X Center for Intellectual Studies predicted to enter the world in a new stage of rapid technological advances, especially in the field of self - driving cars, which will lead to the collapse of oil prices to $ 25 a barrel, and would deprive the petroleum producers from the political and financial clout available to them today.

Within eight years from now, according to the report, you will not find cars or buses or trucks powered by gasoline or diesel sold anywhere in the world. The market for international media road transport will be transformed into electricity, which will lead to the collapse of oil prices and the decay of the oil industry as we know it . 

fear? no fear!

These predictions put forward by Stanford University, California, and Professor of Economics Tony Seba, who spread a report entitled "Rethinking modes of transport during the period from 2020 - 2030", it caused a state of anxiety and confusion in the oil circles.

The CEPA hypothesis on the basis that people Siqlon traditional driving cars and flee to self-electric vehicles. According to estimates, this will be ten times cheaper than cars powered by petrol. But there are those who believe that these expectations are not based on facts uncertain, but the assumptions of pure fantasy and illusion.

Centric predictions about the adoption of India and China for electric vehicles. China plans to increase electric cars and cars that use fuel cells 25 percent by 2025 sales, India seeks to achieve 100 per cent in the use of electric vehicles by the year 2032.

As is the case with all the theories, there are those who argue the opposite. For example, studies conducted by the American giant companies , "BP" and "Exxon - Mobil" suggests that electric cars will capture less than 10 percent of the global market by the year 2035. So there is no fear for the future of crude oil for many decades to come. 

Is it the future?

In another context, the American manufacturer Ford Motor this month, the inauguration of James Hackett, president of self-automotive division, as chief executive of the year the entire company. Some places this step is proof that the future of electric cars.

In contrast, raising Japan's Toyota Research Institute financial allocations for investments related to research and development in the field of self-car, in collaboration with academic institutions and other companies.

Reports also indicate that the demand for crude oil is going through a recession due to carbon taxes imposed by governments to encourage economy in the use of oil.

Growth will contribute to the popularity of electric vehicles and reduce the increase in demand for oil. The most important element is the global attention overload, even in the Middle East oil-producing countries, new clean and sustainable alternative energy.

In light of these data , which will receive international attention increasingly by 2030, specialists raises two questions: Is the future of oil? Is the future of OPEC? 

OPEC 's report undermines the theories

Undermines OPEC's report in 2016 all of these theories, it is expected that the number of the world's population rising from 7.3 billion to 9.07 billion by 2040, and raise the need for developing countries to energy and oil. With global economic growth to rise above 3 percent, energy demand will be strengthened.

The report also assumed to rise in oil prices to $ 65 a barrel by 2021, and to $ 155 by 2040, and this undermines the defaults and Sanford Sipa University.

The report remains positive for oil demand growth, as it is expected to rise to 99.2 million barrels per day in 2021, an increase of one million barrels than expected in the past year due to the continued decline in oil prices, and will continue to rise to 109.4 million barrels per day in 2040. torpedo these figures theories studies centers that predict the collapse of prices to $ 25 a barrel, and the decline in Chinese and Indian oil demand. 

Required to adapt

In the new oil system, three senior players pivotal afternoon: Saudi Arabia, Russia and the United States, producing more than 40 percent of the world's oil production.

America alone now produces 9.3 million barrels per day. According to US sources, and if added gas oil and condensate liquids, the US production up to 11 million barrels per day.

In the nineties of the last century, America produced 6 million barrels per day, and the need for imports from Saudi Arabia and the Gulf states to meet daily domestic demand of 19 million barrels per day. With Donald Trump management, experts are expected to rise US production, because Trump does not care about environmental issues, and will give the green light to encourage more domestic production, more than the US oil industry companies and oil shale production influence.

It is important to say that the oil shale production companies managed during the past two years to develop techniques to reduce the cost of production to less than $ 40 a barrel. Therefore, the conclusion that facilitates additional US production contributes to the deepening crisis in the market glut. Despite the success of the Vienna Conference agreement at the end of last year to cut production, and the extension of "OPEC" the effects of the agreement 9 months, the glut in the market will not disappear quickly because of rising Iranian and Iraqi production.

Any future OPEC?

Despite predictions since the late seventies of the last century that the "OPEC" ended, they still exist and play a positive role regardless of conflicts and disputes among its members. Russia and America recognizes that OPEC is the only institution capable of making decisions and quick action to restore balance to the market.

On the other hand, there are those who believe that the energy of the world is undergoing major changes technically and structurally, with the emergence of new innovations that have dynamic effects in the field of energy. The most significant development is the huge investment in sustainable and renewable clean energy sector. There is a question entices many: Is OPEC in the distant future will turn to an organization representing the interests of exporting countries for renewable energy? There are those who see a role for OPEC in providing aid and proposals to member states to diversify their economies and the lack of total dependence on oil. It is clear that oil will remain a key element in the energy mix used for tens of years to come.

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I think $25 is a bit of an exaggeration... I see a dip coming, possibly as low as $35, but then back up to $60+ in short time.

 

:twocents: 

 

Speaking of which, it might be a good play to short crude if Trump's plan to liquidate our oil reserve goes forward.

 

:thinking: 

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13 minutes ago, Adam Montana said:

I think $25 is a bit of an exaggeration... I see a dip coming, possibly as low as $35, but then back up to $60+ in short time.

 

:twocents: 

 

Speaking of which, it might be a good play to short crude if Trump's plan to liquidate our oil reserve goes forward.

 

:thinking: 

How does one go about,"shorting crude"?

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2 hours ago, ladyGrace'sDaddy said:

How does one go about,"shorting crude"?

 

  • DDG - Short Oil & Gas ProShares ETF.
  • DNO - US Short Oil Fund.
  • DRIP - Direxion Daily S & P Oil and Gas Exploration and Production Bear 3X Shares ETF.
  • DUG - Ultra Short Oil & Gas ProShares ETF.
  • SCO - Ultra Short DJ-UBS Crude Oil ProShares ETF
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Iraqi Oil Minister, Jabbar Allaibi
Iraqi Oil Minister, Jabbar Allaibi

Roudao - Arbil 

confirmed Iraqi oil minister, Jabbar Luaibi, that the independence of the Kurdistan Region, is a political step, and will not have a significant impact on oil prices. 

He Allaibi, during his participation in one of the workshops of dialogue held on the sidelines of the St. Petersburg International Economic Forum in Russia, saying " the independence of the Kurdistan Region had nothing to do with oil prices, because it is a political move, I do not think it will affect much on the price of oil, it is a political move purely" . 

He Allaibi, that Iraq has once again trying to get out of the reduction of oil countries , "OPEC" and outside the agreement. 

The International Economic Forum St. Petersburg, is a leading global arena for meetings between businessmen and discuss key economic issues in the world. 

He arrived in a high - level delegation headed by the Kurdistan Region Nechirvan Barzani, on Wednesday, to the city of St. Petersburg , Russia to participate in the World Economic Forum in place there. 

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History of edits:: 2017/6/2 13:58 • 16 times readable
Russia's Lukoil begins to cut its oil output in Iraq
[Oan- follow - up] 
Waheed Alekperov , CEO of Lukoil 's second - largest oil producer in Russia , said on Friday that the company will begin to cut crude production in Iraq as of this month of June in the framework of the Global Compact to reduce production.
Chief Executive Officer , declined to go into details , saying only that the reduction would not be great. 
Russia agreed and ten other countries outside OPEC last December on the organization 's participation in the reduction of production for the first time in 15 years. 
Last week , OPEC agreed with independent producers to extend the cuts for another nine months until March 2018.
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06/01/2017 (00:01 pm)   -   Number of readings: 311   -   Issue (3938)
 
 
Cut oil production in Iraq generates $ 4 billion a year



 Baghdad / Zahraa Al-Jassem 
 

After the extension of the Organization of Petroleum Exporting Countries "OPEC" agreement on reducing oil production , another nine months in order to withdraw surplus production and raise oil prices to $ 60 a barrel , and the face of any deterioration of the prices of crude, the International Energy Agency data show that Iraq is making now of the extension agreement daily profit of $ 10 million. 
Which means that the net profit per year may be close to four billion dollars, which represents a good compensation for me by Iraq from a loss because of low oil prices left a deficit in Moisnath, with the rise in the recent price of oil by about 1.5% to $ 52.26, may increase Iraq 's profit more, even though the Iraqi oil is sold at a lower price by about $ 7 a barrel. 
It confirms a spokesman for the Oil Ministry , Assem Jihad , in an interview (range), that the step taken by producers inside OPEC and beyond, including Iraq, was aimed at boosting oil prices , after falling, and to control the oversupply in the global oil market, adding that, when the reduction process began in the first half of this year, bringing the price below $ 40 a barrel, and it could have to fall more, so she OPEC to take this step , which helped raise the price of more than $ 50 a barrel, and remained ranges at this price. He noted Jihad, that the extension agreement was also the result of consensus visions between Iraq, Saudi Arabia, Russia and Algeria are also with them. 
And continue Jihad by saying: oil - producing countries aspiring to exceed the prices of "$ 60 a barrel during the next phase, so the increase every dollar new is added to the current price, is added in the revenues of these countries, including Iraq, and reduces the proportion of losses incurred by these countries in the last period, adding: While it is not now available to our interest , or increase the size of the Iraqi imports due to the rise in oil prices, but in general, any increase is monitored by the government for the price of a barrel within the federal budget is an additional income contributes to reducing the budget deficit ratio General, has Tjao V Oil Ministry figure speculative set by the government in the budget year 2017 for the price of a barrel, however , we aspire to achieve more than this percentage, leading to instability and a deficit in the federal budget for the coming years. 
He had reached an agreement to cut oil production among countries within OPEC in September last year for six months, as agreed after Russia and ten non - member countries in OPEC to participate in the production cuts implemented by the Organization for the first time in 15 years, to arrive last week to an agreement between producers , OPEC non - members led by Moscow to extend the cuts in production for nine Of additional months until March of next year, should OPEC members to cut output by 1.2 barrels per day. 
An expert on oil affairs Hamza jeweler draws in an interview (range) that Iraq now achieves more profitable despite the reduction of its production because the cut for him is limited not to exceed the "206 thousand barrels per day, adding: The increase in the price of a barrel cover loss reduction production and even increase it, so that our net big profits, so Iraq is making a profit per day of $ 10 million, according to the IEA state, this means that Iraq 's net income per year could be closer to four billion dollars. 
according to the jeweler said it also: hurt in the interest of Iraq in the long term, the fact that the issue of a temporary reduction of production and It is the result of the presence of quantities of oil when speculators is controlled by producing countries, in the sense in order to control the markets must only be key factors are two of the work, namely the product of any supply and consumer any demand, and in case there is more than one point of exposure, and I mean here speculators , will control the movement of the market is very difficult, so the quantities that were the speculators during the price fall period increased to 150 million barrels, and these quantities require a long period of up nearly two years until the drains, and even the depletion of those quantities will keep producing countries suffer from the reduction process production or frozen. 
Iraq relies on oil revenues to finance up to 95 percent of expenditures; which makes unilateral and our economy vulnerable to fluctuations, based on crude prices in the global markets.

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Iraq's oil industry

   
 

 
 

06/03/2017 0:00 
 
Ahmed stapes 
facing the oil industry in Iraq , a range of challenges , including the implementation of «OPEC» agreement to cut production, and was Iraq 's share of the reduction equivalent to 200 thousand barrels per day, noting that Iraq is ranked second largest oil producer in OPEC, but it suffers from enormous financial pressure because of economic situation, the war against al (Daesh), re - liberated provincial reconstruction and taking into account the inability of the country for a long time on the export of oil due Alaqhobat.valmtaatba to data from the Ministry of oil finds it emphasizes the development of a plan to strengthen the energy sector in the country, including an increase of oil production and export rates Cancel Laze along with maximizing , store, which will lead to the result that Iraq takes affect his status it deserves in the "OPEC" and international forums. 
Iraq, with the largest oil reserves in the world after Saudi Arabia, and has four times the US oil reserves, as a reserve size of about 153 billion barrels, with total gas reserves declared, according to data from the Iraqi Oil Ministry about 112 trillion cubic feet, and the estimated oil reserves is uncertain up to 360 billion barrels, and this reserve of Iraqi oil is about 10.7 percent of the world 's total reserves. 
If we look, we find that the province of Basra in southern Iraq has the largest share of this vast oil wealth, and characterized Basra province over the years, among other things because of the concentration of oil wealth in the province, starting with the capacity of specialized in the field of investment and human expertise of oil fields between the Iraqi provinces , the distribution map, and production volumes and the end of the development of local companies serviced and supportive of exploration and investment fields. 
Basra province is home to 15 fields, including 10 producing and 5 are still waiting for development and production. These fields contain in its interior on oil reserves , estimated at more than 65 billion barrels, or about 59 percent of the total oil reserves in Iraq, which has the largest oil fields and produce according to official statistics , about 80 percent of Iraqi oil exported abroad currently. 
To ensure the continuity of the discharge of oil through global markets , it is necessary to maintain the quality of this oil users global standards related to increased salinity and viscosity and it was necessary for companies licenses to Tsthaddam methods used all around the world to maintain the quality of oil and ensure economic returns to Iraq to use oil washing technology with water. 
One of these oil fields is a field Majnoon oil - which is run by Shell Iraq in cooperation with the Basra oil company Petronas , which produces at present more than 210,000 thousand barrels per day, and to ensure continuity of production of high quality, the company has implemented a project pipe river water, which is dragging water of the Shatt al - Arab and used in washing oil extracted from some wells and the separation of impurities to ensure the stability of oil production. 
It is worth mentioning that the water used amounts are very limited, and the disposal of used water resulting from the washing process in ways that have no impact on the environment and under the conditions set by the Ministry of Oil on all operators of the fields of companies, which are subject to strict control by the Basra oil company. 
The oil minister has called on Shell to continue its work and development by increasing oil and gaseous production, in addition to finding the best means of gas investment, stressing that the ministry will enter a new era of work at all levels and in 2017 will include large projects in the oil and gas sector. 
Iraq stresses the development of ambitious plans to upgrade infrastructure and stimulate the investment sector in the development and the development process in order to optimize the investment of oil wealth and the development of the oil sector, and that the ministry succeeded in achieving unprecedented increases in production and export. 
These efforts confirm the application of the principle of sustainable development on multiple sources , both natural sources were directly, or production inputs and feedstock available , which in turn will achieve sustainability.
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Allaibi: Oil prices will recover in 2018

   
 

 
 

06/03/2017 0:00 
 
Examine the possibility of deepening cut production 
St. Petersburg / Agencies 
Oil Minister Jabbar Allaibi that oil prices will recover in 2018, in the light of the extension of "OPEC" countries agreement and Foreigha.oukal Allaibi in a dialogue with the agency "Sputnik" on the sidelines of the St. Petersburg International Economic Forum: "I hope this helps to stabilize the market, I think that prices will recover next year , "he said , adding that OPEC was ready to intervene if oil prices fell sharply. 
It is noteworthy that "OPEC" and outside the countries reached at the meeting, on November 30, an agreement to reduce the size of its oil production by about 1.8 million barrels per day, starting from the beginning of the year 2017, 32.5 million barrels per day, while countries agreed from outside the organization the total size of the reduction of oil production 558 thousand barrels per day, of which 300 thousand barrels from Russia. 
In the same context , quoted by Tass news agency quoted the Saudi Energy Minister Khaled al - Faleh was quoted as saying on Friday: The participants in the Global Compact to cut oil production could study the possibility of deepening cuts in the month of November, and came al - Faleh 's remarks during an economic forum in St. Petersburg. 
For his part , said Russian Deputy Prime Minister Arkady Dvorkovich that he did not believe that the global agreement to cut oil production will change if crude prices fell. 
Dvorkovich said "Reuters" on the sidelines of the World Economic Forum in St. Petersburg , "If prices fell I do not think we will amend the agreement." 
The agreement was concluded until the first half of this year , with the possibility of extension, and on 25 May last, the agreement was extended for an additional nine months until the end of March next year. 
The St. Petersburg International Economic Forum, a leading global arena for meetings between businessmen and discuss key economic issues and the forum held 
this year, during the period from 1 to 3 - June.
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Iraq, June 3, 2017 

Iraq has sold 122 million barrels of crude oil in May, -the highest amount since the agreed upon production limits by the Organization of Petroleum Exporting Countries (OPEC) took effect in January. The agreement to reduce production for six-months was extended to another nine months earlier last week. The aim of the set limits is to increase global oil prices, and thereby increase the member countries’ oil-dependent revenues.

As per terms of the deal, Iraq had agreed to cut output by 210,000 barrels a day from its October level. However, the daily outflow of 3.93 million barrels (averaging $46 per barrel) in May exceeds the level of October.

The production increase in May may be a way to make up for the reduced production in April, which was caused by a damaged jetty and the subsequent repair work.

Excluding the Kurdistan Region, which independently ships its oil, sales from the federally operated fields averaged 3.262 million barrels a day.

basnews

http://iraqdailyjournal.com/story-z15391171

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2 hours ago, Wiljor said:
Iraq, June 3, 2017 

,Iraq has sold 122 million barrels of crude oil in May, -the highest amount since the agreed upon production limits by the Organization of Petroleum Exporting Countries (OPEC) took effect in January. The agreement to reduce production for six-months was extended to another nine months earlier last week. The aim of the set limits is to increase global oil prices, and thereby increase the member countries’ oil-dependent revenues.

As per terms of the deal, Iraq had agreed to cut output by 210,000 barrels a day from its October level. However, the daily outflow of 3.93 million barrels (averaging $46 per barrel) in May exceeds the level of October.

The production increase in May may be a way to make up for the reduced production in April, which was caused by a damaged jetty and the subsequent repair work.

Excluding the Kurdistan Region, which independently ships its oil, sales from the federally operated fields averaged 3.262 million barrels a day.

basnews

http://iraqdailyjournal.com/story-z15391171

So at an average cost of $10 a barrel for drilling it out of the ground that would be an income of $4,392,000,000.00 Just for the month of May. 

                                                                                                      JUST SAYING 

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1 hour ago, ladyGrace'sDaddy said:

So at an average cost of $10 a barrel for drilling it out of the ground that would be an income of $4,392,000,000.00 Just for the month of May. 

                                                                                                      JUST SAYING 

I will take 1 percent and never see me again

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On those figures alone even a minuscule revaluation would bring enormous gratitude from me .

🙏🙏🙏... That it will Not be long in coming .

Edited by NoviceInvestor
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GMT 9:06 2017 Sunday, June 4 : Last Updated
OPEC: Hangzhou meeting on the sidelines of the summit of the twenty-point shift 

To meet with Mohammed bin Salman and Putin in China paved the way for the stability of the oil market

Follow-up Aalav-
  • 1280x960.jpg
    To meet with Mohammed bin Salman and Putin on the sidelines of the top twenty in China last September - SPA
 

Elaf - Follow - up : Saudi Russian fruitful cooperation was not in order reduce oil production and price stability, Walid moment,agreement wasstart in China on side line stop twenty, when discussed Saudi Crown Crown Prince withRussian president.

During the recent visit by the Prince Mohammed bin Salman to Russia, he told the Saudi Crown Crown Russian President Vladimir Putin that there is no conflict between their countries on the oil market.

For his part, Russian President Vladimir Putin said that the energy agreements between the two countries are of great importance.

At a meeting in Moscow reunion, Russian President Vladimir Putin said on Tuesday, May 30, the Crown Prince of Saudi Crown, Moscow and Riyadh have developed their relations successfully to stabilize the energy market and oil prices. Another meeting between them in China and was in September last year on the sidelines of the Group of Twenty summit.

NISI20160904_0012141994.jpg
Group of Twenty summit in east China's Hangzhou City

This was confirmed by Mohammed Yarknda, Secretary-General of OPEC, who said that to meet Prince Mohammed bin Salman and Russian President Vladimir Putin, on the sidelines of the top twenty in China last September, it represents a shift in the oil market point of support for the market and price stability efforts.

He Yarknda told him on the sidelines of the Russian Petersburg forum, said that the meeting "resulted in the two countries , an agreement on joint action to support market stability and meet the challenges that hinder the support prices, has resulted in it for their cooperation in order to reduce oil production last November, and extended in May until next March. " 

He noted Yarknda the quality of joint cooperation projects announced by the parties in the forum, especially in relation to joint investment in the Kingdom and cooperation in the LNG project in the Arctic.

It is noteworthy that the Organization of the Petroleum Exporting Countries (OPEC) agreed weeks ago with international producers and other senior-led Russia, to extend production cut another nine months.

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Oil prices dip on fears Middle East spat could harm OPEC cuts

Published June 05, 2017 Markets Reuters

 

1496661259111.jpg?ve=1&tl=1

 

Oil prices reversed gains to trade down on Monday on concerns that the cutting of ties with Qatar by top crude exporter Saudi Arabia and other Arab states could hamper a global deal to reduce oil production.

 

Saudi Arabia, the United Arab Emirates, Egypt and Bahrain closed transport links with top liquefied natural gas (LNG) and condensate shipper Qatar, accusing it of supporting extremism and undermining regional stability.

The move pushed Brent crude prices up as much as 1 percent, before paring gains to trade down 30 cents at $49.65 a barrel at 1046 GMT.

U.S. West Texas Intermediate futures were at $47.40 a barrel, down 26 cents.

With a production capacity of about 600,000 barrels per day (bpd), Qatar's crude output is one of OPEC's smallest but tension within the Organization of the Petroleum Exporting Countries could weaken the supply deal, aimed at supporting prices.

"I think it's still going to be a bit of a debate on the true impact it can have on the oil market," said Olivier Jakob, strategist at Petromatrix.

"In terms of oil flows it doesn't change very much but there is a wider geopolitical impact one needs to consider," Jakob added, explaining that a breakdown in relations between Qatar and Saudi Arabia could make the OPEC-led agreement on production cuts less effective.

There are already doubts the effort to curb production by almost 1.8 million bpd is seriously denting exports.

While there was a dip in OPEC supplies between February and April, a report on Monday by Thomson Reuters Oil Research said OPEC shipments likely jumped to 25.18 million bpd in May, up over 1 million bpd from April.

Brent futures are still down about 7 percent from their open on May 25, when OPEC opted to extend production cuts into 2018.

Crude output in the United States, which is not participating in the cuts, has jumped more than 10 percent since mid-2016 to 9.34 million bpd, close to levels of top producers Saudi Arabia and Russia.

The rise in U.S. production has been driven by a record 20th straight weekly climb in oil drilling, with the rig count climbing by 11 in the week to June 2, to 733, the most since April 2015.

"Investors continue to doubt the ability of OPEC to rebalance the oil market, with crude oil prices remaining under pressure amid further signs of rising U.S. oil production," ANZ bank said.

(Additional reporting by Roslan Khasawneh and Henning Gloystein; Editing by Dale Hudson)

http://www.foxbusiness.com/markets/2017/06/05/oil-prices-dip-on-fears-middle-east-spat-could-harm-opec-cuts.html

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      OPEC deal important for oil market stability: Iraqi PM
      By Mohammed Rwanduzy 2 hours ago Iraqi Prime Minister Adil Abdul-Mahdi addresses reporters during his weekly press conference in Baghdad on July 2, 2019. Photo: Iraqi PMO video ERBIL, Kurdistan Region — Iraq’s premier praised the OPEC deal to on Tuesday staying oil production cuts for nine more months because it is important for market stability as Baghdad is so heavily dependent on oil revenue. 

      “This is important for market stability. This topic, for us, the Kingdom and all the producers and exporters of oil is important because budgets depend on oil market stability,” Iraqi PM Adil Abdul-Mahdi told reporters in his weekly press conference on Tuesday.   Members some non-members of the Organization of Oil Producing Countries (OPEC) met in Vienna this week. Following a prior agreement on Monday between Saudi Arabia and Russia, the cartel agreed to extend production cuts of 1.2 million barrels per day (bpd) for nine more months until March 2020 in a bid to push global prices higher.

      The agreement was based on the Saudi desires to “face market developments and preserve the measures undertaken”, the PM Abdul-Mahdi revealed, adding that he had a phone call with Saudi King Salman prior to the deal.

      According to Iraqi Ministry of Oil statistics for the month of June, Iraq’s oil revenue fell from $7.38 billion in May to $6.4 billion in June as its exports fell by 6 percent, from 111 million barrels in May to 105 million barrels in June.

      Iraq exports around 3.5 million barrels per month — the second highest crude oil producer in OPEC.

      Iraq has agreements, especially a mega deal with the US giant ExxonMobil, to develop its southern oilfields to increase its production capacity. However, due to a missile that hit the main headquarters of the company in Basra, some foreign staff were evacuated in June. 

      The attack against ExxonMobil came amid soaring US-Iran tensions; Iraq could be negatively impacted if the hostilities breakout between Iran and the US.

      However, it also raised questions about Iraq’s ability to provide a secure atmosphere in which foreign companies could invest in the decades-deprived oil sector. It has been reported that Iraq could act as Iran’s “ATM” to provide a loophole for US sanctions. 

      Abdul-Mahdi, in his typical understated manner downplayed the incidents against energy and other companies working in Iraq, claiming they do not exceed those in “other countries.”

      “The security measures are crystal clear. Yes there have been threats, but no real security violation has taken place to any of our oil and non-oil installations. We undertake all measures,” he said.

      Some ExxonMobil employees have returned, the PM claimed, without elaborating.

      Separately, the PM also touched on connecting Iraq’s electricity grid to Arab and regional electricity grids — namely Jordan, Syria, Saudi Arabia, Turkey and Egypt.

      “We haven’t concluded this matter. It is still in the discussion stage. There is both a technical and a financial aspect to it. This is not something that [doesn’t entail] certain financial burdens, extending networks, and costs for these units,” the PM said, though adding the discussions are “serious.”

      “We, as Iraq, have to be connected to [electricity] grids just like the countries of the world,” he emphasized.

      Iraq does import electricity from Iran, but there needs to be greater interconnection with other regional countries, the PM posited.

      Iraq’s electricity grid is aging and strained by an increasing population, reconstruction and development. Usage also peaks in the summer months as temperatures in the south soar over 50 Celsius. The hours of government-produced electricity varies greatly across Iraq and the Kurdistan Region by geography. 
       
      Link: http://www.rudaw.net/english/middleeast/iraq/030720191
    • By ladyGrace'sDaddy
      Iran sanctions could soon push oil prices above $90 a barrel, Bank of America Merrill Lynch says
      “We are in a very attractive oil price environment and our house view is that oil will hit $90 by the end of the second quarter of next year,” Hootan Yazhari, head of frontier markets equity research at Bank of America Merrill Lynch, said. On Tuesday, the U.S. demanded that all countries halt imports of Iranian crude from early November. The Trump administration’s hardline position comes as part of a broader push to try to further isolate Tehran both politically and economically. International benchmark Brent crude traded at around $78.18 on Thursday, up around 0.7 percent while U.S. West Texas Intermediate (WTI) stood unchanged at $72.72. Sam Meredith | @smeredith19  

      President Donald Trump’s sustained bid to disrupt Iran’s petroleum exports could soon help to push oil prices above $90 a barrel, analysts told CNBC on Thursday.
      Crude futures were seen hovering close to multi-year highs during early afternoon deals, after a bigger-than-expected drop in U.S. stockpilesadded to a rally fueled by a major Canadian supply outage, concerns about Libya’s exports and efforts by the Trump administration to cut off funds from Iran.
      “We are in a very attractive oil price environment and our house view is that oil will hit $90 by the end of the second quarter of next year,” Hootan Yazhari, head of frontier markets equity research at Bank of America Merrill Lynch, said.
        “We are moving into an environment where supply disruptions are visible all over the world… and of course President Trump has been pretty active in trying to isolate Iran and getting U.S. allies not to purchase oil from Iran,” he added.
      International benchmark Brent crude traded at around $78.18 on Thursday, up around 0.7 percent while U.S. West Texas Intermediate (WTI) stood unchanged at $72.72.
      Saudi Arabia is ‘genuinely worried’
      On Tuesday, the U.S. demanded that all countries halt imports of Iranian crude from early November. The Trump administration’s hardline position comes as part of a broader push to try to further isolate Tehran both politically and economically.
      Nonetheless, most major importers of Iranian crude have balked at Washington’s almost unilateral policy towards Iran.
       
          The move followed OPEC’s decision to ramp up crude production last week. The Middle East-dominated cartel is looking to moderate oil prices after a rally of more than 40 percent over the last 12 months.
      The 14-member producer group took action as Venezuela's dwindling output, the looming disruptions to Iran's supplies, and production declines elsewhere raised concerns about crude futures rising enough to dent global demand.
      “You do not want to give Jeff Bezos a seven-year head start.” Hear what else Buffett has to say   “Saudi Arabia is genuinely worried, perhaps even panicked, about supply losses from Iran — something it simply cannot be seen to say publicly — and the likely price spike that will result,” analysts at Energy Aspects said in a research note published Thursday.
       
    • By Half Crazy Runner
      Can anyone explain to me why must they pass the HCL law before there can be a revaluation of the dinar?  What is the connection? It certainly doesn’t look like the GOI will ever agree on this or even bring it up for a vote. They keep pushing it off to the “next session” year after year...  Is it at all possible that we can ever see an RV without the HCL law passing?
    • By Woldopep
      We have on this web site a plethora of information from years of research. I would like to start a discussion about possible time frames for an RV, RI, or float. Where ever you stand about what may happen, let's here it. Please only bring your opinion if it can be backed up by any evidence. Most of us have read most of what has been written about the dinar. Please don't bring up rates, just a probable time frame for what most of us wait for. 
      Me first and why. I believe that from all the information I have read, within the 1st quarter of this year the dinar will go international. Honestly I thought it would have happened by now. My number 1 reason for my belief is that the corruption associated with the currency auction is widely publicized and must end. Al Abadi runs for re election against corruption, its has to end. IMO, al abadi should be nominated for the Nobel peace prize. Is he without sin....no, he is undoubtedly the best anyone could hope for.
      Please share your opinion on time frame and why. Thanks for sharing.
    • By Luigi1
      Luigi says... If these guys know what they are talking about, the RV will have a slow gradual increase, not an overnight event. If true, exchange enough to get you by, then hold off for 90 days for the big payload. What say you? Not verified. Your opine.       10-17-2017   Intel Guru Frank26   IMO...THE RI  IS COMING...AND INTROS A FREE FLOAT...THEN FOR ABOUT 70 TO 80 DAYS LATER THEY WILL CAP WITH A CONTROLLED FLOAT OF THE RV...  [RI to a free float, then to a cap where it will be managed. Once they reach the cap rate, do you think it will stay in that range or drop back down?]  FIRST OF ALL...RI IS THE FREE FLOAT... NOT TO IT...TIME IS NOT REQUIRED FOR THAT PHASE...SECOND ...ONCE CAPPED AT PEAK OF RV IS BECAUSE THE IQD WILL...NEVER NEVER NEVER EVER GO DOWN ONCE AT RI / RV.  [Is the RV the same as an international rate?]   WELL...I SUPPOSE...FOR AN RV INTRODUCES THE IQD TO THE INTERN MARKETS THAT WANT TO GET THEIR HANDS ON IT TO USE IT IN TRADE ...BUYING AND SELLING WHICH WILL ROCKET THE VALUE OF THE IQD INTERNATIONALLY.  [This is not meant to be a rate...What opinion do you...have that will be the high vs low for Iraq’s currency at his peak rate post RV?]   IMO...RI   1  RV  4...   10-16-2017   Newshound/Intel Guru Randy Koonce  So learning from the mistake that Kuwait made, the CBI said the 'Float' will be 'Managed'... What does Managed mean?... if you look at the currency now and realize it has been this price for at least 10 years - that's a Managed Float! ... They control the rate.... they peg it off of the Dollar and the British Pound so that it will not move unless they want it to. Which is the reason they will need to RV the currency to get the rate they need...Are there any Laws that need to be passed before they let this go? NO!  Everything is just waiting on Iraq to do this 'Thing'!  Do not get discouraged! Just put on your big girl panties (or big boy, as the case may be) and let this happen. Be happy about the timing... We are close. Every large bank will exchange.. RELAX the RV is coming... Breathe,,, Check www.cbi.iq every day to see if it has changed.  
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