Oil rises 1% on settlement amid fears of supply shortages

[6ly410]

 

https://www.shafaaq.com/ar/سیاسة/عبدالمهدي-والملك-سلمان-يبحثان-التعاون-واستقرار-اسعار-النفط/

Abdul-Mahdi and King Salman discuss cooperation and stability of oil prices

 

2019/07/01 07:12:11

 

[Asharq Al-Awsat] Prime Minister Adel Abdul-Mahdi held telephone talks with Saudi King Salman bin Abdul Aziz.
According to a statement by the Office of Abdul-Mahdi, the two countries were discussed at the OPEC meeting of oil and energy ministers currently held in Vienna to regulate the conditions of the oil market and coordination between the two countries to achieve stability of oil prices in the coming period, stressing their keenness to develop the common relations, During the visit of the Prime Minister to Saudi Arabia last April and the importance of protecting the security of the two countries and provide conditions for stability in the region, and to emphasize the calm and spare them the risk of wars and conflicts.
The talks came hours after Iraq's oil minister said his government and the rest of OPEC were seeking to contain global crude stocks and restore balance in the market, which faces "major challenges," according to a ministerial statement.
Minister Thamer Ghadhban met with his Saudi and Russian counterparts on the sidelines of the OPEC meeting in Vienna. The three ministers discussed oil market developments and exchanged views on extending supply cuts, the statement said.
OPEC meets on Monday and then talks on Tuesday with Russia and other allies, within the framework of the alliance called OPEC +. Ghadban said the talks would address production cuts, market movements and producer commitments.
OPEC and its Russian-led allies have cut oil production since 2017 to prevent falling prices amid rising production from the United States, which has become the world's largest producer this year, ahead of Russia and Saudi Arabia.
OPEC and its allies are looking to extend supply cuts this week until the end of 2019 at least as Iran joins major producers Saudi Arabia, Iraq and Russia in adopting a policy aimed at boosting crude prices amid a weak global economy.

[6ly410]

Abdul Mahdi and King of Saudi Arabia discuss telephone coordination of oil price stability

Editorial date: 2019/7/1 17:12 • 34 times read

http://alforatnews.com/modules/news/article.php?storyid=202372

 

(Baghdad: Al Furat News) Prime Minister Adel Abdul Mahdi and Saudi King Salman bin Abdul Aziz, in a telephone conversation, on Monday, coordination of the stability of oil prices.

"The two countries discussed the cooperation of the two countries at the OPEC meeting of oil and energy ministers currently held in Vienna to regulate the oil market conditions and coordination between the two countries to achieve stability of oil prices during the coming period," a statement from his office said.
He added that the two sides affirmed their keenness to develop joint relations, particularly the agreements reached during the visit of the Prime Minister to Saudi Arabia last April, the importance of protecting the security of the two countries and providing conditions for stability in the region and stressing the calm and avoiding the danger of wars and conflicts.

[Pitcher]

I just got out of the trading pits and wow what a day. I figured we were going to retrace the premarket pop and I got it right. Made my money shorting today.  I’m sure the average joe trader  bought at open and got roasted. Flipping crooks.  

[6ly410]

Al-Ghubban reveals an important decision to be made by OPEC members at the Vienna conference

Date of release: 2019/7/1 21:06 • 201 times scheduled

http://alforatnews.com/modules/news/article.php?storyid=202407

The Deputy Prime Minister and Oil Minister Thamir al-Ghadhban revealed on Monday an important decision to be made by members on meeting their commitments at the OPEC oil conference in Vienna.

This came during a telephone conversation conducted by Prime Minister Adel Abdul Mahdi, Deputy Minister of Oil Thamer Ghadhban.
A statement from his office said, "During the communication, the follow-up of the OPEC oil conference was held, stressing the importance of the arrival of the members of the Organization to an agreement that preserves price stability in the next nine months, as well as the importance of cooperation with non-OPEC countries as Russia to achieve this goal. "He said.
"The talks are going well, and there is a strong decision among the members to meet their obligations," the oil minister said

[10 YEARS LATER]

Yum .... Vienna Sausages .... and to the rest ? Whatever ... talks going well: so on and such —zzzzzzzzz

 

 

10YL+6&

[yota691]

Al-Falih: extended production cut 9 months restores market balance

Saudi Energy Minister on the sidelines of the producers meeting in Vienna today

 01 Jul 2019 05:28 PM

RIYADH - Saudi Arabia's Energy, Industry and Mineral Resources Minister said on Monday that more countries want to extend the oil deal for nine months beyond June 2019.

Al-Falih, according to Reuters, added that the 9-month extension gives producers time to rebalance the market.

Al-Falih stressed the producers' commitment to achieving market equilibrium .

The  15th meeting of the Joint Ministerial Committee to monitor the production reduction agreement in Vienna opened on Monday .

[yota691]

OPEC agrees to extend 9-month oil production cut agreement

 01 July 2019 08:15 PM
Mubasher : A recent report said that the Organization of Petroleum Exporting Countries OPEC agreed to extend the agreement to reduce oil production for the next 9 months.

A report by Reuters quoted a delegate from the organization, Monday, as agreeing to extend the agreement from now until March next year.

Oil ministers from OPEC member countries are meeting in Vienna on Tuesday, followed by talks with non-OPEC producers such as Russia on Tuesday.

The agreement to cut oil production by 1.2 million barrels per day by OPEC and its members ended by June 30 last year.

By 4:57 pm GMT, Brent crude for September delivery rose 0.2 percent to $ 64.90 a barrel after gains of about 3 percent.

 

[yota691]

Iraqi Prime Minister and Saudi King discuss cooperation between the two countries

Iraqi Prime Minister Adel Abdul Mahdi, Archivist

 01 Jul 2019 05:13 PM

Iraqi Prime Minister Adel Abdul Mahdi and Saudi King Salman bin Abdul Aziz discussed in a telephone conversation Monday the cooperation between the two countries and coordination of the stability of oil prices.

A statement issued by the Iraqi Council of Ministers said that the Prime Minister discussed with the Crown Prince the development of relations between the two countries. The two sides discussed the cooperation of the two countries in the OPEC Conference of Oil and Energy Ministers currently held in Vienna to regulate the oil market situation and coordination between the two countries to stabilize oil prices During the coming period.

Adel Abdul Mahdi and King Salman stressed their keenness to develop joint relations, especially the agreements reached during the Prime Minister's visit to the Kingdom in April.

He stressed the importance of protecting the security of the two countries and providing conditions for stability in the region, stressing the calm and avoiding the danger of wars and conflicts.

[yota691]

CNN 

OPEC is preparing to extend an agreement to cut oil production

 

Spread Monday , 01 July 2019

Saudi Oil Minister Khalid Al-Falih DUBAI (Reuters) - Opec and its allies are planning to extend an oil production cut by the end of 2019 to boost prices in the face of weak world demand and increased US production.

 

During the weekend, Saudi Arabia, OPEC's largest producer, and Russia, the strongest ally in the deal, met to discuss the extension of oil supply cuts, first introduced in 2017 after the collapse of world oil prices.

 

Saudi Oil Minister Khalid Al-Faleh met with his Russian counterpart Alexander Novak on the sidelines of the 20th summit in Osaka, Japan. "During the meeting, they discussed the options for extending the OPEC deal, as well as the cooperation of Saudi Arabia and Russia in the oil and gas sector, .

The 14 OPEC members are scheduled to meet in Vienna on Monday to agree on a common position. Russia and other partners will join them on Tuesday.

 

Oil prices rose 2.4 percent on Monday in anticipation of an agreement to continue cutting supply. 

The proposal to cut production is likely to be supported by Iran - Saudi Arabia's regional rival - despite escalating tensions between the two countries over the Yemen war and subsequent attacks on tankers in the Strait of Hormuz. A senior Iranian source told CNN Iran had " Problem of extension for 6, 7 or 8 months. "

But such a proposal would certainly not satisfy US President Donald Trump, who has repeatedly called on OPEC to pump more oil to keep US fuel prices.

US sanctions on Iran have contributed to a sharp rise in prices in the first four months of this year, with Iranian oil exports falling since the end of the exemptions in May, allowing some of India's biggest customers, for example, to continue buying oil without fear of legal action America.

The United States overtook Saudi Arabia and Russia to become the largest oil producer in the world. Largely thanks to a boom in the West Texas-based Permian Basin, where imports from OPEC fell to their lowest level in three decades earlier this year.

[yota691]

MOSCOW - BAGHDAD (Reuters) - Baghdad wants a deal on Iraq's oil market

 

 

 2019/07/01 08:25:32

 

- Russian Energy Minister Alexander Novak on Monday discussed with Iraqi Oil Minister Thamer Ghadhban bilateral relations and cooperation between the two countries within the framework of the OPEC + production reduction agreement.

The Russian minister praised the strong relations between Russia and Iraq, and said that Russian energy companies are actively cooperating with the Iraqi side, referring to "Lukoil" and "Gazprom Oil", which are successfully participating in energy projects in Iraq.

He added that many other Russian energy companies are interested in entering the Iraqi market, including in fields of oilfield services and supply of energy equipment, and expressed the hope that cooperation between the two countries will open new promising areas for the development of bilateral cooperation.

The two ministers met before the start of the ministerial meeting of the OPEC + Control Committee under the leadership of Russia and Saudi Arabia and an important meeting of OPEC member countries tomorrow to discuss the extension of the agreement.

[yota691]

We are trying to control the oil surplus

 

Minister of Oil Thamer Ghadhban

energy Economy News Baghdad The Deputy Prime Minister for Energy and Oil Minister Thamer Ghadhban reiterated the efforts of Iraq and members of the Organization of Petroleum Exporting Countries to control the oil surplus and restore balance through the 15th meeting of the OPEC producers and their Russian-led allies. "The objectives of the producers have not yet been realized due to the size of the major challenges facing the global oil market. We are seeking with the rest of the members to control the oil surplus in the global market and rebalance in order to support prices," Ghadhban said in a statement to the ministry. Oil and that decisions must be approved by all member states. " For his part, the spokesman of the ministry Asim Jihad said that "the ministerial meeting opened on Monday with a speech by the Secretary-General of the Organization of Petroleum Exporting Countries Mohammad Barkindo, and then the words of the Saudi Oil Ministers Khalid Al-Faleh and Russian Novak, who stressed the need to extend the agreement in order to achieve greater stability of the oil market "He said. Jihad said that "yesterday's meetings brought together producers from within (OPEC) and from outside, while meetings today will be shortened to the producers of the members of the (OPEC)." Views 46   Date Added 07/02/2019

[yota691]

Zanganeh: Iran is excluded from the oil production reduction agreement

Revision date: 2019/7/2 8:50 • 193 times read

{{International: Euphrates News} Oil Minister Begin Zengana, to keep the exception of Iran from the agreement to reduce production between the Organization of Petroleum Exporting Countries (OPEC) and exporting countries outside the Organization.

Zengana said in a statement on the sidelines of a meeting of the ministerial council of OPEC member states in Vienna that Iran's demands for the work of the 176th session of the Organization have been achieved, so that Iran was exempted from the cut-off agreement similar to the previous meeting. 
On the other hand, the oil minister said that the charter of cooperation between OPEC and non-OPEC is not binding and does not carry the Organization a new burden. 
He added that the countries have been allowed to take the necessary licenses from the governments and the Supreme Auditor, and the most important issue is that it came in OPEC's decision that this cooperation will not affect the decisions of OPEC and its operational mechanisms. 
Zenganeh said that the sources of funding for such cooperation should be decided separately and divided among the members. Therefore, this does not impose an additional burden on OPEC.
In response to a question on the impact of this cooperation on OPEC activities, he said that OPEC is losing OPEC and that the periodic president of this charter is changing annually among the members. 
He added that the amendments to the charter of cooperation had attracted the attention of Iran and expected that the Iranian government would not oppose the ratification of the charter, adding, "I believe that this charter is non-binding and is a long-term cooperation. 
On the impact of this charter on cooperation among OPEC members in the future, he said that the goal is to be a bosom of countries that want to cooperate with OPEC but does not want to become a member.

[yota691]

OPEC representatives sign a new cooperation pact with major producers

Economie

2019-07-02 11:25

 

 

Source:

Sky News

 

627 views

Representatives of the oil-exporting countries, OPEC, signed a new cooperation pact with other major producers, including Russia, aimed at establishing "permanent cooperation" in the face of the US supply boom.

The new agreement between OPEC and its partners in what is known as OPEC + is a sign of the organization's efforts to maintain its position in the market, which is undergoing a shift due to increased US rock oil production. 

Russian Energy Minister Alexander Novak said on Monday that all OPEC ministers had agreed to extend the agreement to cut production after Russia and Saudi Arabia agreed to the cuts at the G20 summit in Osaka last weekend.

 

 

It prompted Iran to "warn" OPEC's "death" if it only had to agree to decisions that were taken outside of its framework. However, Iran supported an extension of production cuts that would continue until March 2020. 

The charter was signed at a short ceremony at the start of a meeting at the OPEC headquarters in Vienna, attended by representatives of the 14 OPEC members and the 10 countries that have joined them since 2016 to coordinate production and influence oil prices. The document, which Saudi Arabia called "historic," was unanimously approved by show of hands
The OPEC + meeting is expected to meet on Tuesday, as well as reducing the production ceiling of the 24 countries, including Kazakhstan , Malaysia and Mexico .

[yota691]

Oil is stable amid a decline in US inventories and the extension of the OPEC agreement

 

Arab and international Economy News _ Baghdad Oil prices steadied on Wednesday after a sharp drop in the previous session, supported by an extension of OPEC and its allies to reduce production despite fears that the global economic slowdown will curb demand. Prices also received support from data showing a larger-than-expected decline in US crude inventories. Government data is expected later Wednesday. Brent crude for September delivery rose 12 cents to $ 62.52 a barrel, or 0.2 percent, at 0613 GMT. US crude for August delivery rose 16 cents, or 0.3 percent, to $ 56.41 a barrel. The crude fell more than 4 percent on Tuesday on concerns of a global economic slowdown. OPEC and independent producers, including Russia, agreed on Tuesday to extend an oil production cut-off agreement until March 2020, as Opec members moved beyond their differences to support prices. Before the release of government data later on Wednesday, the US Petroleum Institute announced that crude inventories in the United States fell by five million barrels last week, while expectations were for a decline of three million barrels. Citi analysts said the extension of a nine-month oil production cut would drain oil stocks in the second half of the year, boosting prices. Number of Views 14   Date Added 03/07/2019

[yota691]

Oil drops 4% on demand fears despite OPEC + extension of production cuts

Editorial Date: 2019/7/3 0:08 • 269 times read

(Reuters) - Oil prices fell more than 4 percent on Tuesday, even after OPEC and its allies, including Russia, agreed to extend production cuts until March, amid weak manufacturing data that worried investors that the global economic slowdown Undermining demand for oil.

Brent crude futures were down $ 2.66, or 4.1 percent, to settle at $ 62.40 a barrel. 
West Texas crude futures fell 2.84 dollars, or 4.8 percent, to settle at $ 56.25 a barrel after hitting their highest level in more than five weeks on Monday. 
The Organization of the Petroleum Exporting Countries (OPEC) and some outside producers, such as Russia, in the so-called OPEC + alliance, on Tuesday agreed to extend oil production cuts until March 2020, as members of the Organization crossed their differences in an effort to support crude prices. 
The extension came after Russian President Vladimir Putin said on Saturday he had agreed with Saudi Arabia to extend the deal and continue to cut output by 1.2 million bpd, or 1.2 percent of global demand.
The signs of a global economic slowdown, which could adversely affect oil demand growth, mean OPEC and its allies may face a difficult task of boosting prices by curbing supply. 
The United States and China agreed at the G-20 summit to resume trade talks, but factory activities shrank in most parts of Europe and Asia in June, while manufacturing activity in the United States slowed to near three-year lows.

[yota691]

French newspaper: Russia and Saudi Arabia and the new control of OPEC

Economy | 01:24 - 04/07/2019

 

 

 

Continue - Mawazine News 
The interactions of the Saudi-Russian oil agreement and OPEC's acceptance of it continue in the international press. In the French daily Le Journal, French writer Jeanzi Zeng referred to the Vienna agreement, which brought together 24 countries to extend production cuts to March 2020 to support prices. Which angered Iran's oil minister and warned that OPEC's acceptance of a decision from outside the "cartel oil" predicts the "death" of OPEC. An energy expert said it was not surprising. "Russia has become a major player in the oil market and has made a decision with Saudi Arabia.
The 14 member states of the Organization of the Petroleum Exporting Countries (OPEC) and their 10 allies, led by Russia, agreed on Monday in Vienna to extend the agreement to limit the production of black gold until March 2020. The alliance, called "OPEC +" Since 2017 to prevent falling prices in light of the large rise in production of the United States, the world's largest producer this year, ahead of Russia and Saudi Arabia. 
"I have no problem with limiting oil production, but the main threat facing OPEC now is unilateral," Iran's angry oil minister, Bijan Namdar Zankane, told Reuters on Monday. "I think OPEC should not take a decision taken outside the organization, OPEC will die.
The author said the "process" he refers to is the decision, both by Saudi Arabia, the cartel leader, and Russia, the world's second largest producer of black gold and the leader of non-OPEC partners. Where the Russian President Vladimir Putin cartel last Saturday, announcing the decision on the sidelines of the G20 summit in Osaka, after meeting with Crown Prince Prince Mohammed bin Salman, what should have been the conclusion of the meeting of OPEC. " 
Solving the oil crisis 
Stanislav Mitrakovic, In energy at the Russian State Financial Studies University, said the "death" of OPEC is not really surprising.

He added: "During the oil crisis 2014-2016, oil prices fell sharply, reaching less than $ 30. At that time, the cartel was not able to change the rules of the game because Member States did not trust each other. Until Opec was created in December 2016, when OPEC and 11 other Russian-led producers signed an agreement to regulate mass production, Russia has since become a key player in the oil market and a decision maker with Saudi Arabia, . 
The agreement, signed on Monday in Vienna by 24 OPEC countries that pump half of the world's oil, provides for a mass reduction of crude oil production to 1.2 million barrels per day (bpd) in March 2020 to support prices. When the measure was announced, the price of Brent crude exceeded $ 60 for the first time since May.
Russia, the world's second-largest oil producer and Saudi Arabia, is considering cutting crude production. Where Russian oil production reached 11.4 million barrels per day in October, the highest level since the end of the Soviet Union. However, at the end of the year, after OPEC + meeting, Moscow and Riyadh decided to lead the way and cut production to 1.2 million barrels per day. The same level that they "propose" today to their cartel counterparts. 
Putin's team is divided
According to Stanislav Mitrakhović, the policy of collective oil reduction advocated by Moscow actually highlights the lack of a long-term strategy by the Kremlin. "Vladimir Putin's team is divided into two camps in the oil portfolio, one of which is Alexander Novak, the Russian energy minister, advising him to limit production to stabilize prices, and the other, led by Igor Sechin, the chief executive of Russian oil giant Rosneft. And defended "big production and big profits" outside OPEC + Putin was ultimately convinced of the first - the path of stability rather than risk falling prices. 
At the same time, Washington continues to increase its oil production, which averages 17% annually

[yota691]

OPEC will regain market share from Washington if price falls, report says

04 Jul 2019 06:58 PM
Mubasher : A gradual decline in oil prices could push Saudi Arabia and OPEC to regain some market share from the United States in the coming years, an analyst at JP Morgan said.

"You do not get used to it," said Christian Malik, head of oil and gas research in Europe, the Middle East and Africa, in an interview with CNBC Thursday. Saudi Arabia and OPEC are supporting the oil market, but that will not last long. .

Earlier this week, OPEC and its allies agreed to extend the oil production reduction agreement by 1.2 million bpd from the market for another 9 months.

But at the same time, the US rocky oil industry has expanded so rapidly that it threatens to overcome OPEC-led efforts to ease demand fears, flooding the world oil market with supply.

Opec is cutting output in an effort to boost prices in the market, which helps the US rocky oil industry, which needs high crude prices to achieve the right profitability to help it survive with the fact that its production costs are rising.

The analyst explained: "The fact that OPEC and Saudi Arabia give the oil industry in the rock states, free permission, if it will not last long, I mean three years ago, who would think they are happy with oil prices at 60 to 70 dollars?"

"Within a few years, I expect the price of $ 50 to be appropriate for oil, and at this point you can see Saudi Arabia and OPEC regain their market share and then become more competitive," Malik said.

By 2:30 pm GMT, the benchmark Brent crude for September delivery fell 0.3 percent to $ 63.61 a barrel.

During the same period, US crude futures for August delivery fell 0.7 percent to $ 56.94 a barrel.

 

[yota691]

Oil prices close higher supported by regional tensions and OPEC cuts

Editorial Date: 2019/7/6 16:26 • 176 times read

{International: Al Furat News} Oil prices rose on support from tensions over Iran and OPEC and its allies decided to extend an agreement to cut supplies until next year, but mixed economic data have limited gains.

Brent crude ended the session higher by 93 cents, or 1.47%, to settle at $ 64.23 a barrel. 
US WTI crude futures closed up 17 cents, or 0.30 percent, at $ 57.51 a barrel. 
US markets were closed Thursday on a national holiday and trading volumes in US crude remained weak in today's session. 
The two week highs ended a loss on fears of a global economic slowdown that covered supply risks. 
Over the course of the week, Brent fell 3.3%, while US crude fell about 1.8%. 
In the ongoing US-China trade war, which has reduced prospects for global economic growth and demand for oil, representatives of the two countries will resume talks next week to end the deadlock in the negotiations.
German industrial orders fell more-than-expected in May, and the Economy Ministry warned today that the sector in Europe's largest economy will probably remain weak in the coming months. 
In the United States, government data on Wednesday showed a drop in new drugs for US factory goods for a second straight month in May, fueling economic concerns. 
The US Energy Information Administration on Wednesday reported a weekly drop of 1.1 million barrels of crude stocks, well below the 5 million barrel drop announced by the US Petroleum Institute earlier this week and below analysts' expectations. 
Crude prices are supported by the commitment of major oil exporters in the world to cut production, including members of the Organization of the Petroleum Exporting Countries (OPEC) and other producers such as Russia, in the group known as OPEC +.
The ongoing tension in the Middle East provides support for oil prices, especially Brent crude

[yota691]

Iraqi oil minister: OPEC agreement + will reduce stocks and achieve price stability

Iraqi Oil Minister Thamer Ghadhban, Archbishop

 10 July 2019 01:06 PM

Iraq's oil minister said on Wednesday that the OPEC + agreement to extend oil production cuts until the end of the first quarter of 2020 would reduce stocks, help stabilize the market and address price fluctuations.

"With regard to OPEC's position on prices, the general trend is that $ 70 a barrel or more is acceptable," Thamer Ghadhban said, adding that OPEC was seeking fair prices for both consumers and producers, according to Reuters.

Iraq hopes that the freedom of navigation in the Strait of Hormuz will remain uninterrupted.

Earlier this month, Opec members and producers of crude agreed to an additional extension of the agreement to cut production levels for 9 months .

[yota691]

Oil Minister: OPEC agreement will reduce the stock and achieve price stability

Economy | 02:34 - 10/07/2019

 

 

 

BAGHDAD - 
Iraq's oil minister Thamir al-Ghadhban said on Wednesday that OPEC and its allies' agreement to extend oil production cuts by the end of March 2020 would reduce stocks, help stabilize the market and address price fluctuations. 
"The general trend is that $ 70 a barrel or more is acceptable," Ghadhban said in response to a question on OPEC's position on prices, adding that the organization was seeking fair prices for consumers and producers alike. Brent crude is currently around $ 65 a barrel. 
The Organization of the Petroleum Exporting Countries (OPEC) and producers of allies led by Russia agreed earlier this month to extend oil production cuts in an effort to support crude prices as the global economy slows and US production rises. 
The minister said on the sidelines of the Energy Conference in Baghdad that Iraq hopes that "the freedom of navigation in the Straits of Hormuz without interruption and traffic."
"Every day through the Strait passes at least 18 million barrels ... The region needs to remain stable," he said.
Iraqi Prime Minister Adel Abdul Mahdi said on Tuesday that any disruption of oil exports across the Strait of Hormuz would be a "major obstacle" to the economy of his country, which has very few ports for the export of crude. 
Abdul-Mahdi said his government was considering contingency plans to deal with possible disruptions, including the search for alternative routes for oil exports. 
The Strait of Hormuz has been at the epicenter of regional tensions for decades, a vital navigational link between oil producers in the Middle East and markets in Asia, Europe, North America and beyond. 
Recent months have seen a series of events that have destabilized the region, with six tankers attacked since May amid escalating tensions between Tehran and Washington.

[yota691]

Oil Minister: $ 70 a barrel acceptable price for OPEC

Economie

2019-07-10 07:24

 

 

562 views

Oil Minister Thamer al-Ghadhban said on Wednesday that $ 70 per barrel is an acceptable price for OPEC, indicating that the agreement between OPEC and its allies to extend oil production cuts until the end of March 2020 will help stabilize the market.

" The general trend is that $ 70 a barrel or more is an acceptable price, " Ghadhban said on the sidelines of an energy conference in Baghdad . "The organization is seeking fair prices for consumers and producers alike," he said. 

"The agreement between OPEC and its allies to extend oil production cuts until the end of March 2020 will reduce stocks, help stabilize the market and address price fluctuations," Ghadhban said.

 

" Iraq hopes that the freedom of navigation in the Strait of Hormuz will remain uninterrupted," Al-Ghadhban said, adding that "18 million barrels of crude oil passes through the Straits of Hormuz every day ." 

The Organization of the Petroleum Exporting Countries (OPEC) and producers of allies led by Russia agreed earlier this month to extend oil production cuts in an effort to support crude prices as the global economy slows and US production rises.

[yota691]

A quarrel between the oil ministers of Iran and Saudi Arabia lasted 8 hours

 

 

 2019/07/10 06:59:50

 

Iran's Oil Minister Bijan Zanganeh said on Wednesday he had fought for eight hours with Saudi Oil Minister Khalid al-Falih at the last OPEC meeting.

The Iranian oil minister told reporters on the sidelines of a meeting of the Iranian government on Monday that he did not have any special meeting with the Saudi Oil Minister, and that the meeting, which gathered on the sidelines of the meeting, "OPEC" was in the context of "courtesy" when asked him about his condition and health, as he put it.

The camera lens, spotted on July 1, was a handshake between Faleh and Zangane at the OPEC meeting in Vienna, during which it discussed the extension of the OPEC + agreement to reduce production by 1.2 million barrels per day.

[WheresmyRV?]

They wont be happy until its 100+ a barrel. 🤬

[yota691]

4 minutes ago, WheresmyRV? said:

They wont be happy until its 100+ a barrel.

It will never get to that in the USA..we can Thank Trump for that..I see gas at the pump if Trump is reelected well below $2 gallon and GM DV..

[6ly410]

Wednesday، 10 July 2019 09:07 PM

Thamir Ghadban says OPEC deal will lower inventories, stabilize prices

 

https://www.thebaghdadpost.com/en/Story/42593/Thamir-Ghadban-says-OPEC-deal-will-lower-inventories-stabilize-prices

 

An agreement between OPEC and its allies to extend oil output cuts until the end of March 2020 will lower inventories, help stabilize the market and address price volatility, Iraqi Oil Minister Thamir Ghadhban said on Wednesday.

Asked about OPEC's position on prices, Ghadhban said the general view was that $70 per barrel or higher was acceptable, adding that the producer group sought prices that were fair to consumers and producers alike. Brent oil is currently near $65.

The Organization of the Petroleum Exporting Countries and allied producers led by Russia agreed earlier this month to prolong oil output cuts, seeking to prop up the price of crude as the global economy weakens and US production soars.

Iraq hopes navigation in the Strait of Hormuz will remain open and uninterrupted, said Ghadhban, who was speaking on the sidelines of an energy conference in Baghdad.

"No fewer than 18 million barrels pass through the strait every day ... the region needs to remain stable," he said.

Prime Minister Adil Abd al-Mahdi said on Tuesday that any disruption to oil exports through the Strait of Hormuz would be a "major obstacle" for the economy of Iraq, which has few oil export outlets.

The Iraqi government was studying contingency plans to deal with possible disruption, including alternative routes for oil exports, Abd al-Mahdi said.

A vital shipping route linking Middle East oil producers to markets in Asia, Europe, North America and beyond, the Strait of Hormuz has been at the heart of regional tensions for decades.

Recent months have seen a bout of instability in the region, with six tankers attacked since May amid escalating tensions between Tehran and Washington.

Edited July 11, 2019 by 6ly410