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Iraqi Oil Minister Thamer Ghadban speaks at a news conference in Baghdad. Reuters
  

 energy


Economy News - Baghdad:

Oil Minister Thamir Ghadhban said OPEC members were inclined to agree to a further cut in oil production at their meeting this week and that no one was talking about increasing production.

The weakest perception of the outcome of OPEC's meeting with allies such as Russia would be to extend the current reduction of 1.2 million barrels per day, he said in a press statement.


Views: 21   Date Added: 04/12/2019

 
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JP Morgan: OPEC may agree to cut oil production by 1.5 million barrels

JP Morgan: OPEC may agree to cut oil production by 1.5 million barrels

 03 December 2019 06:33 PM
Mubasher: An analyst at JPMorgan expects OPEC and its allies to agree to further cut oil production until the end of next year.

OPEC and its allies, led by Russia, are due to meet in Vienna on Thursday and Friday this week.

Christian Malik, an analyst at the US bank, said in a memorandum to clients on Tuesday that the Organization of Petroleum Exporting Countries and major producers from outside it is likely to agree to cut production by 1.5 million barrels per day until the end of 2020, according to Reuters.

The Organization of the Petroleum Exporting Countries has agreed to cut oil production by 1.2 million barrels per day since the beginning of this year, and later agreed to continue the pace of reduction until March next.

The analyst added that Saudi Arabia would agree to reduce its production quota to 10 million barrels per day from 10.3 million barrels per day and will pressure other producers, especially Iraq, Nigeria and Russia to improve compliance with previous commitments.

The "Malik": "Saudi Arabia is seeking further reductions in order to ensure that oil prices in the range of 60 to 70 dollars per barrel as specified in the financial budget."

 
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Date: 2019/12/4 11:45  73 times read
Oil rises ahead of OPEC meetings supported by lower US inventories
Oil rallied on Wednesday ahead of meetings this week as OPEC and its allies are considering extending production restrictions to support the market, while industry data showed that US crude oil inventories fell more-than-expected, contributing to higher prices.
Brent crude futures were up 44 cents, or 0.7 percent, at $ 61.26 a barrel by 0706 GMT.
US West Texas Intermediate (WTI) crude futures were up 38 cents, or 0.7 percent, at $ 56.48.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, the group known as OPEC +, are preparing to agree to a further reduction in oil production this week when they meet in Vienna, according to Iraq, the second largest producer in the organization.
Iraqi Oil Minister Thamir al-Ghadhban told reporters on Tuesday in Vienna that a number of key members tended to increase the cut.
OPEC meets on Thursday and then OPEC + meets on Friday. OPEC + has been cutting supplies since 2017 and is expected to keep the cuts in place to ease the impact of record production in the United States.
Crude oil inventories in the US fell more-than-expected last week, according to the American Petroleum Institute. Crude inventories fell by 3.7 million barrels, more than double the expected level of 1.7 million barrels. is over
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  • yota691 changed the title to OPEC and allies are looking to deepen oil production cuts

OPEC and allies are looking to deepen oil production cuts

OPEC and allies are looking to deepen oil production cuts

 05 December 2019 02:19 PM
The Organization of Petroleum Exporting Countries (OPEC) and its allies are close to agreeing to a deeper cut in crude supplies next year to boost prices and prevent a glut in the market, according to a recent report.

The group will discuss increasing the agreement to reduce the current production levels of 1.2 million barrels per day to about 1.6 million barrels per day, according to a report published by Reuters, citing sources from OPEC and allied producers.

OPEC's 14 member states are meeting in Vienna today, followed by another meeting with Russia and other non-allied crude producers on Friday.

OPEC and its allies have been sticking to an agreement to curb oil supplies since 2017 to combat a surge in production from the United States, which has become the world's largest crude producer.

The agency said the current agreement may be extended until next June or until the end of 2020.

The agreement to cut oil production levels by 1.2 million barrels per day until the end of March, but OPEC's two-day meeting is scheduled to determine the fate of this agreement.

The report noted that Saudi Arabia has been pressing the bids and Nigeria to improve compliance with the quotas allocated to them, which would provide an additional reduction of up to 400 thousand barrels per day.

 
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Date: 2019/12/5 12:43 • 99 times read
Sources: OPEC adopts an Iraqi proposal on production cuts
OPEC and its Russian-led allies will discuss on Thursday increasing oil production cuts by more than 400,000 barrels per day (bpd), two sources from the group said.
The two sources told Reuters , and added that this is the main perception in today 's discussions. "
This increase is in accordance with the Iraqi proposal.
The oil minister Thamer Ghadhban predicted Sunday last before heading to the OPEC meeting in Vienna , " the extension of the decision to cut production for a further period to be agreed upon and the possibility of increasing rates to 1.0006 million thousand barrels instead of 1.2 million barrels during the ministerial meeting to be held week current in Vienna " , an increase of 400 thousand barrels per day.

He added that" Iraq supports the decision to achieve our goals in the rebalancing of the market of oil and lead to stability, and that Iraq has the flexibility and openness of Achieves report In the views of Member States in order to reach a decision aimed to achieve better stability of the oil market , ".anthy
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Sources: OPEC adopts an Iraqi proposal on production cuts

http://www.alliraqnews.com/modules/news/article.php?storyid=85106

Editing Date: 12/5/2019 12:59 • 54 times read
Sources: OPEC adopts an Iraqi proposal on production cuts
[Follow-up]
Two sources from the OPEC + group, which includes oil producers, said that OPEC and its allies, led by Russia, will discuss on Thursday increasing oil production cuts by more than 400 thousand barrels per day.
"This is the main scenario in today's discussions," the two sources told Reuters.
This increase is according to an Iraqi proposal.
And the Minister of Oil, Thamer Al-Ghadhban, predicted last Sunday, before heading to the OPEC meeting in Vienna, "to extend the decision to reduce production for another period to be agreed upon and the possibility of increasing its rates to one million and 600 thousand barrels instead of one million and 200 thousand barrels during the ministerial meeting to be held this week in Vienna," meaning an increase 400 thousand barrels per day.
He added that "Iraq supports the decision that achieves our goals in restoring the balance of the oil market and leads to its stability, and that Iraq possesses flexibility and openness that achieves the convergence of views of member states in order to reach a decision aimed at achieving better stability of the oil market."
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Russian Energy Minister: We call for further reduction of oil production

Russian Energy Minister: We call for further reduction of oil production

05 December 2019 07:48 PM
Direct: Russian Energy Minister said that the Committee of Ministers of the OPEC and its allies recommended to deepen cut oil production by 500 thousand barrels per day in the first quarter of the year 2020.

Alexander Novak told reporters in Vienna on Thursday that production cuts by the Organization of Petroleum Exporting Countries and its allies would reach 1.7 million barrels per day in the three months to March and that all countries must comply fully with their obligations. Reuters.

Major oil producers are due to meet in OPEC and its allies on Friday to make a final decision on a production cut.

A press report revealed that OPEC and the allies are considering an additional reduction of oil production by about 400 thousand barrels per day.

 
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Date: 2019/12/5 20:23 • 52 times read
OPEC and its allies agree to further reduce oil production
OPEC and its successors, led by Russia, agreed on Thursday on one of the deepest oil production cuts to support crude prices and prevent an oversupply, but they are still debating how long the cuts will last next year.
The Organization of the Petroleum Exporting Countries (OPEC) is meeting in Vienna to discuss supply policy. OPEC will meet on Friday with Russia and other non-OPEC producers who form what is known as the OPEC + group.
Russian Energy Minister Alexander Novak said a ministerial committee of key producers, including Saudi Arabia and Russia, had recommended that the OPEC group add 500,000 bpd to current supply cuts of 1.2 million bpd. Cuts of 1.7 million bpd would represent 1.7 percent of the world's crude supply.
Novak said the cuts would continue until the end of the first quarter of 2020, a timeframe approved by some OPEC ministers who have called for an extension of supply until June or December 2020. +.
"We have concluded that in order to safely exceed the seasonal demand period in the first quarter of 2020, it can be recommended that countries implement an additional reduction of 500,000 barrels per day," Novak said.
OPEC + has agreed to a voluntary supply cut since 2017 to counter a surge in production from the United States, which has become the world's largest oil producer. Washington has imposed steeper supply cuts through sanctions on Iran and Venezuela in a bid to halt revenues from crude exports.
Producers at their meeting on Thursday and Friday will consider how to balance their supplies with another year of increased output from the United States in 2020. Other non-OPEC countries such as Brazil and Norway are also expected to increase.
Ministers from Saudi Arabia, Russia, Kuwait, the United Arab Emirates, Algeria, Oman and Algeria met ahead of OPEC's meeting on Thursday. As of 1520 GMT, the OPEC meeting had not begun
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OPEC discussions are of interest to world markets today

OPEC discussions are of interest to world markets today

06 December 2019 12:12 AM
From: Ahmed Shawky

Mubasher: News and reports on OPEC's decision on oil production aroused global market concerns at the end of Thursday's trading.

The Organization of Petroleum Exporting Countries began its meeting today to meet with members from outside it on Friday.

The minister said the ministerial committee, which includes major producers from OPEC and allies recommended an additional reduction of oil production by about 500 thousand barrels per day in the first quarter of this year.

But he pointed out that deeper cuts in oil production would only occur if members complied with the current production cut.

The comments by the Russian oil minister, were preceded by reports that OPEC and its allies are considering an additional reduction of oil production to 1.6 million barrels per day, compared with 1.2 million barrels per day at present.

With these statements and awaiting the official decision of OPEC, oil prices did not change at the settlement.

While gold prices rose at today 's session with mixed signals on the settlement of trade and losses of the dollar.

Indicators and data

US stocks rose at the end of trading today with optimism about the trade deal amid assurances that China and the United States are continuing talks.

In economic data, US jobless claims fell last week to a seven-month low and the US trade deficit fell to a 16-month low.

European stocks also closed the session in green today as trade developments were awaited after economic data.

Today's data revealed that the euro zone economy grew by about 0.2 percent in line with expectations during the third quarter of this year.

Eurozone retail sales fell the most in 2019 in October.

While factory orders fell in Germany as opposed to analysts ' forecasts in October / last October.

Japanese stocks also rose at the end of today's session as trade developments await.

Separately, India's central bank kept interest rates unchanged at 5.15 percent, contrary to analysts' expectations.

The central bank lowered the forecast for economic growth this year to the lowest level in seven years.

On the other hand, global food prices jumped to the highest level in two years during the past month , with the increase in meat costs.

World events and statements

He demanded that the US House of Representatives to proceed with the impeachment proceedings Donald Trump, noting that the Constitution severely violated.

He attacked US President Pelosi, noting that she had a heart attack, defying that he would win this conflict with Democrats.

On the other hand, the US Treasury Secretary predicted that the US economy will witness a recovery in the coming quarters, noting that the tax cuts have paid off.

The European Union has taken measures to tighten the fight against money laundering after the recent scandals in European banks.

 
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  • yota691 changed the title to Oil directs its formations to reduce production to the rates set in line with the OPEC agreement
Source:
 
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Deputy Prime Minister for Energy Affairs and Oil Minister Thamer Abbas Ghadhban on Friday, the oil formations of the ministry to reduce production rates to levels set within the agreement of the Organization of Petroleum Exporting Countries "OPEC".

Ghadhban said during his attendance of the 177th ministerial meeting of the Organization of Petroleum Exporting Countries (OPEC) in the Austrian capital Vienna that "we directed to reduce production rates to the levels specified in the agreement to reduce production set in December 2018 last year, under which Iraq is determined to produce (4 million and 513 Thousand barrels per day), including production in the Kurdistan region, "noting that" this action comes a commitment and anxiety from Iraq to stabilize the global oil market and address the oil surplus therein, and work to restore the balance between supply and demand. "
 
 
Ghadhban added that "the ministers of oil-exporting countries in the Organization of Petroleum Exporting Countries (OPEC) and its allies hope to reach a new agreement on Friday to achieve better stability of the global oil market and reduce the anxiety of producers and consumers alike because of the circumstances and challenges facing the oil market."
 
For his part, Oil Ministry spokesman Asim Jihad said that "oil ministers of oil exporting countries and their allies have held a series of lengthy marathon meetings over the past two days in order to reach a new agreement to reduce production," adding that " Iraq plays a pivotal role to bring the views of members ".
 
Jihad added that "the ministerial committee for production control held its meeting on Thursday and reviewed and reviewed reports and research on the situation of the oil market and the most important and most prominent challenges facing the global market and the rates of commitment of members to the agreement to reduce production."
 
This was followed by the ministerial meeting of the Organization of Petroleum Exporting Countries (OPEC) session (177), held on Friday in the Ministerial Organization of Petroleum Exporting Countries "OPEC" meeting and allied with them from oil - producing countries from abroad, including Russia .
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 2019/12/06 04:18:28
 

Deputy Prime Minister for Energy Affairs and Oil Minister Thamer Abbas Ghadhban directed the oil formations of the ministry to reduce production rates to levels set within the agreement of the Organization of Petroleum Exporting Countries "OPEC" and its allies outside the organization, and full commitment to the agreement of production cuts.
In December 2018, Iraq's production was set at 4,513,000 barrels per day, including production in the Kurdistan region.
The oil minister said during his presence at the 177th ministerial meeting of the Organization of Petroleum Exporting Countries "OPEC" in the Austrian capital of Vienna that this action comes a commitment and concern of Iraq to stabilize the global oil market and address the oil surplus there, and work to restore the balance between supply and demand.
Ghadhban said OPEC ministers and allies hoped Friday to reach a new agreement that would stabilize the global oil market and reduce the anxiety of producers and consumers alike because of the conditions and challenges facing the oil market.
For his part, a spokesman for the Oil Ministry said that the ministers of oil-exporting countries and their allies have held a series of lengthy marathon meetings over the past two days in order to reach a new agreement to reduce production, and that Iraq plays a pivotal role to bring the views of members.
Jihad added that the ministerial committee for production control held its meeting on Thursday and reviewed and review reports and research on the situation of the oil market and the most important and most prominent challenges facing the world market and ratios of members commitment to the agreement to reduce production, and then followed the convening of the ministerial meeting of the Organization of Petroleum Exporting Countries "OPEC" session ( The ministerial meeting of the Organization of Petroleum Exporting Countries (OPEC) and its allies from outside the oil-producing countries, including Russia, will be held on Friday.

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After the OPEC agreement, Iraq sets its production ceiling for oil

2019/12/06 08:08:46
 

 

Shafaq News / Iraqi Oil Minister Thamer Al-Ghadhban announced on Friday the ceiling of his country's oil production after the OPEC agreement of the exporting countries.

Al-Ghadban told reporters today that according to the agreement reached by the organization, Iraq’s production of crude oil cannot exceed four million, and 462 thousand barrels per day.

 

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"Anger" directs Iraq to reduce oil production and adhere to the "OPEC" agreement 2018

"Anger" directs Iraq to reduce oil production and adhere to the "OPEC" agreement 2018
Thamer Abbas Ghadhban Iraqi Oil Minister
 06 December 2019 04:54 PM

Direct: The Deputy Prime Minister for Energy and the Iraqi Oil Minister, Thamer Abbas Al-Ghadban, directed the oil formations of the ministry to reduce production rates to the levels specified in the "OPEC" agreement and independent producers from outside it .

And Al-Ghadban called in a statement issued today, Friday, the oil formations of the ministry to fully comply with the agreement to reduce oil production scheduled for December of 2018, which specified the supplies of Iraq, including the Kurdistan region, to 4.513 million barrels per day .

The statements of the Iraqi Oil Minister came against the background of attending the Ministerial Meeting No. "177" of the "OPEC" in the Austrian capital Vienna .

And Al-Ghadban pointed out that the measure comes as a commitment and concern from Iraq to stabilize the global oil market and address the oil surplus in it, and work to restore the balance between supply and demand .

The minister added that OPEC member states and independent producers from outside hope to reach today a new agreement that will achieve better stability for the global oil market, and reduces the state of concern for producers and consumers alike due to the conditions and challenges facing the oil market.

On the 2nd of last July, OPEC countries and non-OPEC countries agreed to extend the agreement to reduce production by one million and 200 thousand barrels per day, until the end of March 2020.

A spokesman for the Ministry of Oil said that the ministers of the oil exporting countries and their allies have held a series of long marathon meetings over the past two days with the aim of reaching a new agreement to reduce production .

Issam Jihad indicated that Iraq plays a pivotal role in bringing the members ’views closer .

He hinted that the Ministerial Committee for Production Control held its meeting yesterday, Thursday, and reports and research on the oil market conditions were reviewed and reviewed and the most important and prominent challenges facing the global market and ratios of members ’commitment to the supply reduction agreement .

It is scheduled to hold today the ministerial meeting of the Organization of Petroleum Exporting Countries "OPEC" and its allies from the oil producing countries from outside, including Russia .

Recent reports quoted that OPEC and its allies agreed to increase the agreement to reduce oil production levels by about 500 thousand barrels per day , but they also decided to redistribute the shares among members.

A report published by Bloomberg, quoting delegates familiar with the discussions, said on Friday that under the new agreement, levels of production cuts will be increased from 1.2 to 1.7 million barrels per day until the end of the first quarter of next year.

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After the "OPEC" agreement .. Kuwait confirms the fair distribution of the rates of increasing oil production cuts

After the "OPEC" agreement .. Kuwait confirms the fair distribution of the rates of increasing oil production cuts
OPEC's latest meeting with independent producers led by Russia
 06 December 2019 10:45 PM

 

Kuwait - Mubasher: The Kuwaiti Minister of Oil stressed on the fair distribution of the rates of increasing the reduction in production from crude according to the recent OPEC agreement with independent producers from outside it .

Today, Friday, Khaled al-Fadil said that the rates of increasing the oil production reduction by 500,000 barrels per day from countries inside and outside the OPEC organization were distributed fairly with the approval of all as of the beginning of the next month, according to Kuwait News Agency (KUNA ).

Al-Fadil pointed out that the OPEC ministerial meeting, which lasted for 12 hours, witnessed Kuwait’s keenness to balance oil markets in a way that guarantees the interests of producers and consumers .

Al-Fadil alluded to the success of Kuwait, Saudi Arabia and the UAE in leading the reduction of oil production during the meetings of the Organization of Petroleum Exporting Countries (OPEC ).

Today, the Organization of Petroleum Exporting Countries and its allies reached an agreement to increase the level of the agreed reduction in oil production  by about 500 thousand barrels per day starting from next January .

The Organization of Petroleum Exporting Countries said in a statement of its 177th meeting, that under the new agreement, levels of production cuts will increase from 1.2 to 1.7 million barrels per day until the end of the first quarter of next year.

The Kingdom of Saudi Arabia announced a reduction in the level of its oil production by 167 thousand barrels per day, after reaching a new agreement for the "OPEC ".

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  • yota691 changed the title to Iraq begins to reduce oil production to the rates set in the OPEC agreement
Editing Date: 12/6/2019 12:12 • 234 times read
Iraq begins to reduce oil production to the rates set in the OPEC agreement
Deputy Prime Minister for Energy Affairs and Oil Minister Thamir Abbas Ghadhban formations of the oil ministry to reduce production rates to levels set within the agreement of the Organization of Petroleum Exporting Countries (OPEC) and allies with non-OPEC.
He also directed the Minister of Oil, according to a statement received by the ministry (Euphrates News) a copy of it "full commitment to the agreement to reduce production scheduled in December 2018 last year, according to which determined Iraq's production ({4 million and 513 thousand barrels per day), including production in the Kurdistan region" .
"This action comes as a commitment and concern from Iraq to stabilize the world oil market and address the oil surplus in it, and work to restore the balance between supply and demand," the oil minister said during his attendance at the 177th ministerial meeting of the Organization of Petroleum Exporting Countries in Vienna.
Ghadhban added that "the ministers of oil exporting countries in the Organization of Petroleum Exporting Countries (OPEC) and its allies hope to reach a new agreement on Friday to achieve better stability of the global oil market and reduce the anxiety of producers and consumers alike because of the circumstances and challenges facing the oil market."
For his part, Oil Ministry spokesman Assem Jihad said that "the ministers of oil-exporting countries and their allies have held a series of lengthy marathon meetings over the past two days in order to reach a new agreement to reduce production, and that Iraq plays a pivotal role to bring the views of the members."
Jihad added that "the ministerial committee for production control has held its meeting on Thursday and reviewed and review reports and research on the situation of the oil market and the most important and most prominent challenges facing the global market and ratios of members commitment to the agreement to reduce production, and then followed the convening of the ministerial meeting of the Organization of Petroleum Exporting Countries (OPEC) session The ministerial meeting of the Organization of Petroleum Exporting Countries (OPEC) and its allies from outside the oil-producing countries, including Russia, was held on Friday.
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Event of the week ... OPEC continues its war against the oversupply

Event of the week ... OPEC continues its war against the oversupply

08 December 2019 03:38 PM
From: Sally Ismail

Mubasher: Between the many speculations, the lengthy discussions and the expected decisions, the meeting of the Organization of Petroleum Exporting Countries (OPEC) and non-member crude producers dominated the global markets during the past week.

In an effort to achieve balance within the crude markets and support prices, the group reached a deepening agreement to reduce current oil production levels by 500 thousand barrels per day in the first three months of next year.

This means that the current OPEC and allies ’ production cut agreement of 1.2 million barrels per day will become 1.7 million barrels per day from January 1, 2020 to the end of March of the same year.

OPEC members bear the bulk of this new reduction by about 395 thousand barrels per day, while Russia and non-OPEC producers will commit to reduce 105 thousand barrels per day.

OPEC aims primarily to support oil prices and prevent a glut in the markets, but speculation that the agreement will be extended to the middle of next year or until the end of 2020 has not been fulfilled, but that step was postponed until later next year.

From the beginning of the second half of this year to the end of last Friday's trading, Brent and Nymex crude recorded losses of 1.2 percent and 3.2 percent, respectively.

According to the final statement of OPEC meetings last week, the group is scheduled to meet again on 5 and 6 March next , to determine whether to extend the agreement to reduce or review production levels.

The decision to deepen production cuts comes in an effort to counter external pressures on the crude market, one of which is to combat the surge in oil production from the United States, while the other is the slowing of global demand for crude.

Regarding the American boom , the United States continues to set new highs one after another in crude production levels on a weekly basis.

And American production of oil in the last week of last month reached 12.900 million barrels per day, the highest level ever.

As for the other factor, which is the disappointing growth of oil demand, which came against the background of trade tensions that cast a negative shadow on global economic growth and consequently caused this lackluster demand.

The International Energy Agency is currently making estimates that oil demand will grow by only one million barrels per day this year, after expectations had indicated that it would reach 1.4 million barrels per day.

The IAEA also confirms that OPEC and its allies will face major challenges in the next year amid a sharp decline in demand.

In a related context, OPEC expects to grow demand for oil this year by about 0.98 million barrels per day.

But it seems that the point that remains stuck within the group is how to share the shares between the 14 OPEC member states as well as Russia and other allied crude producers.

While Saudi Arabia bears the brunt of the oil production cuts recently, some countries, including Iraq, Nigeria and Russia, are pumping more than expected.

Russian Energy Minister Alexander Novak assures that all countries must comply with the agreement to fully reduce oil production levels.

Whereas Saudi Energy Minister Prince Abdulaziz bin Salman said at the beginning of last Friday’s session: “It is similar to what religions stipulate. If you are a believer, you should perform acts of worship and without that you are not a believer.”

He added: "The market must trust us, just as analysts should believe in us. If they do not, we will not be able to provide what we want to achieve. The matter is that simple and sometimes it is that difficult."

According to a note issued by " GB Morgan ", it expected Saudi Arabia to agree to reduce its share of oil production in exchange for pressure on other producers to improve their levels of compliance.

He sees analysis of the Dutch investment bank "ING" that despite the arrival of the level of compliance by OPEC agreement to cut production to 137 percent this year , but it conceals a lack of commitment by some individual members.

Oil prices benefited from the decision of OPEC and the allies last week, with Brent and Nymex crude recording strong gains of 3.1 percent and 7.3 percent, respectively.

It is worth noting that this decision comes at a time when Saudi Arabia is offering a part of the highly profitable state oil company in the largest public offering in the world.

Investors are waiting for the OPEC report to be released in November later this week.

According to the most recent report issued by the organization, the production of OPEC member states reached 29.65 million barrels per day in October.

 
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Iraq: We will reduce oil production by 50 thousand barrels per day

He said that the producers will meet next March to take the next step

Last update: Sunday 11 Rabi Al Thani 1441 AH - 08 December 2019 KSA 15:59 - GMT 12:59
Publication date: Sunday 11 Rabi Al Thani 1441 AH - 08 December 2019 KSA 15:29 - GMT 12:29

 
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Iraqi Oil Minister Thamer Al-Ghadban assured that Iraq will reduce its oil production by 50 thousand barrels per day starting next January after an agreement to increase production cuts from the Organization of Petroleum Exporting Countries and its allies "OPEC Plus".

The Iraqi minister said in an interview with "Al-Arabiya" in Vienna, that the oil production situation is reassuring and monitor it on a daily basis, referring to OPEC research in studying alternatives to continue the previous cut for a quarter of a year or continue until the end of the year, which concluded that both alternatives will not affect a surplus Storage of crude in major industrial countries.

 

He explained that this research led to the introduction of an additional deep reduction agreed upon by 500 thousand barrels per day, and with it the total reduction in global production will be 1.7 million barrels per day.

He added that the amount of production cuts will come from the major producing countries, led by Saudi Arabia, Russia, the UAE, Iraq and Kuwait, with the exception of 3 exempt countries, namely Iran, Libya and Venezuela, given their political conditions, and an exceptional meeting was agreed in next March to take the next step.

Al-Ghadban talked about the indicators of shale oil in the United States of America, and talked about the losses of some companies and the lack of funding for this sector.

Al-Ghadban stressed that Iraq will commit to reducing production, and this commitment will enhance confidence, and it will have a higher impact on the stability of the oil market, and on increasing the returns and resources of producing countries.

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Brent returns to $ 60 mid-2020 despite OPEC cuts

Economy | 10:46 - 09/12/2019

 
image
 
 

 

 

Follow-up - Mawazine News

Morgan Stanley said that OPEC and its allies' plan to cut crude production for the end of the first quarter of next year will support the market in the short term only, and that the price of Brent crude is likely to return to $ 60 a barrel by mid-2020.
The bank reduced its forecast for OPEC production next year by 400,000 barrels Per day to 29.2 million barrels per day after the oil producers led by Saudi Arabia and Russia agreed to cut production in the first quarter of 2020, but they refrained from adopting any commitment beyond March.
"The recent additional cuts are clearly positive in the short term, but the need for them confirms the weakness of the fundamentals," the bank said in a note.
Despite the cuts, the bank expects non-OPEC supplies to grow to around 1.8 million bpd next year, with a monthly growth of US production of 50,000 bpd, which will be slower than in 2018 and 2019.
Morgan Stanley forecast a modest surplus next year, despite speculation that demand will accelerate, with support from IMO rules in 2020 that require shipping companies to reduce sulfur in ship fuels starting in January.
By 0558 GMT, Brent fell 0.3 percent to 64.18 dollars a barrel, while West Texas Intermediate crude lost 0.5 percent to 58.91 dollars a barrel.
Morgan Stanley predicted that Brent would record $ 60.00 per barrel in the first quarter of 2020, but it trimmed expectations to $ 60 for the rest of the year.
He expected West Texas Intermediate to settle at $ 57.5 a barrel in the first quarter and then increase to $ 55 in the rest of next year. Ended 29 / r

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Oil refinery
  

 energy


The Economy News - Baghdad:

The American writer, Anas Alec, announced that the Iraqi situation is able to influence oil prices more than US President Donald Trump and the Organization of States. The oil exporter, indicating that China is monitoring the situation in Iraq with great concern because it is the largest importer of Iraqi oil.

The writer, Anas Alec, said in a report published by Oil Price, that the conditions of Iraq are able to influence oil prices more than President Donald Trump and more than the Organization of Petroleum Exporting Countries (OPEC ).

The protests revolve around the lack of basic services in an oil-rich country, but they cannot provide electricity or safe drinking water for their people, and in fact these demonstrations denounce the massive corruption and corrupt system that has led to mass unemployment amongst young adults, as well as the deterioration of the education and health care system .

The writer pointed out that the resignation of Adel Abdul Mahdi represented the only factor that prevented a major armed conflict between protesters and security forces in southern Iraq, where all the oil reserves are located, and if the protesters seized Basra, they would be at stake five million barrels per day and 12% of the proven reserves in the world , And billions that come from foreign investment .

The writer stated that China is the largest buyer of Iraqi crude, and one of the largest investors in the Iraqi oil and gas industry .

Last September, the Iraqi Basra Oil Company signed a contract with the Chinese to develop and complete eighty oil wells in the giant Majnoon oil field as well as in Basra, with Chinese hopes to increase sales of crude oil from Iraq by more than two-thirds to reach 850 thousand barrels per day by the end of this year , And it is possible that Beijing is monitoring the situation in Iraq with concern .

The writer added that Russia, in turn, has invested in the energy industry in Iraq with more than ten billion dollars over the past nine years .

This includes the development of the West Qurna field of the "Lukoil" company in Basra, which represents about 9% of the total Iraqi crude oil production. As for other places in the country, these investments include the company "Gazprom" in the center of the country, and in the Kurdistan region of northern Iraq .

The writer clarified that the next question is whether the protesters dare to act because of oil .

In fact, all indications are that they will do so, and they have already participated, as they closed the roads leading to five oil fields in Basra, and the anger over corruption and the things that oil money spends from Baghdad is transferred to this province.

In conclusion, the author believes that the government has only two options, either the complete suppression of the protesters, which means bloodshed beyond what we have already seen, or the major reform, which is difficult, especially with Iranian influence. What the market must respond to is the clear and present danger facing 12% of the world's proven oil reserves .


Number of views 24   Posted on 10/12/2019

 
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  • yota691 changed the title to Brent crude below $ 64 with an OPEC report awaited

Brent crude below $ 64 with an OPEC report awaited

Brent crude below $ 64 with an OPEC report awaited

 December 11, 2019 10:50 AM
Direct: Oil prices fell during trading today, Wednesday, Brent crude fell below the level of $ 64 with a sudden jump in US stocks and amid the anticipation of the OPEC report.

Initial data released by the American Petroleum Institute yesterday showed that US oil inventories increased by 1.4 million barrels in the week ending December 6 to 447 million barrels, against expectations of a 2.8 million barrel downtrend.

Today, the US Energy Information Administration is to release official figures on crude stocks and production levels in the United States.

OPEC announces its monthly report on production levels of member states later in the day.

Investors are also awaiting the final decision on the proposed US tariffs on the Chinese side, as a report said that it may be postponed with the resumption of talks.

By 7:25 am GMT, Brent crude for February delivery, February, fell 0.6 percent to $ 63.95 a barrel.

The price of US crude futures fell more than 0.5 percent, to $ 58.92 a barrel.

 
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OPEC oil production decline in November, led by Saudi Arabia

OPEC oil production decline in November, led by Saudi Arabia

 December 11, 2019 04:27 PM
From: Sally Ismail

Direct: The production of the Organization of Petroleum Exporting Countries (OPEC) declined during the past month, led by Saudi Arabia and 7 other countries that cut their crude supplies.

According to the monthly report issued by OPEC today, Wednesday, the average production of the 14 member states reached 29.551 million barrels per day in the month of November, which is about 193 thousand barrels per day less than the levels of the previous month.

The drop in OPEC oil production is due to the decline of 151 thousand barrels per day in Saudi oil production during the past month, to stop its production at the level of 9.850 million barrels per day.

According to the OPEC report, 7 other countries cut oil production in November, led by Angola, Iraq and Iran, with a decrease of 75, 59 and 45 thousand barrels per day, respectively.

Congo, Gabon, Nigeria, and the UAE also cut their oil production last month.

While Ecuador increased its oil production by about 73 thousand barrels per day last month, Kuwait followed by pumping 58 thousand barrels per day more compared to the previous month.

By 12:57 p.m. GMT, Brent crude futures for February delivery fell more than 0.5 percent to $ 64 a barrel.

During the same period, the price of US NYMEX crude for January delivery fell 0.3 percent to $ 59.03 a barrel.

 
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  • OIL
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  • 11 Dec 2019 | 11:42 UTC
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  • London

Iraqi crude output rebounds in Nov, exports rise: SOMO

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London — Iraqi crude oil production rose by 19,000 b/d on the month to 4.595 million b/d in November, the country's State Oil Marketing Organization said Wednesday, amid higher exports from both its southern terminals and the Kurdish region in the north.

This makes it the ninth month out of 11 that Iraq has not complied with the current OPEC/non-OPEC cut agree, according to ministry data.

Exports were up sharply, rising 141,000 b/d on the month to 4 million b/d in November, SOMO said in a letter addressed to S&P Global Platts. The figure include the Kurdish region in northern Iraq.

The oil ministry said last week federal crude oil exports in November rebounded to 3.5 million b/d after shipments were down in October due to bad weather which had caused some loading delays.

This suggests the Kurdish region shipped as much as 502,000 b/d, making it the highest production from the region for some time. It shipped 414,000 b/d in October and 396,000 b/d in September.

SOMO's November figure puts total domestic consumption for power generation and refining for the month at 593,000 b/d, down from 715,000 b/d in October.

OPEC+ CUTS

Iraq had committed to keep output below a 4.512 million b/d cap as part of output cuts agreed by OPEC and other producers.

Under the new OPEC+ agreement to cut production by 1.7 million from January to March next year, Iraq has pledged to cut an additional 50,000 b/d, lowering its official quota to 4.462 million b/d.

Analysts and independent estimates have put Iraqi production in November at higher levels than those reported by the ministry.

The latest Platts OPEC Survey put Iraqi crude output at 4.64 million b/d in November, down 130,000 b/d from October

https://www.spglobal.com/platts/en/market-insights/latest-news/oil/121119-iraqi-crude-output-rebounds-in-nov-exports-rise-somo

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What you expect when you cut sales 

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International Energy expects oil inventories to continue to grow despite the OPEC + agreement

In Economy  December 12, 2019 21 visits

 

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The International Energy Agency, today, Thursday, expected the growth of global stocks of crude oil during the first quarter of 2020, despite the new agreement of the (OPEC +) alliance.

The agency said in its monthly report today, that "despite the additional restrictions of oil production by (OPEC +) and the reduction in our expectations for the growth of supply from outside OPEC for 2020, global stocks may increase by 700 thousand barrels per day in the first quarter 2020" .

And last Friday, the (OPEC +) alliance decided to deepen reducing oil production to 1.7 million barrels per day in the first quarter of 2020, compared to 1.2 million barrels per day throughout 2019.

The agency added: "If the coalition recorded a commitment to reduce production as scheduled at their last meeting, this will not prevent an increase in stocks," because of the increase in production from independent producers, and fluctuating global demand.

She added: "Saudi Arabia once again expressed its willingness to shoulder a greater burden by volunteering an additional reduction in oil production of 400 thousand barrels per day from the beginning of 2020 ... but the overall effectiveness of the (OPEC +) agreement depends on the willingness of all parties to comply fully."

Saudi Arabia bears the brunt of the previous production cut agreements that started from the beginning of 2017 until the end of 2018, and another agreement that started in early 2018 and ends in next March.

Saudi Arabia is the largest producer in the Organization of Petroleum Exporting Countries "OPEC" with an average daily production of 9.9 million barrels per day, according to the report (OPEC), on Tuesday, last November, and the largest global source with an average of 7 million barrels per day.

 

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  • yota691 changed the title to Updated: oil falls 5% upon settlement, with geopolitical concerns calm

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